Ottawa-based C-COM Satellite Systems has extended its streak of consecutive profitable fiscal years to 11, the company said Tuesday.
© Photo provided
Leslie Klein is CEO of C-COM Satellite Systems.
For the fiscal year ending Nov. 30, 2015, the company reported total revenues of $10.4 million and an after-tax profit of $1.6 million or four cents per share. This compares with revenues of $13.2 million and an after-tax profit of $2.8 million or eight cents a share in the previous fiscal year.
C-COM president and CEO Leslie Klein blamed the drop in revenues and profit on “adverse global economic conditions” that have affected some of the company’s international clients.
“A worldwide economic slowdown, unforeseen political turmoil in key regions, severe exchange rate fluctuations and a sharp fall in oil prices all have forced some of C-COM’s larger customers to delay projects and postpone purchases, resulting in lower-than-expected sales,” he said in a statement.
The company has maintained its dividend payout and has seen its working capital rise slightly year-over-year to $20.2 million. C-COM said it continues to “innovate and prepare for the next generation of mobile antennas.”
Noting “worldwide interest” in the company’s SATCOM-on-the-MOVE antennas, Mr. Klein said the product will “contribute incremental revenues” and continue to be a cornerstone of its business.