Business
C-Com Reports 13th Consecutive Profitable Year and Results for Q4
Ottawa, Ontario--(Newsfile Corp. - March 21, 2018) - C-COM Satellite Systems Inc. (TSXV: CMI),...
About this update from C-com Satellite Systems Inc.
[{"type":"text","content":"C-Com Reports 13th Consecutive Profitable Year and Results for Q4Ottawa, Ontario--(Newsfile Corp. - March 21, 2018) - C-COM Satellite Systems Inc. (TSXV: CMI), a leading global provider of mobile auto-deploying satellite antenna systems, announced today financial results for the fiscal year ended November 30, 2017.The Company has generated revenues of $10,282,319 and a net after tax profit of $1,035,744 or 3 cents per share. This compared with revenues of $9,267,750 and a net after tax profit of $1,020,234 or 3 cents per share as reported in 2016, representing an increase of 10.9% and 1.5% respectively. The working capital of the Company has decreased by 2.1% to $19,685,820 at November 30, 2017 as compared to $20,097,766 at November 30, 2016. The Company paid out $1,833,978 in dividends during fiscal 2017 compared to $1,820,977 in fiscal 2016 representing a 0.7% increase. Based on its closing price of $1.11 per share on March 20, 2018, the annual dividend provided a yield of 4.5% per annum.Results for Q4 2017 saw revenues increase by 16.7% to $3,425,394 when compared with results from the same period last year, when total revenues were $2,935,196. The net after tax profit increased 13.8% to $758,017 compared with the same period last year when the after-tax profit was $666,296.\"The Company has delivered positive results under last year's challenging global economic conditions\" said Leslie Klein, President & CEO of C-COM. \"We are starting to see an economic turnaround, especially in the oil and gas sector which has been a significant user of our antenna systems. With oil prices stabilizing, we expect to see an increase of orders from this important market segment.\" Klein continued. In 2018 C-COM will be starting production of our new SATCOM-on-the-MOVE antenna, which is generating worldwide interest and will open new markets and contribute incremental revenues for the Company. We have also added two new cost-effective carbon fibre Manpack (backpack) antennas to our expanding list of products, which are now in production and expected to generate demand from Military, Emergency Responders and a number of other vertical markets.\" Klein continued. The Company has maintained its quarterly dividend payout while continuing to innovate and invest into the next generation of advanced antenna products.Most importantly, C-COM is in...