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C-COM Satellite Systems reports 10.5% increase in first quarter revenue

C-COM Satellite Systems (CVE:CMI) reported a 10.5% increase in revenue in its first quarter and said it generated significant new business in Asia.

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The firm is a satellite focused group....

C-COM Satellite Systems (CVE:CMI) reported a 10.5% increase in revenue in its first quarter and said it generated significant new business in Asia.

For the three months to February 29, the firm said revenue was $2,433,713 (Q1, 2015: $2,201,578) while net after tax profit was $308,547 (2015: $376,431)- a decrease of around 18%.

The quarterly dividend payment will be $0.0125 per share, payable on May 17 this year, representing a yield of 5.38% on an annualized basis, the firm said.

Leslie Klein, president and chief executive of C-COM Satellite System Inc, told investors: "In the first quarter of this fiscal year the company has generated significant new business from Asia.

"The iNetVu trademark antenna product quality and reliability has been steadily gaining market share in Japan, Korea, Indonesia and China.

"The deployment of our antennas into new vertical markets is also contributing incremental revenues for the company. Our customer base is steadily increasing in a number of these new sectors worldwide and continues to generate new sales for the company."

The company also noted it was  developing new products and expanding its worldwide reseller network for its proprietary iNetVu trademark Mobile antenna systems.

"One of the new products the company is developing is an in-motion antenna, which will deliver broadband Internet over satellite into vehicles and trains while in full motion. This new product will work with the most advanced Ka and Ku band high throughput satellites," it added.

The group's working capital increased 0.7% to $20,179,032 at February 29, 2016 as compared to $20,044,633 at February 28, 2015.

Notably, this was the group's 20th consecutive quarter of profitability and 16th consecutive dividend paying quarter. The company ended the quarter with a strong cash position of over $15 million and continues to be debt free. 

Quick facts: C-Com Satellite Systems Inc.

Price: 1.65 CAD

TSX-V:CMI
Market: TSX-V
Market Cap: $62.41 m
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