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Comtech Telecommunications Corp. Announces Results for Fiscal 2018 First Quarter and Updates Its Fiscal 2018 Guidance


 Tags:   News: Audio & Video                This was published: 6 Dec 2017 - 09:46 pm         Print article: Printer friendly page
          

Comtech Telecommunications Corp. Announces Results for Fiscal 2018 First Quarter and Updates Its Fiscal 2018 Guidance - on DefenceBriefing.net

December 6, 2017-- Comtech Telecommunications Corp. (NASDAQ-NMS: CMTL) today reported its operating results for the first fiscal quarter ended October 31, 2017 and updated its fiscal 2018 guidance.



Fiscal 2018 First Quarter Highlights

  • Net sales were $121.6 million.
  • Bookings were $165.7 million and Comtech achieved a company-wide book-to-bill ratio (a measure defined as bookings divided by net sales) of 1.36.
  • As of October 31, 2017, the Company had backlog of $490.4 million.
  • GAAP operating income was $0.2 million and GAAP net loss was $1.7 million, or $0.07 per diluted share. Comtech’s first quarter 2018 financial results do not include the benefit of $2.5 million of BFT-1 intellectual property license fees that Comtech earned in the first quarter of fiscal 2017 supporting the U.S. Army’s Blue Force Tracking Program.
  • Adjusted EBITDA was $9.6 million for the three months ended October 31, 2017. Adjusted EBITDA is a non-GAAP financial measure which is reconciled to the most directly comparable GAAP financial measure and is more fully defined in the below table.
  • Comtech generated cash flows from operating activities of $6.5 million.
  • Comtech paid cash dividends of $2.5 million to its common stockholders.
  • As of October 31, 2017, the Company had $42.5 million of cash and cash equivalents.

In commenting on Comtech’s performance during the first quarter of fiscal 2018 and Comtech’s fiscal 2018 guidance, Fred Kornberg, President and Chief Executive Officer, stated “Fiscal 2018 is off to a good start and our first quarter results exceeded our expectations. During the quarter, we received a number of large strategic orders and experienced strong order flow across many of our product lines. Based on our current business momentum, fiscal 2018 is beginning to look like a very strong year.”

2018 Fiscal Year Financial Targets

  • Comtech is still targeting a revenue goal with a range of approximately $550.0 million to $575.0 million.
  • Comtech is increasing its GAAP diluted EPS goal to a new range of $0.44 to $0.46, as compared to a prior range of $0.41 to $0.44.
  • Comtech is increasing its Adjusted EBITDA goal to a new range of $69.0 million to $73.0 million, as compared to a prior range of $68.0 million to $72.0 million. If order flow remains strong and Comtech is able to achieve all of its fiscal 2018 business goals, it is possible that Adjusted EBITDA in fiscal 2018 could exceed the $70.7 million it achieved in fiscal 2017.
  • In line with Comtech’s original 2018 Fiscal Year Financial Targets, given the straight-line amortization expense associated with intangible assets with finite lives, on a GAAP basis, Comtech expects to report an operating loss and net loss in the second quarter of fiscal 2018, with each of the third and fourth quarters of fiscal 2018 achieving operating income and net income.
  • Based on the anticipated timing of shipments and performance related to orders currently in its backlog and the timing of expected new orders, net sales for the second quarter of fiscal 2018 are expected to be slightly higher than the level Comtech achieved in its most recent fiscal quarter but lower than its second quarter of fiscal 2017. Adjusted EBITDA for Comtech’s second quarter of fiscal 2018 is expected to approximate the $9.6 million it achieved in its first quarter of fiscal 2018.
  • Comtech’s fourth quarter of fiscal 2018 is expected to be the peak quarter - by far - for consolidated net sales, GAAP operating income, GAAP net income and Adjusted EBITDA.
  • Comtech’s 2018 Fiscal Year Financial Targets do not include $6.7 million of BFT-1 intellectual property license fees that Comtech earned in fiscal 2017 supporting the U.S. Army’s Blue Force Tracking Program.

Additional information about the Company’s fiscal 2018 guidance is included in the Company’s first quarter investor presentation which is located on the Company’s website at www.comtechtel.com.

Conference Call

The Company has scheduled an investor conference call for 8:30 AM (ET) on Thursday, December 7, 2017. 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 (866) 342-8591 (domestic), or (203) 518-9822 (international) and using the conference I.D. "Comtech." A replay of the conference call will be available for seven days by dialing (800) 753-5207 or (402) 220-2156. In addition, an updated investor presentation, including earnings guidance, is available on the Company's website.

Article source - Business Wire, all right reserved. Copyright 2017
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Further information:
Organisation name:    Comtech Telecommunications Corp.
Organisation stock symbol: NASDAQ:CMTL


Latest stock price data for NASDAQ:CMTL

 


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