OTTAWA, CANADA - C-COM Satellite Systems Inc. (TSX VENTURE:CMI) the leading global provider of mobile auto-deploying satellite antenna systems, today announced financial results for its first quarter ending February 28, 2013.
Revenues have increased by 50% to $3,929,630 compared with results from the same period last year, when total revenues were $2,611,986. The company is reporting a net income of $907,301, or 0.3 cent per share, compared with results for the same period last year when there was a net income of $283,659, or 0.1 cent per share.
The operating profit increased to $1,074,931, compared with the same period last year when the operating profit was $395,287.
The working capital of the company increased by 17.7% to $15,982,228 at February 28, 2013 compared to $13,583,663 at February 29, 2012.
"The first quarter has historically been the slowest in terms of revenues for C-COM; however, the December to February period this fiscal year was the strongest Q1 in the company's history. This is due to increased demand for our next generation antenna systems coupled with strong continuing demand for our first generation well respected products.
The company continues to be free of long term debt with a significant cash position" said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
As disclosed last month, the company is increasing its quarterly dividend by 33.33% to $0.01 per common share per quarter, from the previous rate of $0.0075 per common share per quarter, with the first such eligible quarterly dividend of $0.01 per common share payable on May 13, 2013 to all shareholders of record as of April 29, 2013.
The C-COM iNetVu® proprietary satellite antennas, and services associated with these products are used in mobile applications by corporations, government agencies, the military, law enforcement agencies, homeland security, news gathering, oil and gas exploration companies, police, fire, medical and other security and emergency services with a need for affordable mobile 2-way high-speed Internet over Satellite connectivity.
