[Satellite TODAY 03-24-10] C-Com Satellite Systems’ 2009 revenues increased 1.7 percent to $9.1 million, the company announced in its 2009 year-end financial results, released March 23.
    C-Com’s working capital increased 20.6 percent to $7 million, compared to $5.9 million reported in 2008. The company said it remains free of long term debt, except for an accrual for future income tax payable due to expected future earnings.
    “We believe that the revenue growth and profitability during fiscal year 2009 are directly attributable to the worldwide acceptance and corresponding increase in sales of our iNetVu Mobile auto-deploying antenna systems,” C-Com President and CEO Leslie Klein said in a statement.
    However, C-Com’s net profit dropped to $1.3 million, a decrease of 47.2 percent compared with results from 2008 when total revenues were $9 million with a net profit of $2.5 million. The company said the reduction of net profit was due to a foreign exchange loss of $417,667 compared to a gain of $535,183 in 2008, caused by the strengthening of the Canadian dollar against the U.S. dollar.