[SatNews] Sales and profits increase for the Company in fiscal 2010...

C-COM Satellite Systems Inc. (TSXV: CMI) has announced financial results for the fiscal year ended November 30, 2010. “We have closed our fiscal 2010 with an increase in both sales and operating profits over the same period last year” said Leslie Klein, President and CEO of C-COM Satellite Systems Inc. “Revenues have increased by 14.4 percent to $10,475,614 and we generated a net after tax profit of $1,846,037 or 5 cents per share, representing an increase of 40.4 percent from last year when total revenues were $9,157,789 and there was a net after tax profit of $1,315,068 or 4 cents per share.”

The Company generated higher revenues while at the same time reducing its cost of goods sold by 2.7 percent when compared to last year’s results. C-COM had an income tax provision of $823,767 in fiscal 2010, versus $594,013 in fiscal 2009. The Company had sufficient investment tax credits and research and developments costs to reduce its tax liability to zero for the fiscal year ended November 30, 2010. The fourth quarter of fiscal year 2010 was the 27th consecutive profitable quarter for the Company. The working capital of the Company has increased by 25.8 percent to $8,885,696 at November 30, 2010 as compared to $7,062,159 at November 30, 2009. To read the entire financial report, access this direct link.