Ottawa-based C-COM (News - Alert) Satellite Systems, which sells mobile auto-deploying satellite antenna systems, recently announced financial results for the fiscal year ended November 30, 2009.
“We have closed our fiscal 2009 with a slight increase in sales over the same period last year and maintained our profitable position” said Leslie Klein, president and CEO of C-COM. “Revenues have increased by 1.7 percent to $9,157,789 net profit was $1,315,068 or 4 cents per share representing a decrease of 47.2 percent compared with results from last year when total revenues were $9,006,416 and there was a net profit of $2,491,948 or 8 cents per share.”
Company officials said C-COM generated slightly higher revenues, while at the same time reducing its cost of goods sold by 5 percent when compared to last year’s results.
Last fall TMCnet’s Marisa Torrieri reported that Vietnam – “a nation that encompasses one of the fastest-growing economies in the Asia-Pacific region” launched its first satellite, the Vinasat-1.
“With Vinasat-1’s launch under its belt, Vietnam’s satellite market is poised for growth as companies such as C-COM Satellite Systems – which develops and deploys commercial-grade mobile satellite technology for the delivery of two-way high-speed Internet, VoIP and Video services into vehicles – roll out new applications,” Torrieri wrote.
C-COM had a foreign exchange loss of $417,667 compared to a gain of $535,183 for the same period in 2008, due to the strengthening of the Canadian dollar against the United States dollar.
In addition a higher income tax provision of $594,013 in 2009 has been recorded as compared to $270,963 in 2008; further dragging down net profit. Still, the fourth quarter of fiscal year 2009 was the 23rd consecutive profitable quarter for them, so it’s not all doom and gloom.
And the working capital of the company has increased by 20.6 percent to $7,062,159 at fiscal year end of November 30, 2009 as compared to $5,854,943 at November 30, 2008. In other good news the company continues to remain free of long term debt, except for an accrual for future income tax payable due to expected future earnings.
The board of directors has declared a one-time special dividend on its common shares in the amount of $0.02 per common share payable on Tuesday April 20, 2010, to all common shareholders of record as of Tuesday April 6, 2010, for the first dividend in the company’s history.
David Sims is a contributing editor for TMCnet. To read more of David’s articles, please visit his columnist page. He also blogs for TMCnet here.
Edited by Marisa Torrieri