C-COM Satellite Systems Inc., a leading global provider of commercial grade mobile auto-deploying satellite antenna systems, announced today its financial results for the second quarter ended May 31, 2024.
The Company generated revenues of $2,580,514 and net income after taxes of $61,072. Overall gross profit margins remained healthy at 57.5% in Q2.
Year-to-date cash-flow from operations to the end of Q2 was $1.5 million – representing a $3.3 million positive swing from last year over the same period.
The Company’s Q2 2024 working capital of $25.2 million was up $0.8 million from Q2 2023.
The Company paid out $528,081 in dividends during this first quarter compared to $522,330 in the second quarter of 2023. The quarterly dividend payout has been maintained by the Company while continuing to innovate and invest in the next generation of advanced antenna products.
The Company also announced the payment of its next quarterly dividend in the amount of $0.0125 per common share payable on August 13th, 2024, to all shareholders of record as of July 29th, 2024. Based on the closing price of $1.19 per share on July 12th, 2024, this dividend represents a yield of 4.2% on an annualized basis.
“We had solid sales in Q2, and excellent results in the first 6 months of the year,” said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
“I was pleased to see a large first order delivered to one of our new resellers based in Brazil. South America represents a significant market opportunity for C-COM. We’re expecting follow up orders from this new reseller who has a presence across all South America”, Klein continued.
Klein added: “Our strong year-to-date cash flow demonstrates that C-COM is capable of “firing on all cylinders”; carrying inventory to enable prompt delivery of sold antenna’s, priority investment in R&D, and recognizing shareholder support through continued dividend payments.”
Dr. Klein concluded: “Completion of the development and commercialization of our next generation Ka-band Electronically Steered Antenna System (ESA) remains C-COM’s primary R&D focus. We are now in the final stages of manufacturing and testing our first 4K element antennas and expect to have these tested for mobility before the end of the summer. To this end, we are driving towards initial deliveries for field testing by satellite operators and selected resellers by the end of 2024. In addition to this, C-COM’s Analog Beamforming Integrated Circuit project is progressing well. We expect to test the first version of these by the end of this year.”