C-COM Satellite Systems Inc. (TSXV: CMI) has announced financial results for the fiscal year ended November 30, 2008.

“We have closed our fiscal 2008 with record sales and profits” said Leslie Klein, President and CEO of C-COM Satellite Systems Inc. “Revenues have increased by 22.5 percent to $9,006,416 and we generated a net profit of $2,491,948 or 8 cents per share representing an increase of 88.4 percent compared with results from last year when total revenues were $7,349,598 and there was a net profit of $1,322,922 or 4 cents per share.” C-COM is recording a decrease in its future income tax asset of $155,890 and a corresponding income tax charge of the same amount on the Statements of Income and Comprehensive Income in the fiscal year ending November 30, 2008. C-COM is also recording Investment tax credits recoverable of $ 681,260 and minimum taxes paid of $108,260. The fourth quarter of fiscal year 2008 was the 19th consecutive profitable quarter for the Company. The working capital of the Company increased by 66.7% to $5,854,943 at fiscal year end of November 30, 2008 as compared to $3,511,554 at November 30, 2007. The Company continues to remain free of long term debt. select this direct link to read the entire report.