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C-COM Satellite Systems Inc., (TSXV: CMI) (OTCQB: CYSNF) a leading global provider of commercial grade mobile auto-deploying satellite antenna systems, announced today its financial results for its fiscal year ended November 30, 2022.
The Company generated revenues of $11,646,934, up 27% compared to 2021's revenues of $9,151,986. Net income was $1,139,655 (3 cents per share) in fiscal 2022, down 20% from 2021's profit due to reduced gross margins and increased material costs.
The working capital of the Company also increased by 3% to $25,336,504 as of November 30, 2022. C-COM's liquidity was unaffected by the $2,059,445 in dividends paid to shareholders during fiscal 2022 (up 2% over 2021).
"Though cost pressures hampered our profitability, we were pleased to see a significant increase of revenues in 2022, particularly in the US and Asia markets," said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
"C-COM has not been immune to the worldwide inflation pressures and the threat of recession. Geopolitically, the ongoing war in Ukraine has had a negative impact on our sales to the region. Nevertheless, our balance sheet is strong, and we are cautiously optimistic as we move forward," Klein added.
Dr. Klein provided additional commentary: "C-COM continues to make significant R&D investments in the next generation of satellite antennas - particularly our revolutionary Electronically Steered Phased Array antenna. The Company is in the final stages of manufacturing of the initial 4,000 element demonstrator unit. This system will be tested for mobility over a live satellite within the next few months."
About C-COM Satellite Systems Inc.
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C-COM Satellite Systems Inc. is a pioneer and world leader in the design, development, and manufacture of transportable and mobile satellite-based antenna systems. The Company has developed proprietary, auto-acquisition controller technology for rapid antenna pointing to a satellite with just the press of a button, enabling Broadband Internet via Satellite across a wide range of market applications worldwide, including regions unserved or underserved by terrestrial access technologies.
C-COM has sold more than 10,000 antenna systems, in over 100 countries, through a dedicated dealer network that provides service to a wide range of vertical markets such as Oil & Gas Exploration, Military Communications, Disaster Management, SNG, Emergency Communications, Cellular Backhaul, Telemedicine, Mobile Education, Government Services, Mobile Banking, and others. The Company's iNetVu® brand is synonymous with high quality, reliability, and cost-effectiveness.
C-COM is in late-stage development of a revolutionary Ka-band, electronically steerable, flat panel phased array antenna system, in cooperation with the University of Waterloo, with the intent of providing low-cost, high-throughput mobility applications over satellite for land, airborne and maritime applications. For additional information please visit www.c-comsat.com.
iNetVu® is a registered trademark of C-COM Satellite Systems Inc.
The Company is publicly traded on the Canadian Venture Exchange (TSXV: CMI) and on the US OTC Exchange (OTCQB: CYSNF).
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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.
Forward-Looking Statements
This news release contains forward-looking statements. These statements relate to future events or future performance and reflect management's current expectations and assumptions. Statements about C-COM's expectations as to its ability to weather the challenges it faces, future prospects, growth and revenue, and statements about its electronically steered phased array antenna, including the potential for it become a commercially available product are all forward-looking information. Several factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Anticipated benefits of the new technology may not be realized within the time frames anticipated or at all, and new products and services may not be released or, if released may not gain market acceptance. Any of those events and others could influence 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. Readers are directed to the risk factors associated with the business of C-COM Satellite Systems in the company's most recent MD&A available at www.SEDAR.com.
INVESTOR RELATIONS
C-COM Satellite Systems Inc.
Tel: (613) 745-4110 ext. 4950
Fax: (613) 745-7144
lklein@c-comsat.com
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