After capping fiscal 2018 with its 14th consecutive quarterly profit, Ottawa’s C-COM Satellite Systems (TSX-V:CMI) continued its solid performance in the first quarter of 2019 with a sizeable spike in revenues.
The local satellite antenna systems developer reported revenues of $2.95 million for the three months ending Feb. 28, an increase of 62 per cent year-over-year. C-COM posted yet another net profit of $424,404 in the first quarter, up from $16,862 in the same period a year ago.
C-COM chief executive Leslie Klein attributed the firm’s growth to a “resurgence” of orders from customers in the oil and gas sector as well as government and disaster recovery organizations. The Ottawa firm’s flagship products enable satellite connectivity for vehicles such as mobile hospitals, but a release notes the company has also recently started production on backpack-style antenna systems that are attractive to military and broadcasting markets.
On the HR side, C-COM also announced Tuesday it is installing Drew Klein, the company’s current director of business development, as the firm’s vice-president of sales effective May 1.