C-COM Satellite Systems Inc., 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 involved in a research and development project with a leading Canadian university to develop the next generation low profile electronically steerable phased array antenna technology.