Revenues decrease by 10.4% to $2,611,986;
Operating Profit increases 64.8% to $395,287;
Net Income increases to $283,659 from a loss of $76,113
OTTAWA, May 18, 2012 /CNW/ - C-COM Satellite Systems Inc.
(TSXV: CMI) the leading global provider of mobile auto-deploying
satellite antenna systems, today announced financial results for
its first quarter ending February 29,
2012.
Revenues have decreased by 10.4% to $2,611,986 compared with results from the same
period last year, when total revenues were $2,914,334. The company is reporting a net
income of $283,659, or 1.1 cent per share, compared with results for the
same period last year when there was a net loss of $76,113, or 0.2
cent per share.
The operating profit increased to $395,287, compared with the same period last year
when the operating profit was $239,904.
The working capital of the company increased by 55.6% to
$13,583,663 at February 29, 2012 compared to $8,729,757 at February 28,
2011.
"The company's first quarter sales are traditionally slow, and
compared to last year we are seeing a slowdown of orders from
Japan, Malaysia, the United
States and Russia. On the
positive side we are seeing increased order activity from
Canada and Oman.
We continue to remain free of long term debt with a significant
cash position" said Leslie Klein,
President and CEO of C-COM Satellite Systems Inc.
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.
About C-COM Satellite Systems Inc.
C-COM Satellite Systems Inc. is a leader in the
development and deployment of commercial grade mobile
satellite-based technology for the delivery of two-way high-speed
Internet, VoIP and Video services into vehicles. C-COM has
developed a unique proprietary Mobile auto-deploying
(iNetVu®) antenna that allows the delivery of high-speed
satellite based Internet services into vehicles while stationary
virtually anywhere where one can drive. The iNetVu®
Mobile antennas have also been adapted to be airline checkable and
easily transportable. The company's satellite-based products and
services deliver high-quality, cost-effective solutions for both
fixed and mobile applications throughout the world. More
information is available at: www.c-comsat.com
iNetVu® is a registered
trademark of C-COM Satellite Systems Inc.
###
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. New orders anticipated
by C-COM Satellite Systems Inc. may not be received and current
orders may be cancelled. 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. 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.
SOURCE C-Com Satellite Systems Inc.
