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.
Conferencia telefónica
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.
Acerca de Comtech
Comtech Telecommunications Corp. diseña, desarrolla, produce y comercializa
productos, sistemas y servicios innovadores para soluciones
avanzadas. Comtech vende productos a una variada base de clientes en los
mercados mundiales de comunicaciones comerciales y gubernamentales.
Advertencia sobre las declaraciones prospectivas
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. Y FILIALES Estados de Explotación Condensados Consolidados (Sin auditar) |
|||||||||||||||
| Three months ended January 31, | Six months ended January 31, | ||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||
| Ventas netas | $ | 133,731,000 | 139,028,000 |
|
255,300,000 | 274,814,000 | |||||||||
| Coste de las ventas | 82,930,000 | 85,824,000 | 156,783,000 | 169,502,000 | |||||||||||
| Beneficio bruto | 50,801,000 | 53,204,000 | 98,517,000 | 105,312,000 | |||||||||||
| Gastos: | |||||||||||||||
| Gastos de venta, generales y administrativos | 27,215,000 | 30,988,000 | 55,690,000 | 63,673,000 | |||||||||||
| Investigación y desarrollo | 13,435,000 | 13,314,000 | 27,185,000 | 27,410,000 | |||||||||||
| Amortización de intangibles | 5,268,000 | 6,032,000 | 10,537,000 | 12,087,000 | |||||||||||
| Resolución de litigios de propiedad intelectual | - | (9,979,000 | ) | - | (9,979,000 | ) | |||||||||
| 45,918,000 | 40,355,000 | 93,412,000 | 93,191,000 | ||||||||||||
| Ingresos de explotación | 4,883,000 | 12,849,000 | 5,105,000 | 12,121,000 | |||||||||||
| Otros gastos (ingresos): | |||||||||||||||
| Gastos por intereses | 2,519,000 | 2,852,000 | 5,107,000 | 6,177,000 | |||||||||||
| Intereses (ingresos) y otros | (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 | |||||||||||
| (Beneficio de) provisión para impuestos sobre la renta | (13,349,000 | ) | 3,486,000 | (14,094,000 | ) | 1,924,000 | |||||||||
| Ingresos netos | $ | 15,761,000 | 6,585,000 |
|
14,101,000 | 4,096,000 | |||||||||
| Beneficio neto por acción: | |||||||||||||||
| Básico | $ | 0.66 | 0.28 |
|
0.59 | 0.17 | |||||||||
| Diluido | $ | 0.66 | 0.28 |
|
0.59 | 0.17 | |||||||||
| Número medio ponderado de acciones ordinarias en circulación - básico | 23,816,000 | 23,428,000 | 23,805,000 | 23,406,000 | |||||||||||
|
Número medio ponderado de acciones ordinarias y acciones ordinarias equivalentes en circulación - diluidas |
23,953,000 | 23,445,000 | 23,942,000 | 23,427,000 | |||||||||||
|
Dividendos declarados por acción ordinaria emitida y en circulación a partir de la fecha de registro de dividendos aplicable |
$ | 0.10 | 0.10 |
|
0.20 |
|
0.40 | ||||||||
|
COMTECH TELECOMMUNICATIONS CORP. Y FILIALES Balance resumido consolidado |
|||||||
| January 31, 2018 | 31 de julio de 2017 | ||||||
| (Sin auditar) | (Auditado) | ||||||
| Activos |
|
||||||
| Activo circulante: | |||||||
| Efectivo y equivalentes de efectivo | $ | 40,472,000 | 41,844,000 | ||||
| Deudores, neto | 117,973,000 | 124,962,000 | |||||
| Existencias, neto | 71,707,000 | 60,603,000 | |||||
| Gastos anticipados y otros activos corrientes | 14,915,000 | 13,635,000 | |||||
| Total activo circulante | 245,067,000 | 241,044,000 | |||||
| Inmovilizado material, neto | 30,122,000 | 32,847,000 | |||||
| Buena voluntad | 290,633,000 | 290,633,000 | |||||
| Intangibles con vidas finitas, netos | 251,334,000 | 261,871,000 | |||||
| Costes de financiación diferidos, netos | 2,635,000 | 3,065,000 | |||||
| Otros activos, netos | 2,860,000 | 2,603,000 | |||||
| Activo total | $ | 822,651,000 | 832,063,000 | ||||
| Pasivo y fondos propios | |||||||
| Pasivo circulante: | |||||||
| Cuentas por pagar | $ | 27,662,000 | 29,402,000 | ||||
| Gastos devengados y otros pasivos corrientes | 60,585,000 | 68,610,000 | |||||
| Dividendos a pagar | 2,351,000 | 2,343,000 | |||||
| Anticipos y depósitos de clientes | 24,848,000 | 25,771,000 | |||||
| Parte corriente de la deuda a largo plazo | 17,211,000 | 15,494,000 | |||||
| Parte corriente de las obligaciones de arrendamiento financiero | 1,858,000 | 2,309,000 | |||||
| Intereses a pagar | 83,000 | 282,000 | |||||
| Total pasivo corriente | 134,598,000 | 144,211,000 | |||||
| Parte no corriente de la deuda a largo plazo, neta | 174,225,000 | 176,228,000 | |||||
| Parte no corriente de las obligaciones de arrendamiento financiero | 885,000 | 1,771,000 | |||||
| Impuestos sobre la renta | 2,558,000 | 2,515,000 | |||||
| Pasivo por impuestos diferidos, neto | 6,088,000 | 17,306,000 | |||||
| Anticipos y depósitos de clientes, no corrientes | 8,385,000 | 7,227,000 | |||||
| Otros pasivos | 5,291,000 | 2,655,000 | |||||
| Total pasivo | 332,030,000 | 351,913,000 | |||||
| Compromisos y contingencias | |||||||
| Fondos propios: | |||||||
|
Acciones preferentes, valor nominal 0,10 $ por acción; acciones autorizadas y no emitidas 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 | |||||
| Capital desembolsado adicional | 534,224,000 | 533,001,000 | |||||
| Beneficios no distribuidos | 394,381,000 | 385,136,000 | |||||
| 932,470,000 | 921,999,000 | ||||||
| Menos: | |||||||
|
Treasury stock, at cost (15,033,317 shares at January 31, 2018 and July 31, 2017) |
(441,849,000 | ) | (441,849,000 | ) | |||
| Total fondos propios | 490,621,000 | 480,150,000 | |||||
| Total pasivo y fondos propios | $ | 822,651,000 | 832,063,000 | ||||
|
COMTECH TELECOMMUNICATIONS CORP. |
|
Y FILIALES |
|
Conciliación de las medidas financieras no PCGA con las medidas financieras PCGA GAAP |
| (Sin auditar) |
Uso de medidas financieras distintas de los PCGA
Con el fin de proporcionar a los inversores información adicional sobre sus
resultados financieros, este comunicado de prensa contiene "medidas financieras no
medidas" según las normas de la SEC. El EBITDA ajustado de la empresa es una medida no
El EBITDA ajustado de la empresa es una medida no GAAP que representa el beneficio (pérdida) antes de impuestos sobre la renta,
intereses (ingresos) y otros gastos, gastos financieros, amortización de
compensación basada en acciones, amortización de intangibles, depreciación
depreciación, resolución de litigios de propiedad intelectual, gastos
gastos de planes de adquisición o gastos de análisis de alternativas estratégicas y otros. En
definición de EBITDA Ajustado de la Sociedad puede diferir de la definición de
de EBITDA utilizada por otras empresas y, por lo tanto, puede no ser comparable con
medidas similares utilizadas por otras empresas. El EBITDA ajustado es
una medida frecuentemente solicitada por los inversores y analistas de la
inversores y analistas de la Sociedad. La Compañía cree que los inversores y analistas pueden utilizar
EBITDA Ajustado, junto con otra información contenida en sus archivos SEC
para evaluar el rendimiento de la Sociedad y la comparabilidad de sus resultados con los de otras empresas.
resultados con otras empresas. Estas medidas financieras no GAAP tienen
limitaciones como herramienta analítica, ya que excluyen el impacto financiero
de las operaciones necesarias para el desarrollo de la actividad de la empresa, como la
como la concesión de compensaciones en acciones, y no pretenden ser una
y no pretenden ser una alternativa a las medidas financieras preparadas de acuerdo con los PCGA.
Estas medidas se ajustan como se describe en la conciliación de GAAP
en la tabla que figura a continuación, pero estos ajustes no deben interpretarse
interpretarse como una inferencia de que todos estos ajustes o costes son
inusuales, infrecuentes o no recurrentes. Las medidas financieras no-GAAP deben
considerarse complementarias y no sustitutorias o superiores a las medidas
las medidas financieras determinadas de conformidad con los PCGA. Se recomienda a los inversores
Se aconseja a los inversores que revisen detenidamente los resultados
en los documentos presentados por la empresa ante la SEC. La empresa no ha
conciliado cuantitativamente su objetivo de EBITDA ajustado del ejercicio 2018 con la
medida GAAP más directamente comparable porque elementos como la compensación basada en acciones
compensación basada en acciones, ajustes a la provisión para impuestos sobre las ganancias,
amortización de intangibles y gastos por intereses, que son partidas específicas
que afectan a estas medidas, aún no se han producido, están fuera del control de la
o no pueden predecirse. Por ejemplo, la cuantificación
de los gastos de compensación basados en acciones requiere datos como el número de
de acciones concedidas y el precio de mercado que no pueden determinarse en la actualidad.
En consecuencia, las conciliaciones con las métricas prospectivas no recogidas en los PCGA no están disponibles sin un esfuerzo excesivo.
no están disponibles sin un esfuerzo irrazonable y tales
no disponibles podrían afectar significativamente a los resultados
financieros de la empresa.
| Three months ended January 31, | Six months ended January 31, | Ejercicio fiscal | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | 2017 | |||||||||||||
| Conciliación del Beneficio Neto GAAP con el EBITDA Ajustado: | |||||||||||||||||
| Ingresos netos | $ | 15,761,000 | 6,585,000 | 14,101,000 | 4,096,000 | $ | 15,827,000 | ||||||||||
| (Beneficio de) provisión para impuestos sobre la renta | (13,349,000 | ) | 3,486,000 | (14,094,000 | ) | 1,924,000 | 9,654,000 | ||||||||||
| Intereses (ingresos) y otros gastos | (48,000 | ) | (74,000 | ) | (9,000 | ) | (76,000 | ) | (68,000 | ) | |||||||
| Gastos por intereses | 2,519,000 | 2,852,000 | 5,107,000 | 6,177,000 | 11,629,000 | ||||||||||||
| Amortización de la remuneración basada en acciones | 1,080,000 | 1,019,000 | 1,827,000 | 1,989,000 | 8,506,000 | ||||||||||||
| Amortización de intangibles | 5,268,000 | 6,032,000 | 10,537,000 | 12,087,000 | 22,823,000 | ||||||||||||
| Amortización | 3,317,000 | 3,568,000 | 6,663,000 | 7,317,000 | 14,354,000 | ||||||||||||
| Resolución de litigios de propiedad intelectual | - | (9,979,000 | ) | - | (9,979,000 | ) | (12,020,000 | ) | |||||||||
| EBITDA ajustado | $ | 14,548,000 | 13,489,000 | 24,132,000 | 23,535,000 | $ | 70,705,000 | ||||||||||
CEMTL
View source version on businesswire.com: http://www.businesswire.com/news/home/20180307006352/en/
Medios de comunicación:
Michael D. Porcelain, Senior Vice President and Chief
Financiero
(631) 962-7103
[email protected]
