C-COM Satellite Systems credited improved market conditions and continued demand from customers for an impressive third quarter that saw the Ottawa firm post $4 million in revenues, up from $2.3 million in the same period a year earlier.
C-COM (TSX-V:CMI) develops, manufactures and deploys commercial satellite antenna technology that enables high-speed Internet, VoIP and video services into vehicles. It’s particularly focused on remote areas, such as the far north in Canada and Russia as well as deserts in Australia and Saudi Arabia.
“We are seeing a resurgence of orders, especially from the oil and gas, disaster management, mobile banking and government sectors,” president and CEO Leslie Klein said in a news release.
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The company also recorded an after-tax profit of $641,930, or two cents per share, for the three-month period ended Aug. 31 – the 30th consecutive profitable quarter for C-COM. That compares with a net profit of $130,183, or zero cents per share, a year earlier.
The company’s net revenue for the current fiscal year is just over $8.5 million, putting C-COM on track to exceed last year’s total revenues of $10.2 million.
Earlier this month, C-COM landed US$1.28 million worth of orders for its mobile satellite antenna systems from African resellers. The company said the systems will be deployed by governments, militaries and commercial customers in the banking and broadcast sectors.
C-COM director of business development Drew Klein said the new orders “are an indication that market conditions in the region may be improving.”
C-COM shares were up 4.5 per cent to $1.16 in mid-morning trading on the TSX Venture Exchange.