Losing customers as part of its airtime business helped push revenues down at Ottawa’s C-COM Satellite Systems during its first quarter, the company announced on Tuesday.
C-COM's Leslie Klein. (Provided)
The company, which sells satellite antennas, reported revenue of $2,377,784 during the three-month period that ended Feb. 28. That’s down 39.5 per cent from the $3,929,630 recorded during the same period last year.
That lower revenue pushed the company’s after-tax profits down to $907,301 from $451,396 last year.
“While this year's results are lower than last year's, the first quarter of 2013 was the best first quarter in the company's history and historically the first quarter of our fiscal year is slow,” Leslie Klein, the company’s president and CEO said in a press release.
The company said that last year saw a number of orders that were scheduled to close in the final quarter of 2012 “slide” into the first quarter of 2013 – something the company said didn’t happen this year.
Also contributing to lower revenue was that C-COM’s airtime business, where it provides satellite internet to fixed antennas, “continues to drop quarter over quarter as the company loses customers to more competitive suppliers.”
The company said it has “made a conscious decision to not grow the airtime business in order to allow the company to concentrate all of its efforts in the mobile antenna market.”
C-COM said it plans to pay a dividend of $0.0125 per common share on May 15. That will go to shareholders of record as of May 1.