C-Com iNetVu Sales Produce Record-Breaking Revenues, Profits
By Jeffrey Hill | July 27, 2011
[Satellite TODAY Insider 07-27-11] C-Com Satellite Systems’ second quarter 2011 revenues jumped 181.2 percent to $6.41 million compared with $2.2 million in the same period last year, with quarterly net profits nearly doubling to $1.2 million, the Canadian satellite hardware manufacturer announced July 26.
C-Com’s second-quarter operating profits also increased significantly from $786,363 last year to $1.67 million in 2011. The company also enjoyed a 49.2 percent boost in working capital to $10.37 million.
C-Com President and CEO Leslie Klein said that despite his company’s strong second-quarter performance, profits were negatively impacted by the continued growing strength of the Canadian dollar against the U.S. dollar, with a year-to-date loss on foreign exchange of $387,399 compared with a loss of $34,632 in the same period last year. C-Com’s overall revenues and the corresponding operating profit, however, were the largest ever reported in the company’s history.
“To a large extent, this is as a result of the multiple hundreds of iNetVu mobile system sales into Japan to deliver life saving satellite backhaul for cellular communications to the tsunami effected region of the country. In general, we have seen an upsurge of orders in the first half of this year, both from existing as well as new customers from around the world, indicating worldwide acceptance and continuous demand for our iNetVu mobile products,” said Klein.
C-Com iNetVu mobile proprietary antennas and services are primarily used in mobile applications by corporations, government agencies, the military, law enforcement agencies, homeland security, utility vehicles, oil and gas platforms, police, fire, medical and other security and emergency services with a need for affordable mobile two-way high-speed Internet over Satellite connectivity.
In May, C-Com received its largest iNetVu mobile antenna products order to-date from its Japanese reseller Telemann Communications in Tokyo. The order called for more than 100 iNetVu mobile antenna systems to be shipped within three days of an urgent request for assistance to replace downed cellular towers in the tsunami-affected regions of Japan.
“In a country like Japan where earthquakes are not uncommon, the C-COM antenna offers unmatched capabilities such as the unattended feature, which when enabled, automatically re-points the antenna to the satellite in case the earthquake has moved the system from its original position and disabled its ability to communicate,” Telemann Communications President Yoshiya Kato said in a statement.