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| C-COM chief executive Leslie Klein |
C-COM Satellite Systems Inc. reported net profit soared 335 per cent to $1.32 million last fiscal year, as sales of its iNetVu Mobile antenna systems increased.
This is the 15th consecutive profitable quarter for the Ottawa-based provider of mobile auto-deploying satellite antenna systems, which also reported a 14.7-per-cent increase in revenues to $7.35 million for the fiscal year ending Nov. 30, 2007.
"The above growth and profitability are directly attributable to the worldwide acceptance and corresponding increase in sales of our iNetVu Mobile auto-deploying antenna systems used for two-way high-speed satellite-based Internet access. Our customer base for these products has been steadily increasing and continues to significantly contribute to our revenue growth," president and CEO Leslie Klein said in a statement.
The company's positive results were dampened by the rise of the Canadian dollar relative to the U.S. dollar. C-COM says its foreign exchange loss amounted to $299,358 in fiscal 2007.
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