C-COM Reports Second Quarter Results
C-COM's year-to-date revenues up 21% so far in 2022. Company maintains quarterly dividend payout - for 44 consecutive quarters.
Ottawa, Ontario--(Newsfile Corp. - July 20, 2022) - 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, 2022.
In Q2 the Company generated revenues of $3,718,674 and net income after taxes of $368,525, or one cent per share. This compares with revenues of $836,734 and a net loss after taxes of $219,203, or 1 cent per share as reported for Q2, 2021. Fiscal 2022's year-to-date net income is $962,099.
C-COM's working capital increased $566,206 (+3.8%) to $25,531,938 at the end of Q2, 2022.
The Company paid out $511,018 in dividends during the second quarter compared to $503,476 in the second quarter of 2021 - representing a 1.5% increase. The Company has maintained its quarterly dividend payout while continuing to innovate and invest in the next generation of advanced antenna products.
The Company also announced the payment of an eligible quarterly dividend in the amount of $0.0125 per common share payable on August 17, 2022 to all shareholders of record as of August 3, 2022. Based on the closing price of $1.48 per share on July 19th, 2022, this dividend represents a yield of 3.4% on an annualized basis. This is the Company's 44th consecutive quarterly dividend.
"Q2 2022 was the third highest Q2 sales level posted over the past ten years. Stronger sales to our dealers in the United States was a highlight of C-COM's Q2 performance. For example, on May 10th we announced a $2.65 (USD) million order for our iNetVu® 1200 Vehicle Mount antenna systems from one of our US resellers," said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
Klein added: "Emerging markets are also showing new life. 2022 is the first year since 2019 that we have attended trade shows face-to-face. Senior management recently returned from Singapore, Dubai, and Australia where they attended trade shows and visited customers. Our takeaways were that customer confidence and leads from that part of our dealer network are robust. Moreover, on June 8, 2022, we announced a multi-unit order for our iNetVu® 98G Ka-band Vehicle Mount antenna and the iNetVu® MP-100-MOT Manpack antenna to be used by one of our reseller's customers located in Africa."
Dr. Klein concluded: "We remain cautiously optimistic about the future. The need for emergency communications and cellular backhaul has been rapidly increasing. C-COM also anticipates improved demand from the energy and commodity exploration sector which has not been very active over the past few years. We were fortunate to enter 2022 with a strong inventory position for products which are presently in high demand."
About C-COM Satellite Systems Inc.
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C-COM Satellite Systems Inc. is a pioneer and world leader in the design, development, and manufacture of transportable and mobile satellite-based antenna systems. The Company has developed proprietary, auto-acquisition controller technology for rapid antenna pointing to a satellite with just the press of a button, enabling Broadband Internet via Satellite across a wide range of market applications worldwide, including regions unserved or underserved by terrestrial access technologies.
C-COM has sold more than 10,000 antenna systems, in over 100 countries, through a dedicated dealer network that provides service to a wide range of vertical markets such as Oil & Gas Exploration, Military Communications, Disaster Management, SNG, Emergency Communications, Cellular Backhaul, Telemedicine, Mobile Education, Government Services, Mobile Banking, and others. The Company's iNetVu® brand is synonymous with high quality, reliability, and cost-effectiveness.
C-COM is in late-stage development of a potentially revolutionary Ka-band, electronically steerable, modular, conformal, flat panel phased array antenna. In cooperation with the University of Waterloo, C-COM is engaged in the design of this unique antenna with the intent of providing low-cost, high-throughput mobility applications over satellite for land, airborne and maritime verticals. For additional information please visit www.c-comsat.com
iNetVu® is a registered trademark of C-COM Satellite Systems Inc.
The Company is publicly traded on the Canadian Venture Exchange (TSXV: CMI) and on the US OTC Exchange (OTCQB: CYSNF).
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. These statements relate to future events or future performance and reflect management's current expectations and assumptions. Statements about C-COM's expectations as to its performance after the COVID-pandemic and its intentions with respect to its Ka-band antenna version all contain forward-looking information. Several factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. The COVID pandemic may last longer than expected or C-COM's preparations may not translate into expected performance for any number of reasons, some of which are beyond C-COM Satellite Systems' control. Anticipated benefits of the new technology may not be realized, and new products and services may not be released or, if released may not gain market acceptance. Any of those events and others could influence future performance and C-COM Satellite Systems Inc.'s ability to achieve the results mentioned above. These forward-looking statements are made as of the date hereof and C-COM Satellite Systems Inc. does not assume any obligation to update or revise them to reflect new events or circumstances. Readers are directed to the risk factors associated with the business of C-COM Satellite Systems in the company's most recent MD&A available at www.SEDAR.com.
C-COM Satellite Systems Inc.
Tel: (613) 745-4110 ext. 4950
Fax: (613) 745-7144
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