OTTAWA, ONTARIO--(Marketwire - Oct. 22, 2012) - C-COM Satellite Systems Inc., (TSX VENTURE:CMI) a leading global provider of mobile auto-deploying satellite antenna systems, today announced financial results for its third quarter ending August 31, 2012.
Revenues decreased by 45.8% to $2,463,351 compared with results from the same period last year, when total revenues were $4,543,764. The company is reporting a net profit of $65,625 or 0.0 cents per share, compared with results for the same period last year when there was a net profit of $812,561, or 2.4 cents per share.
The operating profit decreased to $285,033, compared with the same period last year when the operating profit was $1,119,436.
The working capital of the company increased by 17.8% to $13,577,437 at August 31, 2012 compared to $11,525,462 at August 31, 2011
"The year to date revenues declined due to a one time order that shipped to India and Japan in Q3 of 2011. The profitability was also negatively affected by foreign currency effects as the Canadian dollar strengthened in relation to the United States dollar.
In addition a number of large orders that were expected in the third quarter arrived late and were booked into the fourth quarter for delivery before the end of the fiscal year" said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
The company is also announcing the payment of an eligible dividend in the amount of $0.0075 per common share payable on November 16, 2012 to all shareholders of record as of November 2, 2012. Based on its closing price of $0.67 per share on October 19, 2012, this dividend would provide a yield of 4.5% on an annualized basis.
"We are pleased that we can continue to be able to reward our loyal shareholders with this quarterly dividend" said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
The C-COM iNetVu® mobile proprietary antennas, and services associated with these products, are used in mobile applications by corporations, government agencies, the military, law enforcement agencies, homeland security, utility vehicles, oil and gas platforms, police, fire, medical and other security and emergency services with a need for affordable mobile 2-way high-speed Internet over Satellite connectivity.
About C-COM Satellite Systems Inc.
C-COM Satellite Systems Inc. is a leader in the development and deployment of commercial grade mobile satellite-based technology for the delivery of two-way high-speed Internet, VoIP and Video services into vehicles. C-COM has developed a unique proprietary Mobile auto-deploying (iNetVu®) antenna that allows the delivery of high-speed satellite based Internet services into vehicles while stationary virtually anywhere where one can drive. The iNetVu® Mobile antennas have also been adapted to be airline checkable and easily transportable. The company's satellite-based products and services deliver high-quality, cost-effective solutions for both fixed and mobile applications throughout the world. More information is available at: www.c-comsat.com
iNetVu® is a registered trademark of C-COM Satellite Systems Inc.
Forward Looking Statements
This news release contains forward-looking information. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. New orders anticipated by C-COM Satellite Systems Inc. may not be received and current orders may be cancelled. Orders may not be delivered when currently anticipated and, accordingly, revenues may not be booked when currently anticipated. New products and services released may not gain market acceptance. Any of those events could have an effect on 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.
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.