C-COM Satellite Systems Inc., (TSXV: CMI and OTCQB: CYSNF) a leading global provider of commercial grade mobile auto-deploying satellite antenna systems, announced today its financial results for its fiscal year ended November 30, 2022.
The Company generated revenues of $11,646,934, up 27% compared to 2021’s revenues of $9,151,986. Net income was $1,139,655 (3 cents per share) in fiscal 2022, down 20% from 2021’s profit due to reduced gross margins and increased material costs.
The working capital of the Company also increased by 3% to $25,336,504 as of November 30, 2022. C-COM’s liquidity was unaffected by the $2,059,445 in dividends paid to shareholders during fiscal 2022 (up 2% over 2021).
“Though cost pressures hampered our profitability, we were pleased to see a significant increase of revenues in 2022, particularly in the US and Asia markets,” said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
“C-COM has not been immune to the worldwide inflation pressures and the threat of recession. Geopolitically, the ongoing war in Ukraine has had a negative impact on our sales to the region. Nevertheless, our balance sheet is strong, and we are cautiously optimistic as we move forward,” Klein added.
Dr. Klein provided additional commentary: “C-COM continues to make significant R&D investments in the next generation of satellite antennas – particularly our revolutionary Electronically Steered Phased Array antenna.
The Company is in the final stages of manufacturing of the initial 4,000 element demonstrator unit. This system will be tested for mobility over a live satellite within the next few months.”
C-COM Satellite Systems Inc. is a pioneer and world leader in the design, development, and manufacture of transportable and mobile satellite-based antenna systems. The Company has developed proprietary, auto-acquisition controller technology for rapid antenna pointing to a satellite with just the press of a button, enabling Broadband Internet via Satellite across a wide range of market applications worldwide, including regions unserved or underserved by terrestrial access technologies.
C-COM has sold more than 10,000 antenna systems, in over 100 countries, through a dedicated dealer network that provides service to a wide range of vertical markets such as Oil & Gas Exploration, Military Communications, Disaster Management, SNG, Emergency Communications, Cellular Backhaul, Telemedicine, Mobile Education, Government Services, Mobile Banking, and others. The Company's iNetVu® brand is synonymous with high quality, reliability, and cost-effectiveness.
C-COM is in late-stage development of a revolutionary Ka-band, electronically steerable, flat panel phased array antenna system, in cooperation with the University of Waterloo, with the intent of providing low-cost, high-throughput mobility applications over satellite for land, airborne and maritime applications. For additional information please visit www.c-comsat.com
iNetVu® is a registered trademark of C-COM Satellite Systems Inc.
The Company is publicly traded on the Canadian Venture Exchange (TSXV: CMI) and on the US OTC Exchange (OTCQB: CYSNF).
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