Ottawa, Ontario--(Newsfile Corp. - April 17, 2024) - 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 first quarter ended February 29, 2024.
The Company has generated revenues of $2,628,037 and net income after taxes of $391,227. This is a significant improvement over revenues of $683,949 and a net loss after tax of $176,135 for Q1, 2023. Gross margin on sales remained strong for Q1 2024.
The Q1 2024 working capital of $25,501,644 was down slightly from the Company's 2023 year-end level of $25,577,501.
The Company paid out $527,330 in dividends during this first quarter compared to $522,330 in the first quarter of 2023. The quarterly dividend payout has been maintained by the Company, while it continues to innovate and invest into the next generation of advanced antenna products.
The Company also announced the payment of its next quarterly dividend in the amount of $0.0125 per common share payable on May 15, 2024, to all shareholders of record as of May 1, 2024. Based on the closing price of $1.28 per share on April 16th, 2024, this dividend represents a yield of 3.9% on an annualized basis.
"I remain cautiously optimistic that the sales gains we saw emerge in late 2023 will carry us through to improved performance in 2024," said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
Dr. Klein concluded: "Completion of the development and commercialization of our next generation Electronically Steered Antenna System (ESA) remains C-COM's primary R&D focus. To this end, we are driving towards initial deliveries for field testing by satellite operators and selected resellers by the end of 2024. In addition to this, C-COM's Analog Beamforming Integrated Circuit project is progressing well. We expect to test the first version of these by the end of this year."
About C-COM Satellite Systems Inc.
C-COM Satellite Systems Inc. is a pioneer and a leading global designer, developer, and manufacturer 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 10,000 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. 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 over LEO, MEO and GEO satellite constellations. Another significant project underway at C-COM is the Analog Beamforming Integrated Circuit development, which is progressing well and is expected to enter testing phase by the end of this year. 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).
# # #
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 for 2024 results 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. Sales may not increase in 2024 for many reasons outside C-COM's control and 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.sedarplus.ca
INVESTOR RELATIONS
C-COM Satellite Systems Inc.
Tel: (613) 745-4110 ext. 4950
Fax: (613) 745-7144
lklein@c-comsat.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205749
SOURCE: C-COM Satellite Systems Inc.
