MELVILLE, N.Y. –
June 6, 2018– Comtech Telecommunications Corp. (NASDAQ: CMTL) today
reported its operating results for the third fiscal quarter ended
April 30, 2018 and updated its fiscal 2018 guidance.
Fiscal 2018 Third Quarter Highlights
- Net sales were $147.9 million.
-
Bookings were $164.3 million, with a book-to-bill ratio (a measure
defined as bookings divided by net sales) of 1.11. -
Backlog increased from the level reported as of the second quarter of
fiscal 2018 and is a near record $583.7 million. This amount does not
include the portions of multi-year contracts that have not been
funded. As such, the total value of multi-year contracts that Comtech
has received is substantially higher. -
Comtech received a number of strategic contracts and orders,
including: (i) a $59.0 million contract to provide the U.S. Navy with
SLM-5650B satellite modems, upgrade kits and related services; (ii)
$16.9 million of orders to provide ongoing sustainment services for
the U.S. Army’s “SNAP” mobile satellite communications program; (iii)
$14.2 million of orders to supply the U.S. Army with advanced VSAT
equipment; (iv) a $10.1 million multi-year contract to provide one of
the largest wireless carriers in the U.S. with a hosted, advanced
location services platform; (v) $8.5 million in contracts to supply
Modular Transportable Transmission System troposcatter terminals to
two international customers; and (vi) a $3.7 million contract
modification from the Consortium Management Group to support the U.S.
Army Project Manager Mission Command and the Blue Force Tracking-2
(“BFT-2”) program to port additional waveforms onto the current BFT-2
transceivers.
-
GAAP operating income was $14.0 million and GAAP net income was $8.2
million, or $0.34 per diluted share. -
Adjusted EBITDA was $23.5 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 $21.4 million.
- Cash dividends of $2.4 million were paid to common stockholders.
- $44.2 million of cash and cash equivalents as of April 30, 2018.
In commenting on Comtech’s performance during the third quarter of
fiscal 2018 and Comtech’s updated fiscal 2018 guidance, Fred Kornberg,
President and Chief Executive Officer, stated, “Our results for the
third quarter exceeded our expectations and our pipeline of
opportunities remains strong. Based on our strong year-to-date
performance and positive business momentum, we are increasing our fiscal
2018 operating income and Adjusted EBITDA targets, and expect fiscal
2018 to be a successful year. As we begin to look to fiscal 2019, we
believe that we are firmly positioned for growth.”
Updated 2018 Fiscal Year Financial Targets
-
Comtech is maintaining its revenue target of approximately $570.0
million to $585.0 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 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
$73.5 million to $76.5 million, as compared to a prior range of $72.0
million to $76.0 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 an annual growth
rate of close to 6.0%. Adjusted EBITDA, as a percentage of net sales,
is expected to be close to 13.0%. -
From a timing perspective, Comtech’s fourth quarter of fiscal 2018 is
still expected to be the peak quarter for both net sales and Adjusted
EBITDA, but its third quarter of fiscal 2018 is now expected to be the
peak quarter of operating income. Comtech’s operating income for the
third quarter reflects the benefit of shipments of satellite earth
station equipment to the U.S. Navy that were previously expected to
occur in its fourth quarter of fiscal 2018. Comtech’s fourth quarter
net sales assumptions now reflect this and other changes in product
mix (including lower expected sales of higher margin cyber training
software solutions). -
Comtech’s fourth quarter net sales and Adjusted EBITDA are expected to
be higher than the related amounts achieved in its third quarter of
fiscal 2018 by approximately 15.0%. Comtech’s GAAP operating income
and Adjusted EBITDA, as a percentage of its consolidated fourth
quarter fiscal 2018 net sales, are expected to approximate 6.0% and
15.0%, respectively. -
Comtech’s new estimated effective tax rate of 27.0% for fiscal 2018
reflects seven months of benefit related to Tax Reform. Although
Comtech continues to perform an analysis of Tax Reform and its impact,
Comtech’s assessment is that its effective tax rate in fiscal 2019,
before any discrete items, will now range from 23.5% to 25.0%. During
the nine months ended April 30, 2018, Comtech recorded an estimated
net discrete tax benefit of $14.1 million, primarily due to the
remeasurement of deferred tax liabilities associated with
non-deductible amortization related to intangible assets that was
required as a result of Tax Reform. -
Comtech is updating its GAAP diluted EPS target to a new range of
$1.17 to $1.23, as compared to a prior range of $1.08 to $1.23. The
new target range includes the benefit of $0.59 per diluted share
primarily due to the remeasurement of deferred tax assets and
liabilities as a result of Tax Reform. GAAP diluted EPS for Comtech’s
fourth quarter of fiscal 2018 is expected to approximate a range of
$0.24 to $0.30 per diluted share. -
If order flow remains strong and Comtech is able to achieve all of its
fiscal 2018 business goals, it is possible that Comtech’s fiscal 2018
consolidated net sales, GAAP diluted EPS and Adjusted EBITDA could be
higher than its targeted amounts.
Additional information about Comtech’s third quarter financial results
and Business Outlook for Fiscal 2018 is more thoroughly described in
Comtech’s Form 10-Q filed with the SEC today and Comtech’s third quarter
investor presentation which is located on its website at www.comtechtel.com.
Telefonkonferenz
Comtech has scheduled an investor conference call for 8:30 AM (ET) on
Thursday, June 7, 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 (877)
876-9176 (domestic), or (785) 424-1667 (international) and using the
conference I.D. “Comtech.” A replay of the conference call will be
available for seven days by dialing (800) 839-2434 or (402) 220-7211. 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 HeightsTM 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 enacted in
December 2017 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 bis zum 30. April, | Neun Monate bis zum 30. April, | |||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||
| Nettoumsatz | $ | 147,854,000 | 127,792,000 | 403,154,000 | 402,606,000 | |||||||||
| Kosten des Umsatzes | 85,418,000 | 75,331,000 | 242,201,000 | 244,833,000 | ||||||||||
| Bruttogewinn | 62,436,000 | 52,461,000 | 160,953,000 | 157,773,000 | ||||||||||
| Ausgaben: | ||||||||||||||
| Vertrieb, Allgemeines und Verwaltung | 30,410,000 | 25,923,000 | 86,100,000 | 89,596,000 | ||||||||||
| Forschung und Entwicklung | 12,778,000 | 12,961,000 | 39,963,000 | 40,371,000 | ||||||||||
| Abschreibung von immateriellen Vermögenswerten | 5,269,000 | 5,468,000 | 15,806,000 | 17,555,000 | ||||||||||
| Beilegung von Rechtsstreitigkeiten über geistiges Eigentum | - | (2,041,000 | ) | - | (12,020,000 | ) | ||||||||
| 48,457,000 | 42,311,000 | 141,869,000 | 135,502,000 | |||||||||||
| Betriebliche Erträge | 13,979,000 | 10,150,000 | 19,084,000 | 22,271,000 | ||||||||||
| Sonstige Aufwendungen (Erträge): | ||||||||||||||
| Zinsaufwand | 2,500,000 | 2,761,000 | 7,607,000 | 8,938,000 | ||||||||||
| Zinsen (Erträge) und Sonstiges | 198,000 | 88,000 | 189,000 | 12,000 | ||||||||||
|
Income before provision for (benefit from) |
11,281,000 | 7,301,000 | 11,288,000 | 13,321,000 | ||||||||||
| Rückstellung für (Gewinn aus) Ertragsteuern | 3,071,000 | 2,884,000 | (11,023,000 | ) | 4,808,000 | |||||||||
| Nettoeinkommen | $ | 8,210,000 | 4,417,000 | 22,311,000 | 8,513,000 | |||||||||
| Nettogewinn pro Aktie: | ||||||||||||||
| Grundlegend | $ | 0.34 | 0.19 | 0.94 | 0.36 | |||||||||
| Verwässert | $ | 0.34 | 0.19 | 0.93 | 0.36 | |||||||||
|
Weighted average number of common shares |
23,834,000 | 23,449,000 | 23,819,000 | 23,420,000 | ||||||||||
|
Weighted average number of common and |
24,052,000 | 23,503,000 | 23,999,000 | 23,449,000 | ||||||||||
|
Dividends declared per issued and outstanding |
$ | 0.10 | 0.10 | 0.30 | 0.50 | |||||||||
|
COMTECH TELECOMMUNICATIONS CORP. UND TOCHTERGESELLSCHAFTEN Verkürzte konsolidierte Bilanzen |
|||||||
| April 30, 2018 | Juli 31, 2017 | ||||||
| (Ungeprüft) | (Geprüft) | ||||||
| Vermögenswerte |
|
||||||
| Umlaufvermögen: | |||||||
| Zahlungsmittel und Zahlungsmitteläquivalente | $ | 44,173,000 | 41,844,000 | ||||
| Forderungen aus Lieferungen und Leistungen, netto | 127,267,000 | 124,962,000 | |||||
| Vorräte, netto | 76,554,000 | 60,603,000 | |||||
| Rechnungsabgrenzungsposten und sonstiges Umlaufvermögen | 13,912,000 | 13,635,000 | |||||
| Umlaufvermögen insgesamt | 261,906,000 | 241,044,000 | |||||
| Sachanlagen, netto | 30,240,000 | 32,847,000 | |||||
| Goodwill | 290,633,000 | 290,633,000 | |||||
| Immaterielle Vermögensgegenstände mit begrenzter Lebensdauer, netto | 246,065,000 | 261,871,000 | |||||
| Abgegrenzte Finanzierungskosten, netto | 2,420,000 | 3,065,000 | |||||
| Sonstige Aktiva, netto | 2,808,000 | 2,603,000 | |||||
| Gesamtvermögen | $ | 834,072,000 | 832,063,000 | ||||
| Passiva und Eigenkapital | |||||||
| Kurzfristige Verbindlichkeiten: | |||||||
| Verbindlichkeiten aus Lieferungen und Leistungen | $ | 30,125,000 | 29,402,000 | ||||
| Passive Rechnungsabgrenzungsposten und sonstige kurzfristige Verbindlichkeiten | 66,258,000 | 68,610,000 | |||||
| Auszuschüttende Dividenden | 2,354,000 | 2,343,000 | |||||
| Customer advances and other | 33,485,000 | 25,771,000 | |||||
| Kurzfristiger Anteil an langfristigen Verbindlichkeiten | 17,211,000 | 15,494,000 | |||||
| Kurzfristiger Anteil von Finanzierungsleasing und anderen Verpflichtungen | 2,540,000 | 2,309,000 | |||||
| Zu zahlende Zinsen | 532,000 | 282,000 | |||||
| Kurzfristige Verbindlichkeiten insgesamt | 152,505,000 | 144,211,000 | |||||
| Langfristiger Anteil der langfristigen Schulden, netto | 161,856,000 | 176,228,000 | |||||
| Langfristiger Anteil von Finanzierungsleasing und anderen Verpflichtungen | 993,000 | 1,771,000 | |||||
| Zu zahlende Ertragssteuern | 2,592,000 | 2,515,000 | |||||
| Latente Steuerschuld, netto | 6,069,000 | 17,306,000 | |||||
| Customer advances and other, non-current | 7,761,000 | 7,227,000 | |||||
| Sonstige Verbindlichkeiten | 4,512,000 | 2,655,000 | |||||
| Verbindlichkeiten insgesamt | 336,288,000 | 351,913,000 | |||||
| Verpflichtungen und Unvorhergesehenes | |||||||
| Eigenkapital der Aktionäre: | |||||||
|
Vorzugsaktien, Nennwert $,10 pro Aktie; genehmigte und nicht ausgegebene Aktien |
- | - | |||||
|
Common stock, par value $.10 per share; authorized 100,000,000 |
3,868,000 | 3,862,000 | |||||
| Rücklage für eingezahltes Kapital | 535,620,000 | 533,001,000 | |||||
| Einbehaltene Gewinne | 400,145,000 | 385,136,000 | |||||
| 939,633,000 | 921,999,000 | ||||||
| Weniger: | |||||||
|
Treasury stock, at cost (15,033,317 shares at April 30, 2018 |
(441,849,000 | ) | (441,849,000 | ) | |||
| Eigenkapital insgesamt | 497,784,000 | 480,150,000 | |||||
| Summe der Verbindlichkeiten und des Eigenkapitals | $ | 834,072,000 | 832,063,000 | ||||
COMTECH TELECOMMUNICATIONS CORP.
UND TOCHTERGESELLSCHAFTEN
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
(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 bis zum 30. April, | Neun Monate bis zum 30. April, | Haushaltsjahr | ||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | 2017 | ||||||||||||||
|
Reconciliation of GAAP Net Income to |
||||||||||||||||||
| Nettoeinkommen | $ | 8,210,000 | 4,417,000 | 22,311,000 | 8,513,000 | $ | 15,827,000 | |||||||||||
| Rückstellung für (Gewinn aus) Ertragsteuern | 3,071,000 | 2,884,000 | (11,023,000 | ) | 4,808,000 | 9,654,000 | ||||||||||||
| Zinsen (Erträge) und sonstige Aufwendungen | 198,000 | 88,000 | 189,000 | 12,000 | (68,000 | ) | ||||||||||||
| Zinsaufwand | 2,500,000 | 2,761,000 | 7,607,000 | 8,938,000 | 11,629,000 | |||||||||||||
| Amortisation von aktienbasierten Vergütungen | 1,104,000 | 991,000 | 2,931,000 | 2,980,000 | 8,506,000 | |||||||||||||
| Abschreibung von immateriellen Vermögenswerten | 5,269,000 | 5,468,000 | 15,806,000 | 17,555,000 | 22,823,000 | |||||||||||||
| Abschreibung | 3,170,000 | 3,532,000 | 9,833,000 | 10,849,000 | 14,354,000 | |||||||||||||
| Beilegung von Rechtsstreitigkeiten über geistiges Eigentum | - | (2,041,000 | ) | - | (12,020,000 | ) | (12,020,000 | ) | ||||||||||
| Bereinigtes EBITDA | $ | 23,522,000 | 18,100,000 | 47,654,000 | 41,635,000 | $ | 70,705,000 | |||||||||||
ECMTL
View source version on businesswire.com: https://www.businesswire.com/news/home/20180606006358/en/
Media:
Michael D. Porcelain, Senior Vice President and Chief
Financial Officer
631-962-7103
[email protected]
