Ottawa-based C-COM Satellite Systems has now been profitable for 10 consecutive years, although its net earnings did dip in 2014, according to year-end results released Monday.
The company attributed its success to its iNetVu mobile auto-deploying antenna systems being widely accepted by the telecom, media, military and oil and gas exploration sectors.
Revenue for the fiscal year ending Nov. 30 was $13.2 million, with a net after-tax profit of $2.8 million, or eight cents per share. That compares with $15.6 million in revenue and a profit of $3.5 million, or 10 cents per share, in the company’s fiscal 2013.
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The company said the downturn in the global economy, uncertain political situations, exchange rate fluctuations and the drop in the price of oil all hampered its international customers.
“We are pleased with the way C-COM overcame the tremendous headwinds of the last 12 months,” C-COM president and CEO Leslie Klein said in a statement. “The company has managed to generate excellent profits, develop new markets, create innovative new products and increase its gross margins from 52 per cent in 2013 to 59 per cent in 2014.”
Fourth-quarter revenue increased 9.6 per cent to $4.1 million, compared with $3.8 million from the same quarter a year earlier. Net after-tax profit for the quarter was $1.16 million, down 6.8 per cent from the fourth quarter of 2013, when it came in at $1.25 million.
C-COM’s working capital was up 9.6 per cent at year-end, at $20.1 million. The company paid $1.8 million in dividends in 2014, up 28.8 per cent from the year before.