C-COM Satellite Systems has announced financial results for the first quarter ended February 28, 2019.
The Company has generated revenues of $2,948,252 and a net after tax profit of $424,404 or 1 cent per share. This compared with revenues of $1,816,142 and a net after tax profit of $16,862 or 0 cents per share as reported in 2018, representing an increase of 62% and 2,417% respectively.
The working capital of the Company increased by 6.4% to $20,521,137 at February 28, 2019 as compared to $19,280,977 at February 28, 2018.
The Company paid out $465,257 in dividends during the first quarter compared to $459,432 in the first quarter of 2018 representing a 1.3% 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 May 23, 2019 to all shareholders of record as of May 9, 2019. Based on the closing price of $1.70 per share on April 22, 2019, this dividend represents a yield of 2.94% on an annualized basis. This is the Company’s 28th consecutive quarterly dividend and its 32nd consecutive profitable quarter.
“We are pleased with the results of this quarter, which is indicative of much improved market conditions over last year,” said Leslie Klein, President & CEO of C-COM. “The C-COM manufactured products continue 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, and government, which continue to be significant users of our antenna systems,” Klein continued.
C-COM has also developed three new carbon fibre Manpack antenna models which are now in production. The one-case backpack antenna is expected to provide new solutions and generate incremental sales for the company from the Military, Emergency Responders, Disaster Management, Broadcasting and other vertical markets.
The company is making good progress with its research and development of a flat panel phased array solution. “We have recently demonstrated the successful transmit and receive capabilities of this novel electronically steerable phased array antenna which is being developed jointly with the University of Waterloo CIARS Department,” Klein continued.
C-COM is also pleased to announce the appointment of Drew Klein as Vice-President of Sales effective May 1, 2019