Despite lower revenues, C-COM posts 17th straight profitable quarter

Boosted by “worldwide acceptance” of its products, Ottawa-based C-COM Satellite Systems has posted a 17th straight profitable quarter, its CEO said Tuesday.

“Despite the worldwide economic slowdown which has impacted our sales and profitability this year, we remain profitable and continue to pay dividends,” Leslie Klein said in a statement.

For the three months ending May 31, C-COM (TSX VENTURE: CMI) posted revenues of $3.1 million, a 17.4 per cent drop from the $3.8 million it reported in the same quarter last year.

The firm’s after-tax profit dropped 60 per cent to $313,201, or one cent per share, compared with $782,188, or two cents a share, at this time last year.

The company’s working capital increased 4.4 per cent to $20 million, compared with $19.1 million on May 31, 2014.

Mr. Klein said C-COM’s new mobile antenna product, the Ka-band, is starting to generate additional revenue, especially in the telecom, satellite news gathering and health sectors.

“Our customer base is steadily increasing in these and other vertical markets,” he said.