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.
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“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.