Business
C-COM Reports Second Quarter Results
45th Consecutive Quarterly Dividend Ottawa, Ontario--(Newsfile Corp. - July 18, 2023) - C-COM Sa...
About this update from C-com Satellite Systems Inc.
[{"type":"text","content":"C-COM Reports Second Quarter Results45th Consecutive Quarterly DividendOttawa, Ontario--(Newsfile Corp. - July 18, 2023) - C-COM Satellite Systems Inc., (TSXV: CMI) (OTCQB: CYSNF) a leading global provider of commercial grade mobile auto-deploying satellite antenna systems, announced today its financial results for the second quarter ended May 31, 2023.The Company has generated revenues of $2,577,918 and net income after taxes of $341,737, or one cent per share. This is a significant improvement from C-COM's Q1 2023 sales of $683,949 and a net loss of $176,135. The gross profit margins in Q2 were above average and expenses were reduced by 5% from Q2 2022. The Company also announced the payment of an eligible quarterly dividend in the amount of $0.0125 per common share payable on August 15, 2023, to all shareholders of record as of August 1, 2023. Based on the closing price of $1.17 per share on July 17th, 2023, this dividend represents a yield of 4.3% on an annualized basis.The Company paid out $522,330 in dividends during the second quarter of 2023. This compares to $511,018 paid in the second quarter of 2022, representing a 2% increase. The Company has maintained its quarterly dividend payout while continuing to innovate and invest into the next generation of advanced antenna products.\"Though Q2 2023 revenues were lower than last year's, we are still encouraged by the improvement over Q1's sales,\" said Leslie Klein, President and CEO of C-COM. \"Our gross margin of 60% was also very healthy, particularly since C-COM has not been immune from the cost pressures brought about by the worldwide supply chain disruptions,\" continued Klein. \"We were also fortunate to enter 2023 with a strong inventory position for products which are presently in high demand.\"Klein added: \"We remain cautiously optimistic about the future. The need for emergency communications and cellular backhaul has been growing. C-COM also anticipates improved demand from energy and commodity exploration.\"Dr. Klein concluded: \"Completion of the development and commercialization of our next generation Ka-band Electronically Steered Antenna System (ESA) remains C-COM's primary R&D focus and our R&D team made good progress during Q2. The new antenna is targeted for use with GEO, LEO and MEO constellations to deliver on the move and \"always on\" connect...