OTTAWA, ONTARIO--(Marketwired - April 16, 2013) - C-COM Satellite Systems Inc. (TSX VENTURE:CMI) announced that the news release published by the company earlier today announcing its first quarter revenues contained an error in the second paragraph. The company's net income during its first quarter was $907,301, or $0.03 per share, compared with results for the same period last year when there was a net income of $283,659, or $0.01 per share. The news release published earlier today incorrectly stated that the first quarter net income was 0.3 cents per share as compared to 0.1 cents per share in the same period last year.
A full copy of the corrected news release is set out below:
C-COM REPORTS INCREASED REVENUE AND PROFITS IN ITS FIRST QUARTER
Revenues increased by 50% to $3,929,630;
Operating Profit increases 172% to $1,074,931;
Net Income increases 220% to $907,301
C-COM Satellite Systems Inc. (TSX VENTURE:CMI) the leading global provider of mobile auto-deploying satellite antenna systems, today announced financial results for its first quarter ending February 28, 2013.
Revenues have increased by 50% to $3,929,630 compared with results from the same period last year, when total revenues were $2,611,986. The company is reporting a net income of $907,301, or $0.03 per share, compared with results for the same period last year when there was a net income of $283,659, or $0.01 per share.
The operating profit increased to $1,074,931, compared with the same period last year when the operating profit was $395,287.
The working capital of the company increased by 17.7% to $15,982,228 at February 28, 2013 compared to $13,583,663 at February 29, 2012.
"The first quarter has historically been the slowest in terms of revenues for C-COM; however, the December to February period this fiscal year was the strongest Q1 in the company's history. This is due to increased demand for our next generation antenna systems coupled with strong continuing demand for our first generation well respected products.
The company continues to be free of long term debt with a significant cash position" said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
As disclosed last month, the company is increasing its quarterly dividend by 33.33% to $0.01 per common share per quarter, from the previous rate of $0.0075 per common share per quarter, with the first such eligible quarterly dividend of $0.01 per common share payable on May 13, 2013 to all shareholders of record as of April 29, 2013.
The C-COM iNetVu® proprietary satellite antennas, and services associated with these products are used in mobile applications by corporations, government agencies, the military, law enforcement agencies, homeland security, news gathering, oil and gas exploration companies, 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. Founded in 1997, C-COM has developed a unique proprietary 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 and reliable solutions for 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.
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.