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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Comtech Telecommunications Corporation | NASDAQ:CMTL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.15 | -7.54% | 1.84 | 1.84 | 1.93 | 2.028 | 1.83 | 1.99 | 341,061 | 21:36:47 |
March 7, 2018-- Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the second fiscal quarter ended January 31, 2018 and updated its fiscal 2018 guidance.
Fiscal 2018 Second Quarter Highlights
In commenting on Comtech’s performance during the second quarter of fiscal 2018 and Comtech’s fiscal 2018 guidance, Fred Kornberg, President and Chief Executive Officer, stated, "I could not be more pleased with our better than expected second quarter results and the major multi-year contract awards that we have received to-date. Business momentum remains strong and shows no signs of slowing down. Given our year-to-date performance and strong positive business momentum, we are increasing our 2018 fiscal year financial targets and expect that fiscal 2018 will be a very strong year."
Updated 2018 Fiscal Year Financial Targets
Additional information about Comtech’s fiscal 2018 guidance is included in Comtech’s second quarter investor presentation which is located on Comtech’s website at www.comtechtel.com.
Conference Call
Comtech has scheduled an investor conference call for 8:30 AM (ET) on Thursday, March 8, 2018. Investors and the public are invited to access a live webcast of the conference call from the Investor Relations section of the Comtech website at www.comtechtel.com. Alternatively, investors can access the conference call by dialing (888) 632-3389 (domestic), or (785) 424-1673 (international) and using the conference I.D. "Comtech." A replay of the conference call will be available for seven days by dialing (800) 839-2383 or (402) 220-7202. In addition, an updated investor presentation, including earnings guidance, is available on Comtech's website.
About Comtech
Comtech Telecommunications Corp. designs, develops, produces and markets innovative products, systems and services for advanced communications solutions. Comtech sells products to a diverse customer base in the global commercial and government communications markets.
Cautionary Statement Regarding Forward-Looking Statements
Certain information in this press release contains forward-looking statements, including but not limited to, information relating to the Company's future performance and financial condition, plans and objectives of the Company's management and the Company's assumptions regarding such future performance, financial condition, and plans and objectives that involve certain significant known and unknown risks and uncertainties and other factors not under the Company's control which may cause its actual results, future performance and financial condition, and achievement of plans and objectives of the Company's management to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, among other things: the risk that the Company will be unsuccessful in implementing a tactical shift in its Government Solutions segment away from bidding on large commodity service contracts and toward pursuing contracts for its niche products with higher margins; the nature and timing of receipt of, and the Company's performance on, new or existing orders that can cause significant fluctuations in net sales and operating results; the timing and funding of government contracts; adjustments to gross profits on long-term contracts; risks associated with international sales; rapid technological change; evolving industry standards; new product announcements and enhancements, including the risks associated with the Company's recent launch of Heights™ Dynamic Network Access Technology ("HEIGHTS" or "HDNA"); changing customer demands; changes in prevailing economic and political conditions; changes in the price of oil in global markets; changes in foreign currency exchange rates; risks associated with the Company's and TeleCommunication Systems, Inc.'s ("TCS") legacy legal proceedings, customer claims for indemnification and other similar matters; risks associated with the Company’s obligations under its Secured Credit Facility, as amended; risks associated with the Company's large contracts; the impact of H.R.1, also known as the Tax Cuts and Jobs Act ("Tax Reform"), which was recently enacted in the U.S.; and other factors described in this and the Company's other filings with the Securities and Exchange Commission.
COMTECH TELECOMMUNICATIONS CORP.
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
Three months ended January 31, Six months ended January 31, 2018 2017 2018 2017 Net sales $ 133,731,000 139,028,000255,300,000 274,814,000 Cost of sales 82,930,000 85,824,000 156,783,000 169,502,000 Gross profit 50,801,000 53,204,000 98,517,000 105,312,000 Expenses: Selling, general and administrative 27,215,000 30,988,000 55,690,000 63,673,000 Research and development 13,435,000 13,314,000 27,185,000 27,410,000 Amortization of intangibles 5,268,000 6,032,000 10,537,000 12,087,000 Settlement of intellectual property litigation — (9,979,000 ) — (9,979,000 ) 45,918,000 40,355,000 93,412,000 93,191,000 Operating income 4,883,000 12,849,000 5,105,000 12,121,000 Other expenses (income): Interest expense 2,519,000 2,852,000 5,107,000 6,177,000 Interest (income) and other (48,000 ) (74,000 ) (9,000 ) (76,000 ) Income before (benefit from) provision for income taxes 2,412,000 10,071,000 7,000 6,020,000 (Benefit from) provision for income taxes (13,349,000 ) 3,486,000 (14,094,000 ) 1,924,000 Net income $ 15,761,000 6,585,000
14,101,000 4,096,000 Net income per share: Basic $ 0.66 0.28
0.59 0.17 Diluted $ 0.66 0.28
0.59 0.17 Weighted average number of common shares outstanding – basic 23,816,000 23,428,000 23,805,000 23,406,000 Weighted average number of common and common equivalent shares outstanding – diluted 23,953,000 23,445,000 23,942,000 23,427,000 Dividends declared per issued and outstanding common share as of the applicable dividend record date $ 0.10 0.10
0.20
0.40
COMTECH TELECOMMUNICATIONS CORP.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
January 31, 2018 July 31, 2017 (Unaudited) (Audited) AssetsCurrent assets: Cash and cash equivalents $ 40,472,000 41,844,000 Accounts receivable, net 117,973,000 124,962,000 Inventories, net 71,707,000 60,603,000 Prepaid expenses and other current assets 14,915,000 13,635,000 Total current assets 245,067,000 241,044,000 Property, plant and equipment, net 30,122,000 32,847,000 Goodwill 290,633,000 290,633,000 Intangibles with finite lives, net 251,334,000 261,871,000 Deferred financing costs, net 2,635,000 3,065,000 Other assets, net 2,860,000 2,603,000 Total assets $ 822,651,000 832,063,000 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 27,662,000 29,402,000 Accrued expenses and other current liabilities 60,585,000 68,610,000 Dividends payable 2,351,000 2,343,000 Customer advances and deposits 24,848,000 25,771,000 Current portion of long-term debt 17,211,000 15,494,000 Current portion of capital lease obligations 1,858,000 2,309,000 Interest payable 83,000 282,000 Total current liabilities 134,598,000 144,211,000 Non-current portion of long-term debt, net 174,225,000 176,228,000 Non-current portion of capital lease obligations 885,000 1,771,000 Income taxes payable 2,558,000 2,515,000 Deferred tax liability, net 6,088,000 17,306,000 Customer advances and deposits, non-current 8,385,000 7,227,000 Other liabilities 5,291,000 2,655,000 Total liabilities 332,030,000 351,913,000 Commitments and contingencies Stockholders’ equity: Preferred stock, par value $.10 per share; shares authorized and unissued 2,000,000 — — Common stock, par value $.10 per share; authorized 100,000,000 shares; issued 38,653,430 shares and 38,619,467 shares at January 31, 2018 and July 31, 2017, respectively 3,865,000 3,862,000 Additional paid-in capital 534,224,000 533,001,000 Retained earnings 394,381,000 385,136,000 932,470,000 921,999,000 Less:
Treasury stock, at cost (15,033,317 shares at January 31, 2018
and July 31, 2017)
(441,849,000 ) (441,849,000 ) Total stockholders’ equity 490,621,000 480,150,000 Total liabilities and stockholders’ equity $ 822,651,000 832,063,000COMTECH TELECOMMUNICATIONS CORP.
AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (Unaudited)Use of Non-GAAP Financial Measures
In order to provide investors with additional information regarding its financial results, this press release contains "Non-GAAP financial measures" under the rules of the SEC. The Company's Adjusted EBITDA is a Non-GAAP measure that represents earnings (loss) before income taxes, interest (income) and other expense, interest expense, amortization of stock-based compensation, amortization of intangibles, depreciation expense, settlement of intellectual property litigation, acquisition plan expenses or strategic alternatives analysis expenses and other. The Company's definition of Adjusted EBITDA may differ from the definition of EBITDA used by other companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is also a measure frequently requested by the Company's investors and analysts. The Company believes that investors and analysts may use Adjusted EBITDA, along with other information contained in its SEC filings, in assessing the Company's performance and comparability of its results with other companies. These Non-GAAP financial measures have limitations as an analytical tool as they exclude the financial impact of transactions necessary to conduct the Company’s business, such as the granting of equity compensation awards, and are not intended to be an alternative to financial measures prepared in accordance with GAAP. These measures are adjusted as described in the reconciliation of GAAP to Non-GAAP in the below table, but these adjustments should not be construed as an inference that all of these adjustments or costs are unusual, infrequent or non-recurring. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures determined in accordance with GAAP. Investors are advised to carefully review the GAAP financial results that are disclosed in the Company’s SEC filings. The Company has not quantitatively reconciled its fiscal 2018 Adjusted EBITDA target to the most directly comparable GAAP measure because items such as stock-based compensation, adjustments to the provision for income taxes, amortization of intangibles and interest expense, which are specific items that impact these measures, have not yet occurred, are out of the Company's control, or cannot be predicted. For example, quantification of stock-based compensation expense requires inputs such as the number of shares granted and market price that are not currently ascertainable. Accordingly, reconciliations to the Non-GAAP forward looking metrics are not available without unreasonable effort and such unavailable reconciling items could significantly impact the Company's financial results.
Three months ended January 31, Six months ended January 31, Fiscal Year 2018 2017 2018 2017 2017 Reconciliation of GAAP Net Income to Adjusted EBITDA: Net income $ 15,761,000 6,585,000 14,101,000 4,096,000 $ 15,827,000 (Benefit from) provision for income taxes (13,349,000 ) 3,486,000 (14,094,000 ) 1,924,000 9,654,000 Interest (income) and other expense (48,000 ) (74,000 ) (9,000 ) (76,000 ) (68,000 ) Interest expense 2,519,000 2,852,000 5,107,000 6,177,000 11,629,000 Amortization of stock-based compensation 1,080,000 1,019,000 1,827,000 1,989,000 8,506,000 Amortization of intangibles 5,268,000 6,032,000 10,537,000 12,087,000 22,823,000 Depreciation 3,317,000 3,568,000 6,663,000 7,317,000 14,354,000 Settlement of intellectual property litigation — (9,979,000 ) — (9,979,000 ) (12,020,000 ) Adjusted EBITDA $ 14,548,000 13,489,000 24,132,000 23,535,000 $ 70,705,000ECMTL
View source version on businesswire.com: http://www.businesswire.com/news/home/20180307006352/en/
Media:Michael D. Porcelain, Senior Vice President and Chief Financial Officer(631) 962-7103Info@comtechtel.com
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