Ottawa’s C-COM Satellite Systems says its revenues fell 36 per cent in the first quarter of fiscal 2022 compared with the same period last year.
The firm, which makes antenna technology for next-generation satellites that are poised to deliver high-speed internet to the most remote parts of the planet, said this week it posted revenues of $3 million for the three-month period ending Feb. 28. That’s down from $4.72 million in the first quarter of 2021.
C-COM (TSX-V: CMI) reported net income of $594,000, or one cent per share, in the first quarter of 2022, compared with net income of $1.49 million, or four cents per share, a year earlier.
“Though Q1 revenues were lower than last year, we are still encouraged by the continued recovery following two years of the pandemic,” president and CEO Leslie Klein said in a statement, noting the company had its third-highest sales quarter in the last decade.
Klein said the company is starting to resume marketing activities such as attending trade shows that were put on hold earlier in the COVID-19 crisis.
“The need for emergency communications and cellular backhaul has been rapidly increasing,” he said. “C-COM also anticipates improved demand from energy and commodity exploration (sectors), which have not been very active over the past few years.”
C-COM develops, manufactures and deploys commercial satellite antenna technology that enables high-speed internet, VoIP and video services. It’s particularly focused on remote areas, such as the far north in Canada and Russia as well as deserts in Australia and Saudi Arabia.
The company’s shares have fallen more than 45 per cent over the past year as tech stocks in general have spiralled. C-COM shares were trading at $2 on the TSX Venture Exchange at Wednesday’s market close, unchanged from a day earlier.