MELVILLE, N.Y. –
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
- Net sales were $133.7 million.
-
Bookings were $210.6 million, with a book-to-bill ratio (a measure
defined as bookings divided by net sales) of 1.57. -
Backlog was $567.3 million, which is close to Comtech’s record high.
Comtech’s backlog does not include the unfunded portions of multi-year
contracts. As such, the total value of multi-year contracts that
Comtech has received is substantially higher. -
Comtech received several strategic contract awards including: (i) a
$134.0 million award to provide one of the largest wireless carriers
in the U.S. with enhanced 911 services; (ii) a $123.6 million contract
to be the sole provider of sustainment support services for the U.S.
Army’s “SNAP” mobile satellite communications program; and (iii) an
initial $11.7 million order to provide several thousand of Comtech’s
next generation MT-2025 mobile satellite transceivers to support the
U.S. Army’s Blue Force Tracking-2 (“BFT-2”) system. -
GAAP operating income was $4.9 million and GAAP net income was $15.8
million, or $0.66 per diluted share. -
GAAP net income includes a net tax benefit of $14.0 million, or $0.59
per diluted share (“Tax Gain”), primarily due to the remeasurement of
deferred tax assets and liabilities as a result of Tax Reform, which
also resulted in a reduction to Comtech’s fiscal 2018 estimated
effective tax rate to approximately 27.75%. Excluding the $0.59 per
diluted share Tax Gain, GAAP net income would have been approximately
$1.8 million, or $0.07 per diluted share. -
Adjusted EBITDA was $14.5 million. 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. - Cash flows from operating activities were $2.7 million.
- Cash dividends of $2.4 million were paid to common stockholders.
- $40.5 million of cash and cash equivalents as of January 31, 2018.
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
-
Comtech is increasing its revenue target to a new range of
approximately $570.0 million to $585.0 million, as compared to a prior
range of $550.0 million to $575.0 million. Despite the absence of $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, the mid-point of Comtech’s new fiscal 2018 revenue target
range represents a year-over-year growth rate of close to 5.0%. -
Comtech is increasing its Adjusted EBITDA target to a new range of
$72.0 million to $76.0 million, as compared to a prior range of $69.0
million to $73.0 million. Despite the absence of the $6.7 million of
BFT-1 intellectual property license fees, the mid-point of the new
fiscal 2018 Adjusted EBITDA target range represents a year-over-year
growth rate of close to 5.0%. -
Comtech’s third quarter consolidated net sales and Adjusted EBITDA are
expected to be higher than the related amounts achieved in its second
quarter of fiscal 2018 by approximately 10.0%. Comtech’s consolidated
GAAP operating income and Adjusted EBITDA, as a percentage of its
consolidated third quarter fiscal 2018 net sales, are expected to
approximate 4.0% and 11.0%, respectively, with significant increases
in each metric in the fourth quarter of fiscal 2018. -
Comtech is increasing its GAAP diluted EPS target to a new range of
$1.08 to $1.23, as compared to a prior range of $0.44 to $0.46. This
new target range includes the benefits of the $0.59 per diluted share
Tax Gain and better than expected operating performance, partially
offset by an increase in expected amortization of stock-based
compensation. GAAP diluted EPS for Comtech’s third quarter of fiscal
2018 is expected to approximate a range of $0.10 to $0.12 per diluted
share, which is higher than the $0.07 per diluted share Comtech
achieved in its second quarter of fiscal 2018 when excluding the $0.59
per diluted share Tax Gain. -
In line with its original Business Outlook for 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 and Adjusted
EBITDA. -
Comtech’s new estimated effective tax rate of 27.75% reflects seven
months of benefit related to Tax Reform. Although Comtech continues to
perform an analysis of Tax Reform and its impact, Comtech’s initial
assessment is that its effective tax rate in fiscal 2019, before any
discrete items, will range from 24.5% to 26.0%. -
If order flow remains strong and Comtech is able to achieve all of its
fiscal 2018 business goals, it is possible that Comtech’s actual
fiscal 2018 consolidated net sales, GAAP diluted EPS and Adjusted
EBITDA could be higher than its targeted amounts.
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.
Telefonkonferenz
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.
Über Comtech
Comtech Telecommunications Corp. entwirft, entwickelt, produziert und vermarktet
innovative Produkte, Systeme und Dienstleistungen für moderne Kommunikationslösungen
Lösungen. Comtech vertreibt seine Produkte an einen vielfältigen Kundenstamm in den
weltweiten kommerziellen und staatlichen Kommunikationsmärkten.
Vorsichtsmaßnahme in Bezug auf zukunftsgerichtete Aussagen
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. UND TOCHTERGESELLSCHAFTEN Verkürzte konsolidierte Gewinn- und Verlustrechnungen (Ungeprüft) |
|||||||||||||||
| Drei Monate zum 31. Januar, | Sechs Monate zum 31. Januar, | ||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||
| Nettoumsatz | $ | 133,731,000 | 139,028,000 |
|
255,300,000 | 274,814,000 | |||||||||
| Kosten des Umsatzes | 82,930,000 | 85,824,000 | 156,783,000 | 169,502,000 | |||||||||||
| Bruttogewinn | 50,801,000 | 53,204,000 | 98,517,000 | 105,312,000 | |||||||||||
| Ausgaben: | |||||||||||||||
| Vertrieb, Allgemeines und Verwaltung | 27,215,000 | 30,988,000 | 55,690,000 | 63,673,000 | |||||||||||
| Forschung und Entwicklung | 13,435,000 | 13,314,000 | 27,185,000 | 27,410,000 | |||||||||||
| Abschreibung von immateriellen Vermögenswerten | 5,268,000 | 6,032,000 | 10,537,000 | 12,087,000 | |||||||||||
| Beilegung von Rechtsstreitigkeiten über geistiges Eigentum | - | (9,979,000 | ) | - | (9,979,000 | ) | |||||||||
| 45,918,000 | 40,355,000 | 93,412,000 | 93,191,000 | ||||||||||||
| Betriebliche Erträge | 4,883,000 | 12,849,000 | 5,105,000 | 12,121,000 | |||||||||||
| Sonstige Aufwendungen (Erträge): | |||||||||||||||
| Zinsaufwand | 2,519,000 | 2,852,000 | 5,107,000 | 6,177,000 | |||||||||||
| Zinsen (Erträge) und Sonstiges | (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 | |||||||||||
| (Gewinn aus) Rückstellung für Ertragsteuern | (13,349,000 | ) | 3,486,000 | (14,094,000 | ) | 1,924,000 | |||||||||
| Nettoeinkommen | $ | 15,761,000 | 6,585,000 |
|
14,101,000 | 4,096,000 | |||||||||
| Nettogewinn pro Aktie: | |||||||||||||||
| Grundlegend | $ | 0.66 | 0.28 |
|
0.59 | 0.17 | |||||||||
| Verwässert | $ | 0.66 | 0.28 |
|
0.59 | 0.17 | |||||||||
| Gewichtete durchschnittliche Anzahl von Stammaktien im Umlauf - unverwässert | 23,816,000 | 23,428,000 | 23,805,000 | 23,406,000 | |||||||||||
|
Gewichteter Durchschnitt der Anzahl von Stammaktien und Stammaktienäquivalenten im Umlauf - verwässert |
23,953,000 | 23,445,000 | 23,942,000 | 23,427,000 | |||||||||||
|
Erklärte Dividenden je ausgegebene und im Umlauf befindliche Stammaktie zum maßgeblichen Dividendenstichtag |
$ | 0.10 | 0.10 |
|
0.20 |
|
0.40 | ||||||||
|
COMTECH TELECOMMUNICATIONS CORP. UND TOCHTERGESELLSCHAFTEN Verkürzte konsolidierte Bilanzen |
|||||||
| January 31, 2018 | Juli 31, 2017 | ||||||
| (Ungeprüft) | (Geprüft) | ||||||
| Vermögenswerte |
|
||||||
| Umlaufvermögen: | |||||||
| Zahlungsmittel und Zahlungsmitteläquivalente | $ | 40,472,000 | 41,844,000 | ||||
| Forderungen aus Lieferungen und Leistungen, netto | 117,973,000 | 124,962,000 | |||||
| Vorräte, netto | 71,707,000 | 60,603,000 | |||||
| Rechnungsabgrenzungsposten und sonstiges Umlaufvermögen | 14,915,000 | 13,635,000 | |||||
| Umlaufvermögen insgesamt | 245,067,000 | 241,044,000 | |||||
| Sachanlagen, netto | 30,122,000 | 32,847,000 | |||||
| Goodwill | 290,633,000 | 290,633,000 | |||||
| Immaterielle Vermögensgegenstände mit begrenzter Lebensdauer, netto | 251,334,000 | 261,871,000 | |||||
| Abgegrenzte Finanzierungskosten, netto | 2,635,000 | 3,065,000 | |||||
| Sonstige Aktiva, netto | 2,860,000 | 2,603,000 | |||||
| Gesamtvermögen | $ | 822,651,000 | 832,063,000 | ||||
| Passiva und Eigenkapital | |||||||
| Kurzfristige Verbindlichkeiten: | |||||||
| Verbindlichkeiten aus Lieferungen und Leistungen | $ | 27,662,000 | 29,402,000 | ||||
| Passive Rechnungsabgrenzungsposten und sonstige kurzfristige Verbindlichkeiten | 60,585,000 | 68,610,000 | |||||
| Auszuschüttende Dividenden | 2,351,000 | 2,343,000 | |||||
| Kundenvorschüsse und -einlagen | 24,848,000 | 25,771,000 | |||||
| Kurzfristiger Anteil an langfristigen Verbindlichkeiten | 17,211,000 | 15,494,000 | |||||
| Kurzfristiger Anteil der Verbindlichkeiten aus Finanzierungsleasing | 1,858,000 | 2,309,000 | |||||
| Zu zahlende Zinsen | 83,000 | 282,000 | |||||
| Kurzfristige Verbindlichkeiten insgesamt | 134,598,000 | 144,211,000 | |||||
| Langfristiger Anteil der langfristigen Schulden, netto | 174,225,000 | 176,228,000 | |||||
| Langfristiger Anteil der Verpflichtungen aus Finanzierungsleasing | 885,000 | 1,771,000 | |||||
| Zu zahlende Ertragssteuern | 2,558,000 | 2,515,000 | |||||
| Latente Steuerschuld, netto | 6,088,000 | 17,306,000 | |||||
| Langfristige Kundenvorschüsse und -einlagen | 8,385,000 | 7,227,000 | |||||
| Sonstige Verbindlichkeiten | 5,291,000 | 2,655,000 | |||||
| Verbindlichkeiten insgesamt | 332,030,000 | 351,913,000 | |||||
| Verpflichtungen und Unvorhergesehenes | |||||||
| Eigenkapital der Aktionäre: | |||||||
|
Vorzugsaktien, Nennwert $,10 pro Aktie; genehmigte und nicht ausgegebene Aktien nicht emittiert 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 | |||||
| Rücklage für eingezahltes Kapital | 534,224,000 | 533,001,000 | |||||
| Einbehaltene Gewinne | 394,381,000 | 385,136,000 | |||||
| 932,470,000 | 921,999,000 | ||||||
| Weniger: | |||||||
|
Treasury stock, at cost (15,033,317 shares at January 31, 2018 and July 31, 2017) |
(441,849,000 | ) | (441,849,000 | ) | |||
| Eigenkapital insgesamt | 490,621,000 | 480,150,000 | |||||
| Summe der Verbindlichkeiten und des Eigenkapitals | $ | 822,651,000 | 832,063,000 | ||||
|
COMTECH TELECOMMUNICATIONS CORP. |
|
UND TOCHTERGESELLSCHAFTEN |
|
Überleitung von Non-GAAP-Kennzahlen zu GAAP-Kennzahlen Kennzahlen |
| (Ungeprüft) |
Verwendung von Non-GAAP-Finanzkennzahlen
Um den Anlegern zusätzliche Informationen zu den Finanzergebnissen des Unternehmens zu geben
Finanzergebnisse zu geben, enthält diese Pressemitteilung "Non-GAAP-Finanzkennzahlen
Kennzahlen" gemäß den Regeln der SEC. Das bereinigte EBITDA des Unternehmens ist eine
Non-GAAP-Kennzahl, die den Gewinn (Verlust) vor Ertragsteuern, Zinsaufwendungen
Zinsen (Erträge) und sonstige Aufwendungen, Zinsaufwendungen, Amortisierung von
Abschreibung von immateriellen Vermögenswerten, Abschreibungsaufwand
Abschreibungen, Beilegung von Rechtsstreitigkeiten über geistiges Eigentum, Akquisitions
Ausgaben für Akquisitionspläne oder die Analyse strategischer Alternativen und Sonstiges. Die
Die Definition des bereinigten EBITDA des Unternehmens kann sich von der Definition
von anderen Unternehmen ab und ist daher möglicherweise nicht mit ähnlich bezeichneten
mit ähnlich bezeichneten Kennzahlen anderer Unternehmen. Das bereinigte EBITDA ist
eine Kennzahl, die häufig von den Investoren und Analysten des Unternehmens
Analysten. Das Unternehmen ist der Ansicht, dass Investoren und Analysten das
Das Unternehmen ist der Ansicht, dass Investoren und Analysten das bereinigte EBITDA zusammen mit anderen Informationen aus den SEC
Informationen zur Beurteilung der Leistung des Unternehmens und der Vergleichbarkeit seiner
Ergebnisse mit anderen Unternehmen. Diese Nicht-GAAP-Finanzkennzahlen haben
Analyseinstrument, da sie die finanziellen Auswirkungen von Transaktionen ausschließen
Transaktionen ausschließen, die für die Geschäftstätigkeit des Unternehmens notwendig sind, wie z.B. die
wie z.B. die Gewährung von Aktienvergütungen, und sind nicht als Alternative zu
Alternative zu den nach GAAP erstellten Finanzkennzahlen sein.
Diese Kennzahlen werden angepasst, wie in der Überleitung von GAAP
auf Non-GAAP in der folgenden Tabelle beschrieben, aber diese Anpassungen sollten nicht
sind jedoch nicht so zu verstehen, dass alle diese Anpassungen oder Kosten
ungewöhnlich, unregelmäßig oder einmalig sind. Non-GAAP-Finanzkennzahlen sollten
nicht als Ersatz für oder besser als Finanzkennzahlen zu betrachten, die
Finanzkennzahlen, die in Übereinstimmung mit GAAP ermittelt wurden. Den Anlegern wird
Investoren wird empfohlen, die GAAP-Finanzergebnisse, die in den
die in den Berichten des Unternehmens an die SEC offengelegt werden. Das Unternehmen hat keine
Unternehmen hat sein bereinigtes EBITDA-Ziel für das Geschäftsjahr 2018 nicht quantitativ mit der
direktesten vergleichbaren GAAP-Kennzahl, da Posten wie aktienbasierte
Vergütungen, Anpassungen der Rückstellung für Ertragsteuern,
Abschreibungen auf immaterielle Vermögensgegenstände und Zinsaufwendungen, die spezifische
die sich auf diese Kennzahlen auswirken, noch nicht eingetreten sind, außerhalb der
der Kontrolle des Unternehmens liegen oder nicht vorhergesagt werden können. Zum Beispiel erfordert die Quantifizierung
der aktienbasierten Vergütungsaufwendungen beispielsweise die Anzahl der
der gewährten Aktien und des Marktpreises, die derzeit nicht ermittelt werden können.
Dementsprechend sind Überleitungen zu den zukunftsgerichteten Non-GAAP-Kennzahlen
nicht ohne unangemessenen Aufwand möglich und solche nicht verfügbaren
Überleitungsposten könnten die Finanzergebnisse des Unternehmens erheblich beeinflussen
Ergebnisse auswirken.
| Drei Monate zum 31. Januar, | Sechs Monate zum 31. Januar, | Haushaltsjahr | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | 2017 | |||||||||||||
| Überleitung vom GAAP-Nettogewinn zum bereinigten EBITDA: | |||||||||||||||||
| Nettoeinkommen | $ | 15,761,000 | 6,585,000 | 14,101,000 | 4,096,000 | $ | 15,827,000 | ||||||||||
| (Gewinn aus) Rückstellung für Ertragsteuern | (13,349,000 | ) | 3,486,000 | (14,094,000 | ) | 1,924,000 | 9,654,000 | ||||||||||
| Zinsen (Erträge) und sonstige Aufwendungen | (48,000 | ) | (74,000 | ) | (9,000 | ) | (76,000 | ) | (68,000 | ) | |||||||
| Zinsaufwand | 2,519,000 | 2,852,000 | 5,107,000 | 6,177,000 | 11,629,000 | ||||||||||||
| Amortisation von aktienbasierten Vergütungen | 1,080,000 | 1,019,000 | 1,827,000 | 1,989,000 | 8,506,000 | ||||||||||||
| Abschreibung von immateriellen Vermögenswerten | 5,268,000 | 6,032,000 | 10,537,000 | 12,087,000 | 22,823,000 | ||||||||||||
| Abschreibung | 3,317,000 | 3,568,000 | 6,663,000 | 7,317,000 | 14,354,000 | ||||||||||||
| Beilegung von Rechtsstreitigkeiten über geistiges Eigentum | - | (9,979,000 | ) | - | (9,979,000 | ) | (12,020,000 | ) | |||||||||
| Bereinigtes EBITDA | $ | 14,548,000 | 13,489,000 | 24,132,000 | 23,535,000 | $ | 70,705,000 | ||||||||||
ECMTL
View source version on businesswire.com: http://www.businesswire.com/news/home/20180307006352/en/
Medien:
Michael D. Porcelain, Senior Vice President und Chief Financial Officer
Finanzvorstand
(631) 962-7103
[email protected]
