C-COM Reports First Quarter Results

April 20, 2021 

C-COM Satellite Systems Inc.,announced today its financial results for the first quarter ended February 28, 2021.

The Company has generated revenues of $4,719,279 and net income after taxes of $1,466,580, or four cents per share. This compares with revenues of $1,240,630 and a net loss after taxes of $186,573, or 0 cents per share as reported in 2020. This Q1 2021 performance represents gains of 280% and 886%, respectively, over Q1 2020’s levels.

Q1’s strong profitability led to a 5.9% increase in the Company’s working capital. The Q1 2021 working capital of $23,801,078 compares to $22,472,963 in working capital as at November 30, 2020.

The Company paid out $493,597 in dividends during this first quarter compared to $474,586 in the first quarter of 2020 – representing a 4% increase. The Company has maintained its quarterly dividend payout while continuing to innovate and invest into the next generation of advanced antenna products.

The Company also announced the payment of its eligible quarterly dividend in the amount of $0.0125 per common share payable on May 18, 2021 to all shareholders of record as of May 4, 2021. Based on the closing price of $3.61 per share on April 19th, 2021, this dividend represents a yield of 1.4% on an annualized basis. This is the Company’s 40th consecutive quarterly dividend.

“In Q1 we completed the $3.4 million (USD) Manpack antenna sales order that was announced in October 2020 ” said Dr. Leslie Klein, President & CEO of C-COM Satellite Systems Inc. “This resulted in the Company generating its second highest quarterly profit over the past nine years—which is encouraging, given the challenges of operating during the COVID pandemic. It further confirms the world-wide demand for our high quality, cost-effective and reliable products.”

Klein added:“ Though 2021 will still be a challenging year for C-COM as we continue to navigate through the headwinds of the COVID-19 pandemic, we are well positioned with a healthy balance sheet and extensive inventory to help us face the evolving challenges.”

 “C-COM remains committed to its extensive R&D effort to develop the next generation electronically steered phased array antenna technologies in conjunction with the University of Waterloo, as well as our involvement with the Canadian/European EUREKA/PENTA alliance. Several patents from the Waterloo research project have already been filed and others are being filed. This research and development opportunity should provide C-COM with a revolutionary, patentable Ka-band antenna technology to be used with the growing number of satellite constellations being launched in the next several years,” Klein concluded.