OTTAWA, ONTARIO- 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 second quarter ending May 31, 2013.The company is reporting a net profit of $966,997 or 2.8 cents per share compared with results for the same period last year when there was a net profit of $542,251, or 1.6 cent per share. The working capital of the company increased by 19% to $16,975,564 at May 31, 2013 compared to $14,249,889 at May 31, 2012.
Revenues increased by 42% when compared with results from the same period last year, when total revenues were $3,367,970. The operating profit increased to $1,377,100, compared with the same period last year when the operating profit was $603,814.
For the six months ended May 31, 2013 the company is reporting a net profit of $1,874,299 or 5.4 cents per share compared with results for the same period last year when there was a net profit of $825,911, or 2.4 cent per share. Revenues increased by 46% for the six months ended May 31, 2013 to $8,725,257 compared with results from the same period last year when total revenues were $5,979,956. The operating profit increased to $2,452,032 for the period ended May 31, 2013 compared with the same period last year when the operating profit was $973,839.
"We are very pleased with the second quarter results, which reaffirm strong customer support for all of our products. C-COM is one of the first mobile antenna manufacturers that started delivering its next generation iNetVu® Ka-band mobile antennas to customers in the US, Europe the Middle East and Africa. We are the only company in the world to date with antenna approvals for this technology from all of the major Ka satellite providers and we expect to remain the market leader in this rapidly expanding sector."
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.
The Company also announced the payment of an eligible dividend in the amount of $0.01 per common share payable on August 6, 2013 to all shareholders of record as of July 23, 2013. Based on its closing price of $1.27 per share on July 8, 2013, this quarterly dividend would provide a yield of 3.15% on an annualized basis. This dividend is part of the Company's ongoing practice of returning value to its shareholders through a quarterly dividend.
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.
