While C-COM Satellite Systems recorded its 16th straight profitable quarter, revenues for the first quarter of 2015 were down from the same period last year, the company said Tuesday.
At $2.2 million, revenue was down 7.4 per cent from the $2.4 million posted in the first quarter of 2014. Net profit for the first quarter of 2015 was $376,431, a 16.6 per cent decline from the same period a year earlier.
C-COM president and CEO Leslie Klein attributed the company’s continued profitability to “worldwide acceptance” of the iNetVu mobile antenna system.
“Our customer base is steadily increasing in these sectors and continues to significantly contribute to our revenue growth,” Mr. Klein said in a statement.
The company’s working capital was up 9.4 per cent for the three months ending Feb. 28, 2015 at $20 million compared with $18.3 million last year.
The company said it is continuing to develop new markets and new products, such as an in-motion antenna that will deliver broadband Internet over satellite to vehicles and trains that are in full motion.