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Company maintains quarterly dividend payout - for 41 consecutive quarters
Ottawa, Ontario--(Newsfile Corp. - July 20, 2021) - 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, 2021.
The Company generated revenues of $836,734 and a net loss after taxes of $219,203, or -1 cent per share. This compares with revenues of $1,061,665 and a net loss after taxes of $466,928, or -1 cent per share as reported in 2020.
The year-to date net income for fiscal 2021 has increased to $1.2 million, as compared to a net loss of $0.7 million for the same period last year.
The year-to-date gain in profitability for fiscal 2021 has led to a 7.6% increase in the Company's working capital. The Q2 2021 working capital has increased to $24,179,758 from $22,472,963 as of November 30, 2020.
The Company paid out $503,476 in dividends during the second quarter. 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, 2021 to all shareholders of record as of August 3, 2021. Based on the closing price of $2.88 per share on July 19th, 2021, this dividend represents a yield of 1.7% on an annualized basis. This is the Company's 41st consecutive quarterly dividend.
"With worldwide markets struggling to activate a more normal pace in the face of new waves of COVID variants, we're still having to weather an environment of weaker sales. I am, however, cautiously optimistic about future demand given the roll-out of COVID vaccination programs and pent-up demand for our products. Meanwhile we are well positioned with a healthy balance sheet and extensive inventory to help us face the evolving challenges," said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
"C-COM remains committed to an extensive R&D effort to develop the next generation electronically steered phased array antenna technologies. In May 2021 we announced that we had successfully tested our latest phased array antenna prototype over the Telesat Anik F3 satellite-a 1024-element Ka band version which exceeded performance expectations. C-COM was able to stream video, surf the net, perform speed tests and conduct an uninterrupted video conference over WebEx. Our goal is to develop a world market leading product line based on this technology for both fixed and mobile applications," Klein concluded.
About C-COM Satellite Systems Inc.
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 8,500 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).
C-COM Satellite Systems Inc.
Tel: (613) 745-4110 ext. 4950
Fax: (613) 745-7144
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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.
Forward Looking Statements
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90667