[Satellite TODAY 03-12-13] Canadian mobile auto-deploying satellite antenna manufacturer C-COM Satellite Systems reported its eighth consecutive profitable year in 2012, increasing its quarterly dividend by approximately 33 percent compared to the previous year.

   C-COM CEO Leslie Klein noted that the company’s working capital in 2012 increased 15.5 percent to $15.3 million by the end of November 2012, compared to $13.2 million at the same period last year. The increase in C-COM’s working capital comes despite the company paying approximately $507,000 in dividends and $673,000 to repurchase shares in 2012. The dividend increase is predicted to represent a yield of approximately 5.6 percent based on the closing price of C-COM’s $0.72 per share on March 11, 2013. 

   “The continued profitability during fiscal year 2012 are largely attributable to the worldwide acceptance of our iNetVu Mobile auto-deploying antenna systems, particularly to the telecom, military as well as to the oil and gas exploration sectors worldwide,” Klein said in a statement. “Our customer base for these products has been steadily increasing and continues to significantly contribute to our revenue growth.”

   The company’s yearly revenue, however, decreased approximately 30 percent from the previous year, tallying $13.38 million compared to $19.13 million in 2011. Klein said the revenue decrease was a result of a large non-recurring sale to Japan for Tsunami relief in 2011.

   C-COM had an income tax provision of about $1 million in fiscal 2012 – a drop from the $1.5 million it received in the 2011 fiscal year. The company said it had sufficient investment tax credits and research and developments costs to reduce its federal tax liability for 2012 to zero.