C-COM Reports Continued Profitabilty In Its Third Quarter
Oct 22, 2009, post by Adam Wątróbski
C-COM Satellite Systems Inc. (TSX VENTURE: CMI) informed that revenues of $2,058,613 for its third quarter ended August 31, 2009 and a net income of $358,460 or $0.011 per share compared with results from the same quarter last year, when total revenues were $2,395,134 and net income was $780,622, or $0.024 per share.
Sales this quarter have decreased by 14%, while net income has decreased 54% over the same period last year. This is the company’s 22nd consecutive profitable quarter.
For the three quarters ended August 31, 2009 the company increased sales by 17.7% over the same period last year, achieving year to date sales of $6,778,091 compared with year to date sales for the three quarters ended August 31, 2008 of $5,759,423. Net Income has decreased 16.7% to $860,036 year to date compared to $1,032,344 for the same period last year.
Net Ordinary Income for the three quarters ended August 31, 2009 has increased by 98.5% to $1,215,729 from $612,485 for the same period last year.
“The sales and profitability this quarter have been impacted by delayed orders. In addition to this, the weakening of the US currency against the Canadian dollar has negatively impacted the net profit this quarter to the tune of $306,798 over the same period last year. The company continues to remain debt free with a significantly increased cash position.” stated Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
This news release contains forward-looking information. These statements relate to future events or future performance and reflect management’s current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. These forward-looking statements are made as of the date hereof and C-COM Satellite Systems Inc. does not assume any obligation to update or revise them to reflect new events or circumstances.