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C-COM Satellite Systems excited about future despite headwinds

Last updated: 10:52 19 Jul 2016 EDT, First published: 05:52 19 Jul 2016 EDT

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The firm is a satellite technology developer

C-COM Satellite Systems Inc (CVE:CMI) posted its 21st consecutive quarter of profitability although profits and revenue were down compared to the same period last year, it said.

But it remains in a strong financial position and is excited about the short and long term, it said in its second quarter results statement.

Chief executive and president Leslie Klein told investors: "C-Com continues to persevere in the face of strong global macroeconomic headwinds.

"The quarter was disappointing, but the numbers reflect some delays in orders that have already been booked into Q3.

"Weakness in North America, Europe and Latin America, as each of the regions face their own dilemmas, weighed on sales," Klein said.

The group did however end the three months to end May with a strong cash position of over $15mln and was free of debt, it said.

The company also noted some uptick in orders and prospects from the 'extremely quiet' oil & gas markets, as well as a minor resurgence in Asia and new sales from parts of Africa that have never ordered mobile antenna systems.

"The company remains in a very strong financial position and we continue to push resources towards R&D for our extremely innovative, and potentially game changing, future antenna design," said Klein.

The satellite group continues to develop new products for new markets and is expanding its worldwide reseller network for its  iNetVu mobile antenna systems.

Another new product in development is an in-motion antenna, which will deliver broadband Internet over satellite into vehicles and trains while they are moving.

Net profit was $15,811 compared to $313,201 in 2015  - down over 94%.

Revenues were $1,804,131 versus $3,101,579 in the second quarter of 2015, a decrease of almost 42%.

Working capital decreased by 0.3% to 19,922,385 at May 31, 2016 compared to $19,983,993 as at the same date in 2015.

The quarterly dividend payment, its 17th consecutive one, is $0.0125 per share payable on August 18, 2016, representing a yield of 4.31% on an annualized basis.

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