OTTAWA, ONTARIO, CANADA — C-COM Satellite Systems Inc. (TSX VENTURE:CMI), a leading global provider of mobile auto-deploying satellite antenna systems, announced today financial results for the fiscal year ended November 30, 2011.
"We have closed our fiscal 2011 with the largest increase in the company's history in both sales and operating profits over the same period last year" said Leslie Klein, President and CEO of C-COM Satellite Systems Inc. "Revenues have increased by 82.7% to USD 19,135,942 and we generated a net after tax profit of USD 3,776,035 or 11 cents per share, representing an increase of 104.5% from last year when total revenues were USD 10,475,614 and there was a net after tax profit of USD 1,846,037 or 5 cents per share."
The company generated significantly higher revenues, while at the same time maintaining the same staffing levels as during fiscal 2010, which shows the Company's ability to almost double its revenues year over year, without significantly increasing its labour costs.
C-COM had an income tax provision of USD 1,569,507 in fiscal 2011, versus USD 823,767 in fiscal 2010. The Company had sufficient investment tax credits and research and developments costs to reduce its Federal tax liability to zero for the fiscal year ended November 30, 2011.
The working capital of the Company has increased by 46.4% to USD 13,033,111 at November 30, 2011 as compared to USD 8,902,564 at November 30, 2010.
"The growth and profitability during fiscal year 2011 are largely attributable to the worldwide acceptance and corresponding increase in sales of our iNetVu® Mobile auto-deploying antenna systems, particularly to the telecom, military as well as to the oil and gas exploration sectors worldwide. Our customer base for these products has been steadily increasing and continues to significantly contribute to our revenue growth" said Leslie Klein, President and CEO of C-COM Satellite System Inc.
C-COM is continuing to expand its worldwide reseller network for its proprietary iNetVu® Mobile technology products and establishing new partnerships with companies interested in combining the capabilities of the iNetVu® with the products and services they offer.