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C Com Satellite : OM REPORTS THIRD QUARTER 2020 RESULTS
|10/20/2020 | 09:20am|
Profitable Third Quarter;
38th Consecutive Quarterly Dividend Payment Declared;
OTTAWA, October 20, 2020 - C-COM Satellite Systems Inc. (TSXV: CMI, OTC: CYSNF), a leading global provider of mobile auto-deploying satellite antenna systems, announced today its financial results for the third quarter ended August 31, 2020.
The Company generated revenues of $1,773,918 and net after tax income of $210,856 or 1 cent per share. This compared with revenues of $1,453,446 and a net after tax loss of $346,290 or -1 cent per share for Q3, 2019 - representing increases of 22% and 161% respectively.
The working capital of the Company decreased by 3.4% to $21,620,236 at August 31, 2020 as compared to $22,383,369 at November 30, 2019.
The Company paid out $480,576 in dividends during this second quarter compared to $472,466 in the third quarter of 2019, representing a 1.7% increase. 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 approved the payment of its eligible quarterly dividend in the amount of $0.0125 per common share payable on November 17, 2020 to all shareholders of record as of November 3, 2020. Based on the closing price of $2.95 per share on October 19th, 2020, this dividend represents a yield of 1.69% on an annualized basis. This is the Company's 38th consecutive quarterly dividend.
'In spite of the continuing headwinds caused by COVID-19, and low demand from the oil and gas sector, the Company posted its highest quarterly revenue during FY2020 and generated a quarterly profit ,' said Dr. Leslie Klein, President & CEO of C-COM Satellite Systems Inc.
'Q3's improved performance is encouraging - nevertheless, the global pandemic will continue to make global business challenging,' Klein continued. 'C-COM's healthy balance sheet, extensive inventory, new product rollouts and persistent innovation should position us well to mitigate such uncertainty,' Klein added.
'The space markets continue to adapt and will emerge from the impact of the COVID pandemic with some novel and unique technologies. For instance, a new vertical for tracking LEO's, Smallsats and CubeSats is emerging and C-COM has developed advanced tracking algorithms for this market for use with its existing Flyaway antennas,' Klein said. 'We expect this new market to generate incremental revenue for the Company,' he added.
'C-COM remains committed to our investment in R&D so that we can continue to launch innovative technology products over the coming years. This was demonstrated in August with our announcement of $1 million in funding from the Canadian Space Agency and our decision to join an international consortium to develop the next generation of millimetre wave phased array modules for 5G+ and satellite V-band frequencies,' Klein also added,
'The Company is also involved in extensive R&D with the University of Waterloo to eventually provide C-COM with a revolutionary, patentable Ka-band antenna technology to be used with the growing number of LEO constellations being launched in the next several years. This modular and conformal antenna technology is designed to be mass producible and be compatible with 5G and other developing millimeter wave technologies.' 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 (OTC: CYSNF).
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 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. For example, statements relating to future technology and product offerings, the anticipated results of research and development and the timing of such results, the anticipation of incremental revenues being derived from such efforts, anticipated revenues from new markets and the potential future effects of the COVID-19 pandemic on business of C-COM Satellite Systems Inc. are all forward looking statements. New orders anticipated by C-COM Satellite Systems Inc. may not be received and current orders may be cancelled. Research and development efforts may not result in commercially viable products in the time frame anticipated if at all. 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. Readers are referred to C-COM Satellite Systems Inc.'s most recent management's discussion and analysis of financial position available at www.SEDAR.com for a discussion of risk factors related to the business of C-COM Satellite Systems Inc. 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.
C-Com Satellite Systems Inc. published this content on 20 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2020 13:19:06 UTC