The CEO of C-COM Satellite Systems credits an increasing need for emergency communications and a return to in-person trade shows for his company’s strong second-quarter performance.
On Wednesday, the company reported that year-to-date revenues were up 21 per cent in 2022.
For the second quarter ended May 31, the Ottawa-based provider of commercial-grade mobile auto-deploying satellite antenna systems generated revenues of $3.7 million and net income after taxes of $368,525, or one cent per share. This compares with revenues of $836,734 and a net loss after taxes of $219,203 in the year-ago period.
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Working capital increased by 3.8 per cent and the company paid out $511,018 in dividends during the second quarter, a 1.5 per cent increase year-over-year. C-COM has maintained a quarterly dividend payout for 44 consecutive quarters.
President and CEO Leslie Klein said in a news release that this was the third-highest second-quarter sales level posted by the company over the past 10 years.
“Stronger sales to our dealers in the United States was a highlight of C-COM’s Q2 performance,” he commented. “Emerging markets are also showing new life … Senior management recently returned from Singapore, Dubai and Australia, where they attended trade shows and visited customers. Our takeaways were that customer confidence and leads from that part of our dealer network are robust.”
C-COM (TSXV: CMI) is in late-stage development of a potentially revolutionary antenna, in cooperation with the University of Waterloo.
“We remain cautiously optimistic about the future,” Klein added. “The need for emergency communications and cellular backhaul has been rapidly increasing. C-COM also anticipates improved demand from the energy and commodity exploration sector, which has not been very active over the past few years.”
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