C-COM Satellite Systems Inc., a leading global provider of mobile auto-deploying satellite antenna systems, announced today financial results for its second quarter ended May 31, 2017.
The company has generated revenues of $3,030,499 and a net after tax profit of $145,909 or 0 cents per share. This compared to revenues of $1,804,131 and a net after tax profit of $15,811 or 0 cents per share as reported in Q2 2016, representing an increase of 68.0% and 822.8% respectively.
The working capital of the Company has decreased by 2.0% to $19,515,047 at May 31, 2017 as compared to $19,922,385 at May 31, 2016.
During Q2 the Company commenced payments to the University of Waterloo under the joint research and development contract signed January 2017 for the development of a phased array in-motion antenna. The large increase in research and development expense and resulting lower net after tax profit in Q2 is almost entirely attributable to the payments made to the University.
The Company also announced the payment of its quarterly eligible dividend in the amount of $0.0125 per common share payable on August 17th, 2017 to all shareholders of record as of August 3rd, 2017. Based on the closing price of $1.00 per share on July 17th, 2017, this dividend represents a yield of 5.00% on an annualized basis. This is the Company’s 21st consecutive quarterly dividend and its 25th consecutive profitable quarter.
"Our new generation product sales continue to grow and C-COM’s highly ambitious and revolutionary Ka-band flat panel antenna project remains on track as the company’s long-term focus. We are very confident in growing and expanding our innovative product line of mobile antenna systems, which continue to gain acceptance from our worldwide customer base," said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
C-COM is at the forefront of developing new products for new markets and is expanding its worldwide reseller network for its proprietary iNetVu® Mobile antenna systems. One of the new products the Company is developing is an in-motion Ka-band antenna system, which will deliver broadband Internet over satellite into vehicles and trains while in full motion. This new product will work with the most advanced Ka-band high throughput satellites. C-COM also continues to establish new partnerships with companies around the world interested in combining the capabilities of the iNetVu® antennas with the products and services they offer.