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.
Conférence téléphonique
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.
À propos de Comtech
Comtech Telecommunications Corp. conçoit, développe, produit et commercialise des produits, des systèmes et des services innovants pour les communications avancées.
des produits, des systèmes et des services innovants pour des solutions
de communication avancées. Comtech vend des produits à une clientèle diversifiée sur les marchés mondiaux des communications commerciales et gouvernementales.
sur les marchés mondiaux des communications commerciales et gouvernementales.
Mise en garde concernant les déclarations prospectives
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. ET FILIALES États consolidés condensés des opérations (non audité) |
|||||||||||||||
| Three months ended January 31, | Six months ended January 31, | ||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||
| Chiffre d'affaires net | $ | 133,731,000 | 139,028,000 |
|
255,300,000 | 274,814,000 | |||||||||
| Coût des ventes | 82,930,000 | 85,824,000 | 156,783,000 | 169,502,000 | |||||||||||
| Marge brute | 50,801,000 | 53,204,000 | 98,517,000 | 105,312,000 | |||||||||||
| Dépenses : | |||||||||||||||
| Ventes, frais généraux et administratifs | 27,215,000 | 30,988,000 | 55,690,000 | 63,673,000 | |||||||||||
| Recherche et développement | 13,435,000 | 13,314,000 | 27,185,000 | 27,410,000 | |||||||||||
| Amortissement des immobilisations incorporelles | 5,268,000 | 6,032,000 | 10,537,000 | 12,087,000 | |||||||||||
| Règlement des litiges en matière de propriété intellectuelle | - | (9,979,000 | ) | - | (9,979,000 | ) | |||||||||
| 45,918,000 | 40,355,000 | 93,412,000 | 93,191,000 | ||||||||||||
| Résultat d'exploitation | 4,883,000 | 12,849,000 | 5,105,000 | 12,121,000 | |||||||||||
| Autres charges (produits) : | |||||||||||||||
| Charges d'intérêts | 2,519,000 | 2,852,000 | 5,107,000 | 6,177,000 | |||||||||||
| Intérêts (produits) et autres | (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 | |||||||||||
| (Bénéfice) provision pour impôts sur le revenu | (13,349,000 | ) | 3,486,000 | (14,094,000 | ) | 1,924,000 | |||||||||
| Revenu net | $ | 15,761,000 | 6,585,000 |
|
14,101,000 | 4,096,000 | |||||||||
| Résultat net par action : | |||||||||||||||
| De base | $ | 0.66 | 0.28 |
|
0.59 | 0.17 | |||||||||
| Dilué | $ | 0.66 | 0.28 |
|
0.59 | 0.17 | |||||||||
| Nombre moyen pondéré d'actions ordinaires en circulation - de base | 23,816,000 | 23,428,000 | 23,805,000 | 23,406,000 | |||||||||||
|
Nombre moyen pondéré d'actions ordinaires et d'équivalents d'actions ordinaires en circulation - dilué |
23,953,000 | 23,445,000 | 23,942,000 | 23,427,000 | |||||||||||
|
Dividendes déclarés par action ordinaire émise et en circulation à la date d'enregistrement du dividende applicable |
$ | 0.10 | 0.10 |
|
0.20 |
|
0.40 | ||||||||
|
COMTECH TELECOMMUNICATIONS CORP. ET FILIALES Bilans consolidés condensés |
|||||||
| January 31, 2018 | 31 juillet 2017 | ||||||
| (non audité) | (Audité) | ||||||
| Actifs |
|
||||||
| Actifs circulants : | |||||||
| Trésorerie et équivalents de trésorerie | $ | 40,472,000 | 41,844,000 | ||||
| Créances, nettes | 117,973,000 | 124,962,000 | |||||
| Stocks, nets | 71,707,000 | 60,603,000 | |||||
| Charges payées d'avance et autres actifs courants | 14,915,000 | 13,635,000 | |||||
| Total de l'actif circulant | 245,067,000 | 241,044,000 | |||||
| Immobilisations corporelles, nettes | 30,122,000 | 32,847,000 | |||||
| Goodwill | 290,633,000 | 290,633,000 | |||||
| Immobilisations incorporelles à durée de vie limitée, nettes | 251,334,000 | 261,871,000 | |||||
| Frais de financement différés, nets | 2,635,000 | 3,065,000 | |||||
| Autres actifs, nets | 2,860,000 | 2,603,000 | |||||
| Total des actifs | $ | 822,651,000 | 832,063,000 | ||||
| Passif et capitaux propres | |||||||
| Passif à court terme : | |||||||
| Comptes créditeurs | $ | 27,662,000 | 29,402,000 | ||||
| Charges à payer et autres passifs courants | 60,585,000 | 68,610,000 | |||||
| Dividendes à payer | 2,351,000 | 2,343,000 | |||||
| Avances et dépôts de clients | 24,848,000 | 25,771,000 | |||||
| Partie à court terme de la dette à long terme | 17,211,000 | 15,494,000 | |||||
| Part à moins d'un an des obligations au titre des contrats de location-acquisition | 1,858,000 | 2,309,000 | |||||
| Intérêts à payer | 83,000 | 282,000 | |||||
| Total des dettes à court terme | 134,598,000 | 144,211,000 | |||||
| Partie non courante de la dette à long terme, nette | 174,225,000 | 176,228,000 | |||||
| Partie non courante des obligations de location-acquisition | 885,000 | 1,771,000 | |||||
| Impôts sur le revenu à payer | 2,558,000 | 2,515,000 | |||||
| Passif d'impôt différé, net | 6,088,000 | 17,306,000 | |||||
| Avances et dépôts de clients, non courants | 8,385,000 | 7,227,000 | |||||
| Autres passifs | 5,291,000 | 2,655,000 | |||||
| Total du passif | 332,030,000 | 351,913,000 | |||||
| Engagements et éventualités | |||||||
| Capitaux propres : | |||||||
|
Actions privilégiées, valeur nominale de 0,10 $ par action ; actions autorisées et non émises non émises 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 d'apport supplémentaire | 534,224,000 | 533,001,000 | |||||
| Bénéfices non distribués | 394,381,000 | 385,136,000 | |||||
| 932,470,000 | 921,999,000 | ||||||
| Moins : | |||||||
|
Treasury stock, at cost (15,033,317 shares at January 31, 2018 and July 31, 2017) |
(441,849,000 | ) | (441,849,000 | ) | |||
| Total des capitaux propres | 490,621,000 | 480,150,000 | |||||
| Total du passif et des capitaux propres | $ | 822,651,000 | 832,063,000 | ||||
|
COMTECH TELECOMMUNICATIONS CORP. |
|
ET FILIALES |
|
Rapprochement des mesures financières non conformes aux PCGR et des mesures financières conformes aux PCGR PCGR |
| (non audité) |
Utilisation de mesures financières non conformes aux PCGR
Afin de fournir aux investisseurs des informations supplémentaires sur ses résultats financiers, le présent communiqué de presse contient des "données financières non conformes aux PCGR".
résultats financiers, ce communiqué de presse contient des "mesures financières non
mesures financières non GAAP" selon les règles de la SEC. L'EBITDA ajusté de la société est une mesure non
L'EBITDA ajusté de la société est une mesure non conforme aux PCGR qui représente le bénéfice (la perte) avant les impôts sur le revenu,
les intérêts (produits) et autres charges, les charges d'intérêts, l'amortissement des
rémunération à base d'actions, l'amortissement des actifs incorporels, la dépréciation
d'amortissement, le règlement d'un litige en matière de propriété intellectuelle, les
d'acquisition ou d'analyse des alternatives stratégiques et autres. La définition du
La définition de l'EBITDA ajusté de la société peut différer de la définition de l'EBITDA utilisée par d'autres sociétés.
définition de l'EBITDA utilisée par d'autres sociétés et, par conséquent, peut ne pas être comparable à des mesures
à des mesures intitulées de la même manière par d'autres sociétés. L'EBITDA ajusté est
est également une mesure fréquemment demandée par les investisseurs et les analystes de la société.
et les analystes de la société. La société estime que les investisseurs et les analystes peuvent utiliser l'EBITDA ajusté, ainsi que d'autres mesures.
l'EBITDA ajusté, ainsi que d'autres informations contenues dans les documents déposés auprès de la SEC
SEC, pour évaluer la performance de la société et la comparabilité de ses résultats avec ceux d'autres sociétés.
comparabilité de ses résultats avec ceux d'autres entreprises. Ces mesures financières non conformes aux PCGR ont
Ces mesures financières non conformes aux PCGR ont des limites en tant qu'outil analytique, car elles excluent l'impact financier des transactions nécessaires à la conduite des activités de la société.
des transactions nécessaires à la conduite des affaires de l'entreprise, telles que l'octroi de
l'octroi de compensations en actions, et ne sont pas destinées à remplacer les mesures financières préparées conformément aux normes comptables internationales.
Les mesures financières ont des limites en tant qu'outil analytique car elles excluent l'impact financier des transactions nécessaires à la conduite des affaires de l'entreprise, telles que l'octroi de compensations en actions, et ne sont pas destinées à remplacer les mesures financières préparées conformément aux PCGR.
Ces mesures sont ajustées comme décrit dans le rapprochement des GAAP
non GAAP dans le tableau ci-dessous, mais ces ajustements ne doivent pas être
Ces ajustements ne doivent pas être interprétés comme une déduction que tous ces ajustements ou coûts sont inhabituels, peu fréquents ou non récurrents.
inhabituels, peu fréquents ou non récurrents. Les mesures financières non conformes aux PCGR doivent
doivent être considérées comme un complément et non comme un substitut ou une supériorité
des mesures financières déterminées conformément aux PCGR, et non comme un substitut ou une mesure supérieure à celles-ci. Les investisseurs sont
Il est conseillé aux investisseurs d'examiner attentivement les résultats financiers
dans les documents déposés par la société auprès de la SEC. La société n'a pas
n'a pas rapproché quantitativement son objectif d'EBITDA ajusté pour l'exercice 2018
la mesure GAAP la plus directement comparable, car des éléments tels que la
la rémunération à base d'actions, les ajustements de la provision pour impôts sur les bénéfices, l'amortissement des actifs incorporels et les intérêts,
l'amortissement des actifs incorporels et les charges d'intérêts, qui sont des
qui ont une incidence sur ces mesures, ne se sont pas encore produits, sont hors du contrôle de la société ou ne peuvent pas être anticipés.
l'entreprise, ou ne peuvent être prédits. Par exemple, la quantification
de la rémunération à base d'actions nécessite des données telles que le nombre d'actions attribuées et le prix du marché, qui ne sont pas encore disponibles.
d'actions attribuées et le prix du marché qui ne sont pas actuellement vérifiables.
En conséquence, les rapprochements avec les mesures prospectives non conformes aux PCGR ne sont pas disponibles sans effort déraisonnable, et les mesures prospectives non conformes aux PCGR sont difficiles à obtenir.
ne sont pas disponibles sans effort déraisonnable et de tels éléments de
de réconciliation pourraient avoir un impact significatif sur les résultats financiers de la
résultats financiers de la société.
| Three months ended January 31, | Six months ended January 31, | Année fiscale | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | 2017 | |||||||||||||
| Rapprochement du résultat net GAAP et de l'EBITDA ajusté : | |||||||||||||||||
| Revenu net | $ | 15,761,000 | 6,585,000 | 14,101,000 | 4,096,000 | $ | 15,827,000 | ||||||||||
| (Bénéfice) provision pour impôts sur le revenu | (13,349,000 | ) | 3,486,000 | (14,094,000 | ) | 1,924,000 | 9,654,000 | ||||||||||
| Intérêts (produits) et autres charges | (48,000 | ) | (74,000 | ) | (9,000 | ) | (76,000 | ) | (68,000 | ) | |||||||
| Charges d'intérêts | 2,519,000 | 2,852,000 | 5,107,000 | 6,177,000 | 11,629,000 | ||||||||||||
| Amortissement des rémunérations fondées sur des actions | 1,080,000 | 1,019,000 | 1,827,000 | 1,989,000 | 8,506,000 | ||||||||||||
| Amortissement des immobilisations incorporelles | 5,268,000 | 6,032,000 | 10,537,000 | 12,087,000 | 22,823,000 | ||||||||||||
| Amortissement | 3,317,000 | 3,568,000 | 6,663,000 | 7,317,000 | 14,354,000 | ||||||||||||
| Règlement des litiges en matière de propriété intellectuelle | - | (9,979,000 | ) | - | (9,979,000 | ) | (12,020,000 | ) | |||||||||
| EBITDA ajusté | $ | 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/
Médias :
Michael D. Porcelain, premier vice-président et directeur financier
Directeur financier
(631) 962-7103
[email protected]
