Despite facing “headwinds” from the COVID-19-fuelled economic downturn, Ottawa’s C-COM Satellite Systems turned a profit of more than $200,000 in a third quarter that saw its revenues jump significantly compared with a year earlier.
The local satellite technology firm (TSX-V: CMI) said Tuesday it generated revenues of $1.77 million for the three-month period ending Aug. 31, up 22 per cent from the same quarter in 2019. C-COM posted a net income of $210,856, or one cent per share, compared with a net loss of $346,290 a year earlier.
President and CEO Leslie Klein praised the company’s resilience in the wake of the economic damage the pandemic has inflicted on key sectors such as oil and gas. But the longtime executive also sounded a cautionary tone, suggesting the firm is not out of the woods yet.
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“Q3’s improved performance is encouraging – nevertheless, the global pandemic will continue to make global business challenging,” he said in a statement, adding the company’s “healthy balance sheet, extensive inventory, new product rollouts and persistent innovation should position us well to mitigate such uncertainty.”
C-COM develops, manufactures and deploys commercial satellite antenna technology that enables high-speed Internet, VoIP and video services. 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.
Noting the company recently landed $1 million in funding from the Canadian Space Agency to develop next-generation antenna technology capable of tracking multiple satellites simultaneously, Klein said the research will open the firm up to new markets.
“C-COM remains committed to our investment in R&D so that we can continue to launch innovative technology products over the coming years,” he said.
The company’s shares were down five cents to $2.90 at the close of Tuesday’s trading on the TSX Venture Exchange.
