C-COM Satellite Systems Inc., a leading global provider of mobile auto-deploying satellite antenna systems, announced today financial results for the third quarter ended August 31, 2018.
The Company has generated revenues of $4,002,223 and a net after tax profit of $641,930 or 2 cents per share. This compared with revenues of $2,341,016 and a net after tax profit of $130,183 or 0 cents per share as reported in the same quarter of 2017, representing an increase of 71% and 393% respectively.
The working capital of the Company increased by 1.7% to $19,571,332 at August 31, 2018 as compared to $19,245,884 at August 31, 2017.
The Company paid out $464,569 in dividends during the third quarter compared to $459,057 in the third quarter of 2017 representing a 1.2% increase. The Company has maintained its quarterly dividend payout while continuing to innovate and invest into the next generation of advanced antenna products.
The Company also announced the payment of its eligible quarterly dividend in the amount of $0.0125 per common share payable on November 12, 2018 to all shareholders of record as of October 29, 2018. Based on the closing price of $1.05 per share on October 12, 2018, this dividend represents a yield of 4.76% on an annualized basis. This is the Company’s 26th consecutive quarterly dividend and its 30th consecutive profitable quarter.
“We are pleased with the results of this recent quarter which is indicative of much improved market conditions over the same period last year,” said Leslie Klein, President & CEO of C-COM.
“C-COM’s iNetVu® brand continues to be in great demand from customers around the world who value cost-effective solutions combined with high reliability. We are seeing a resurgence of orders, especially from the oil and gas, disaster management, mobile banking, and government sectors, all of whom remain significant users of our antenna systems.” Klein continued.
C-COM has also developed two new carbon fibre Manpack models which are now in production. The one-case backpack antenna is expected to generate incremental sales for the Company from Military, Broadcasters, Emergency Responders and Disaster Management verticals.
C-COM also continues to make strong progress in the development of a revolutionary mobile antenna system for use in all commercial and consumer markets. “The company has recently successfully demonstrated both transmit and receive capabilities of its next generation, Ka-band electronically steerable, phased array antenna at the University of Waterloo.” Klein added.