C-COM profits continue to drop in second quarter

Ottawa-based C-COM Satellite Systems still managed to turn a profit despite their revenue continuing to drop during the second quarter of its fiscal year.

The satellite antenna systems maker reports a revenue of $1.8 million during the three-month period that ended May 31. That’s down from $3.1 million during the same period last year and from $2.4 million during the previous quarter.

Net after-tax profit was $15,811, down from $313,201 during the same period the year before. C-COM has now reported profits for 21 consecutive quarter.

"C-COM continues to persevere in the face of strong global macroeconomic headwinds," Leslie Klein, the company’s president and CEO said in a release. "The quarter was disappointing, but the numbers reflect some delays in orders that have already been booked into Q3. Weakness in North America, Europe and Latin America, as each of the regions face their own dilemmas, weighed on sales."

C-COM has issued a quarterly dividend of $0.0125 a share and had a working capital of over $19.9 million at the end of May.

"The company remains in a very strong financial position and we continue to push resources towards R&D for our extremely innovative, and potentially game changing, future antenna design. We remain very excited about both the short and long term prospects of our business, and the marketplace in general," Mr. Klein said.