Several Canadian wireless vendors made financial announcements this week, with good news and bad.
C-Com Satellite Systems Inc. of Ottawa is doing much better thisyear than last. The company reported a profit of $501,432 on revenuesof $3.2 million for the quarter ending May 31. It barley broke evenduring the previous quarter, earning $266 on revenues of $1.48 million.
Its flagship product is iNetVu, which lets users get Internet oversatellite in stationary vehicles. C-Com said sales to the Asia-Pacificregion more than tripled from the second quarter of 2008. The companyhad $1.36 million in cash on May 31, down from $1.94 million Nov. 30.
In June, C-Com had announced it inked a deal to sell iNetVu Flyawayantenna systems to China Petroleum and Chemical Corp. (Sinopec), toprovide voice, video and data services. Sinopec plans to use thesystems to provide emergency communications when there are pipelineleaks, explosions or hazardous materials incidents.
The quarter ending May 31 was not so great for Craig WirelessSystems Ltd., a Winnipeg-based company that provides wirelesstelevision and Internet services to busineses and consumers in WesternCanada.
Craig Wireless, which is acquiring wireless frequencies so it canoffer Wireless Interoperability for Microwave Access (WiMAX) services,lost $4.4 million during the quarter ending May 31. Sales were$418,290, down from $461,368 during the same period in 2008.
In its financial statements released earlier this week, the companysaid “there is significant doubt about the ability of the Company tocontinue as a going concern.”
In November, Industry Canada approved the company’s request to convert fixed wireless spectrum in Vancouver to WiMAX.
Last month Craig Wireless announced it had promoted Rod Vandenbos to the position of president.
Craig Wireless is run by brothers Boyd and Drew Craig, who haveloaned the firm $11 million, at an interest rate of 15 per cent, duenext year.
Wi-LAN Inc. announced it has raised $18 million through a stocksale. The Ottawa-based firm, which develops wireless technologies itlicences to manufacturers, previously reported it lost $1 millionduring the quarter ending April 300
Revenues were $10 million, up from $3.2 million during the sameperiod in 2008, when it lost $5 million. ON April 30, it had $69.8million in cash.