OTTAWA, ONTARIO--(Marketwire - March 12, 2012) - C-COM Satellite Systems Inc. (TSX VENTURE:CMI), a leading global provider of mobile auto-deploying satellite antenna systems, announced today financial results for the fiscal year ended November 30, 2011.
"We have closed our fiscal 2011 with the largest increase in the company's history in both sales and operating profits over the same period last year" said Leslie Klein, President and CEO of C-COM Satellite Systems Inc. "Revenues have increased by 82.7% to $19,135,942 and we generated a net after tax profit of $3,776,035 or 11 cents per share, representing an increase of 104.5% from last year when total revenues were $10,475,614 and there was a net after tax profit of $1,846,037 or 5 cents per share."
The company generated significantly higher revenues, while at the same time maintaining the same staffing levels as during fiscal 2010, which shows the Company's ability to almost double its revenues year over year, without significantly increasing its labour costs.
C-COM had an income tax provision of $1,569,507 in fiscal 2011, versus $823,767 in fiscal 2010. The Company had sufficient investment tax credits and research and developments costs to reduce its Federal tax liability to zero for the fiscal year ended November 30, 2011.
The working capital of the Company has increased by 46.4% to $13,033,111 at November 30, 2011 as compared to $8,902,564 at November 30, 2010.
"The growth and profitability during fiscal year 2011 are largely attributable to the worldwide acceptance and corresponding increase in sales of our iNetVu(R) Mobile auto-deploying antenna systems, particularly to the telecom, military as well as to the oil and gas exploration sectors worldwide. Our customer base for these products has been steadily increasing and continues to significantly contribute to our revenue growth" said Leslie Klein, President and CEO of C-COM Satellite System Inc.
C-COM is continuing to expand its worldwide reseller network for its proprietary iNetVu(R) Mobile technology products and establishing new partnerships with companies interested in combining the capabilities of the iNetVu(R) with the products and services they offer.
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(R)) antenna that allows the delivery of high-speed satellite based Internet services into vehicles while stationary virtually anywhere where one can drive. The iNetVu(R) 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(R) is a registered trademark of C-COM Satellite Systems Inc.
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.
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.