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.
Conférence téléphonique
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.
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 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. ET FILIALES États consolidés condensés des opérations (non audité) |
||||||||||||||
| Trois mois terminés le 30 avril, | Neuf mois terminés le 30 avril, | |||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||
| Chiffre d'affaires net | $ | 147,854,000 | 127,792,000 | 403,154,000 | 402,606,000 | |||||||||
| Coût des ventes | 85,418,000 | 75,331,000 | 242,201,000 | 244,833,000 | ||||||||||
| Marge brute | 62,436,000 | 52,461,000 | 160,953,000 | 157,773,000 | ||||||||||
| Dépenses : | ||||||||||||||
| Ventes, frais généraux et administratifs | 30,410,000 | 25,923,000 | 86,100,000 | 89,596,000 | ||||||||||
| Recherche et développement | 12,778,000 | 12,961,000 | 39,963,000 | 40,371,000 | ||||||||||
| Amortissement des immobilisations incorporelles | 5,269,000 | 5,468,000 | 15,806,000 | 17,555,000 | ||||||||||
| Règlement des litiges en matière de propriété intellectuelle | - | (2,041,000 | ) | - | (12,020,000 | ) | ||||||||
| 48,457,000 | 42,311,000 | 141,869,000 | 135,502,000 | |||||||||||
| Résultat d'exploitation | 13,979,000 | 10,150,000 | 19,084,000 | 22,271,000 | ||||||||||
| Autres charges (produits) : | ||||||||||||||
| Charges d'intérêts | 2,500,000 | 2,761,000 | 7,607,000 | 8,938,000 | ||||||||||
| Intérêts (produits) et autres | 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 | ||||||||||
| Provision (bénéfice) pour impôts sur le revenu | 3,071,000 | 2,884,000 | (11,023,000 | ) | 4,808,000 | |||||||||
| Revenu net | $ | 8,210,000 | 4,417,000 | 22,311,000 | 8,513,000 | |||||||||
| Résultat net par action : | ||||||||||||||
| De base | $ | 0.34 | 0.19 | 0.94 | 0.36 | |||||||||
| Dilué | $ | 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. ET FILIALES Bilans consolidés condensés |
|||||||
| 30 avril 2018 | 31 juillet 2017 | ||||||
| (non audité) | (Audité) | ||||||
| Actifs |
|
||||||
| Actifs circulants : | |||||||
| Trésorerie et équivalents de trésorerie | $ | 44,173,000 | 41,844,000 | ||||
| Créances, nettes | 127,267,000 | 124,962,000 | |||||
| Stocks, nets | 76,554,000 | 60,603,000 | |||||
| Charges payées d'avance et autres actifs courants | 13,912,000 | 13,635,000 | |||||
| Total de l'actif circulant | 261,906,000 | 241,044,000 | |||||
| Immobilisations corporelles, nettes | 30,240,000 | 32,847,000 | |||||
| Goodwill | 290,633,000 | 290,633,000 | |||||
| Immobilisations incorporelles à durée de vie limitée, nettes | 246,065,000 | 261,871,000 | |||||
| Frais de financement différés, nets | 2,420,000 | 3,065,000 | |||||
| Autres actifs, nets | 2,808,000 | 2,603,000 | |||||
| Total des actifs | $ | 834,072,000 | 832,063,000 | ||||
| Passif et capitaux propres | |||||||
| Passif à court terme : | |||||||
| Comptes créditeurs | $ | 30,125,000 | 29,402,000 | ||||
| Charges à payer et autres passifs courants | 66,258,000 | 68,610,000 | |||||
| Dividendes à payer | 2,354,000 | 2,343,000 | |||||
| Customer advances and other | 33,485,000 | 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 contrats de location-acquisition et autres obligations | 2,540,000 | 2,309,000 | |||||
| Intérêts à payer | 532,000 | 282,000 | |||||
| Total des dettes à court terme | 152,505,000 | 144,211,000 | |||||
| Partie non courante de la dette à long terme, nette | 161,856,000 | 176,228,000 | |||||
| Partie non courante des obligations de location-acquisition et autres obligations | 993,000 | 1,771,000 | |||||
| Impôts sur le revenu à payer | 2,592,000 | 2,515,000 | |||||
| Passif d'impôt différé, net | 6,069,000 | 17,306,000 | |||||
| Customer advances and other, non-current | 7,761,000 | 7,227,000 | |||||
| Autres passifs | 4,512,000 | 2,655,000 | |||||
| Total du passif | 336,288,000 | 351,913,000 | |||||
| Engagements et éventualités | |||||||
| Capitaux propres : | |||||||
|
Actions privilégiées, valeur nominale de 0,10 $ par action ; actions autorisées et non émises |
- | - | |||||
|
Common stock, par value $.10 per share; authorized 100,000,000 |
3,868,000 | 3,862,000 | |||||
| Capital d'apport supplémentaire | 535,620,000 | 533,001,000 | |||||
| Bénéfices non distribués | 400,145,000 | 385,136,000 | |||||
| 939,633,000 | 921,999,000 | ||||||
| Moins : | |||||||
|
Treasury stock, at cost (15,033,317 shares at April 30, 2018 |
(441,849,000 | ) | (441,849,000 | ) | |||
| Total des capitaux propres | 497,784,000 | 480,150,000 | |||||
| Total du passif et des capitaux propres | $ | 834,072,000 | 832,063,000 | ||||
COMTECH TELECOMMUNICATIONS CORP.
ET FILIALES
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
(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.
| Trois mois terminés le 30 avril, | Neuf mois terminés le 30 avril, | Année fiscale | ||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | 2017 | ||||||||||||||
|
Reconciliation of GAAP Net Income to |
||||||||||||||||||
| Revenu net | $ | 8,210,000 | 4,417,000 | 22,311,000 | 8,513,000 | $ | 15,827,000 | |||||||||||
| Provision (bénéfice) pour impôts sur le revenu | 3,071,000 | 2,884,000 | (11,023,000 | ) | 4,808,000 | 9,654,000 | ||||||||||||
| Intérêts (produits) et autres charges | 198,000 | 88,000 | 189,000 | 12,000 | (68,000 | ) | ||||||||||||
| Charges d'intérêts | 2,500,000 | 2,761,000 | 7,607,000 | 8,938,000 | 11,629,000 | |||||||||||||
| Amortissement des rémunérations fondées sur des actions | 1,104,000 | 991,000 | 2,931,000 | 2,980,000 | 8,506,000 | |||||||||||||
| Amortissement des immobilisations incorporelles | 5,269,000 | 5,468,000 | 15,806,000 | 17,555,000 | 22,823,000 | |||||||||||||
| Amortissement | 3,170,000 | 3,532,000 | 9,833,000 | 10,849,000 | 14,354,000 | |||||||||||||
| Règlement des litiges en matière de propriété intellectuelle | - | (2,041,000 | ) | - | (12,020,000 | ) | (12,020,000 | ) | ||||||||||
| EBITDA ajusté | $ | 23,522,000 | 18,100,000 | 47,654,000 | 41,635,000 | $ | 70,705,000 | |||||||||||
CEMTL
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]
