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.
Conferenza telefonica
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.
Informazioni su Comtech
Comtech Telecommunications Corp. progetta, sviluppa, produce e commercializza
prodotti, sistemi e servizi innovativi per soluzioni di comunicazione
avanzate. Comtech vende prodotti a una base di clienti diversificata nei mercati delle comunicazioni
mercati globali delle comunicazioni commerciali e governative.
Dichiarazione di cautela in merito alle dichiarazioni previsionali
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. E FILIALI Bilancio consolidato sintetico (Non certificato) |
||||||||||||||
| Tre mesi chiusi al 30 aprile, | Nove mesi chiusi al 30 aprile, | |||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||
| Vendite nette | $ | 147,854,000 | 127,792,000 | 403,154,000 | 402,606,000 | |||||||||
| Costo del venduto | 85,418,000 | 75,331,000 | 242,201,000 | 244,833,000 | ||||||||||
| Utile lordo | 62,436,000 | 52,461,000 | 160,953,000 | 157,773,000 | ||||||||||
| Spese: | ||||||||||||||
| Vendite, spese generali e amministrative | 30,410,000 | 25,923,000 | 86,100,000 | 89,596,000 | ||||||||||
| Ricerca e sviluppo | 12,778,000 | 12,961,000 | 39,963,000 | 40,371,000 | ||||||||||
| Ammortamento delle attività immateriali | 5,269,000 | 5,468,000 | 15,806,000 | 17,555,000 | ||||||||||
| Risoluzione di controversie in materia di proprietà intellettuale | - | (2,041,000 | ) | - | (12,020,000 | ) | ||||||||
| 48,457,000 | 42,311,000 | 141,869,000 | 135,502,000 | |||||||||||
| Utile operativo | 13,979,000 | 10,150,000 | 19,084,000 | 22,271,000 | ||||||||||
| Altri costi (proventi): | ||||||||||||||
| Interessi passivi | 2,500,000 | 2,761,000 | 7,607,000 | 8,938,000 | ||||||||||
| Interessi (proventi) e altri | 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 | ||||||||||
| Accantonamento (beneficio) per imposte sul reddito | 3,071,000 | 2,884,000 | (11,023,000 | ) | 4,808,000 | |||||||||
| Utile netto | $ | 8,210,000 | 4,417,000 | 22,311,000 | 8,513,000 | |||||||||
| Utile netto per azione: | ||||||||||||||
| Base | $ | 0.34 | 0.19 | 0.94 | 0.36 | |||||||||
| Diluito | $ | 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. E FILIALI Bilancio consolidato sintetico |
|||||||
| 30 aprile 2018 | 31 luglio 2017 | ||||||
| (Non certificato) | (certificato) | ||||||
| Attività |
|
||||||
| Attività correnti: | |||||||
| Liquidità ed equivalenti di cassa | $ | 44,173,000 | 41,844,000 | ||||
| Crediti, netti | 127,267,000 | 124,962,000 | |||||
| Rimanenze, nette | 76,554,000 | 60,603,000 | |||||
| Risconti attivi e altre attività correnti | 13,912,000 | 13,635,000 | |||||
| Totale attività correnti | 261,906,000 | 241,044,000 | |||||
| Immobili, impianti e attrezzature, netti | 30,240,000 | 32,847,000 | |||||
| Avviamento | 290,633,000 | 290,633,000 | |||||
| Attività immateriali a vita definita, nette | 246,065,000 | 261,871,000 | |||||
| Costi di finanziamento differiti, netti | 2,420,000 | 3,065,000 | |||||
| Altre attività, nette | 2,808,000 | 2,603,000 | |||||
| Totale attività | $ | 834,072,000 | 832,063,000 | ||||
| Passivo e patrimonio netto | |||||||
| Passività correnti: | |||||||
| Debiti | $ | 30,125,000 | 29,402,000 | ||||
| Ratei passivi e altre passività correnti | 66,258,000 | 68,610,000 | |||||
| Dividendi da pagare | 2,354,000 | 2,343,000 | |||||
| Customer advances and other | 33,485,000 | 25,771,000 | |||||
| Quota corrente del debito a lungo termine | 17,211,000 | 15,494,000 | |||||
| Quota corrente di leasing di capitale e altre obbligazioni | 2,540,000 | 2,309,000 | |||||
| Interessi passivi | 532,000 | 282,000 | |||||
| Totale passività correnti | 152,505,000 | 144,211,000 | |||||
| Quota non corrente del debito a lungo termine, netto | 161,856,000 | 176,228,000 | |||||
| Quota non corrente di leasing di capitale e altre obbligazioni | 993,000 | 1,771,000 | |||||
| Imposte sul reddito da pagare | 2,592,000 | 2,515,000 | |||||
| Passività fiscali differite, nette | 6,069,000 | 17,306,000 | |||||
| Customer advances and other, non-current | 7,761,000 | 7,227,000 | |||||
| Altre passività | 4,512,000 | 2,655,000 | |||||
| Totale passività | 336,288,000 | 351,913,000 | |||||
| Impegni e imprevisti | |||||||
| Patrimonio netto: | |||||||
|
Azioni privilegiate, valore nominale $.10 per azione; azioni autorizzate e non emesse 2.000.000 di azioni. |
- | - | |||||
|
Common stock, par value $.10 per share; authorized 100,000,000 |
3,868,000 | 3,862,000 | |||||
| Riserva di capitale versato | 535,620,000 | 533,001,000 | |||||
| Utili a nuovo | 400,145,000 | 385,136,000 | |||||
| 939,633,000 | 921,999,000 | ||||||
| Meno: | |||||||
|
Treasury stock, at cost (15,033,317 shares at April 30, 2018 |
(441,849,000 | ) | (441,849,000 | ) | |||
| Totale patrimonio netto | 497,784,000 | 480,150,000 | |||||
| Totale passività e patrimonio netto | $ | 834,072,000 | 832,063,000 | ||||
COMTECH TELECOMMUNICATIONS CORP.
E FILIALI
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
(Non certificato)
Uso di misure finanziarie non-GAAP
Al fine di fornire agli investitori ulteriori informazioni sui risultati finanziari, il presente comunicato stampa contiene i "dati finanziari non-GAAP".
risultati finanziari, il presente comunicato stampa contiene "misure finanziarie non-GAAP
non-GAAP" ai sensi delle norme della SEC. L'EBITDA rettificato della Società è una misura
Non-GAAP che rappresenta l'utile (perdita) prima delle imposte sul reddito,
interessi (reddito) e altre spese, interessi passivi, ammortamento di
di compensazione a base azionaria, ammortamento di beni immateriali, ammortamento
svalutazione, risoluzione di controversie in materia di proprietà intellettuale, spese per piani di acquisizione o per l'analisi di alternative strategiche.
di acquisizione o di analisi di alternative strategiche e altre spese. La definizione di
La definizione di EBITDA rettificato della Società può differire da quella utilizzata da altre società.
di EBITDA utilizzata da altre società e pertanto potrebbe non essere paragonabile a
misure con titolo simile utilizzate da altre società. L'EBITDA rettificato è
è anche un parametro spesso richiesto dagli investitori e dagli analisti della Società.
analisti della Società. L'azienda ritiene che gli investitori e gli analisti possano utilizzare
l'EBITDA rettificato, insieme ad altre informazioni contenute nella documentazione SEC
nella valutazione delle prestazioni della Società e della comparabilità dei suoi risultati con quelli di altre società.
risultati della Società con quelli di altre società. Queste misure finanziarie Non-GAAP hanno
come strumento analitico, in quanto non tengono conto dell'impatto finanziario delle
delle transazioni necessarie per la conduzione dell'attività della Società, come ad esempio la
concessione di premi di compensazione azionaria, e non sono da intendersi come un'alternativa alle misure
alternativa alle misure finanziarie preparate in conformità ai GAAP.
Tali misure sono rettificate come descritto nella riconciliazione tra GAAP e Non-GAAP riportata di seguito.
GAAP a Non-GAAP nella tabella sottostante, ma tali rettifiche non devono essere
non devono essere interpretate come un'affermazione che tutti questi aggiustamenti o costi siano
insoliti, infrequenti o non ricorrenti. Le misure finanziarie Non-GAAP devono
essere considerati in aggiunta, e non come sostitutivi o superiori a
alle misure finanziarie determinate in conformità ai GAAP. Si consiglia agli investitori di
si consiglia agli investitori di esaminare attentamente i risultati finanziari GAAP che sono
divulgati nei documenti SEC della Società. La Società non ha
quantitativamente l'obiettivo dell'EBITDA rettificato per l'anno fiscale 2018 alla misura GAAP più
misura GAAP più direttamente comparabile, in quanto voci come i compensi basati su azioni, gli
come i compensi basati sulle azioni, le rettifiche all'accantonamento per le imposte sul reddito,
ammortamento di beni immateriali e interessi passivi, che sono voci specifiche che incidono su queste misure, non hanno
che incidono su queste misure, non si sono ancora verificati, sono fuori dal controllo della Società o non possono essere
controllo della Società o non possono essere previsti. Ad esempio, la quantificazione
delle spese per compensi basati su azioni richiede input quali il numero di azioni concesse e il prezzo di mercato
numero di azioni concesse e il prezzo di mercato che non sono attualmente accertabili.
Di conseguenza, le riconciliazioni con le metriche previsionali Non-GAAP non sono disponibili senza uno sforzo eccessivo.
non sono disponibili senza uno sforzo irragionevole e tali voci di riconciliazione non disponibili potrebbero
elementi di riconciliazione potrebbero avere un impatto significativo sui risultati finanziari della Società.
risultati finanziari della Società.
| Tre mesi chiusi al 30 aprile, | Nove mesi chiusi al 30 aprile, | Anno fiscale | ||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | 2017 | ||||||||||||||
|
Reconciliation of GAAP Net Income to |
||||||||||||||||||
| Utile netto | $ | 8,210,000 | 4,417,000 | 22,311,000 | 8,513,000 | $ | 15,827,000 | |||||||||||
| Accantonamento (beneficio) per imposte sul reddito | 3,071,000 | 2,884,000 | (11,023,000 | ) | 4,808,000 | 9,654,000 | ||||||||||||
| Interessi (proventi) e altri costi | 198,000 | 88,000 | 189,000 | 12,000 | (68,000 | ) | ||||||||||||
| Interessi passivi | 2,500,000 | 2,761,000 | 7,607,000 | 8,938,000 | 11,629,000 | |||||||||||||
| Ammortamento dei compensi basati su azioni | 1,104,000 | 991,000 | 2,931,000 | 2,980,000 | 8,506,000 | |||||||||||||
| Ammortamento delle attività immateriali | 5,269,000 | 5,468,000 | 15,806,000 | 17,555,000 | 22,823,000 | |||||||||||||
| Ammortamento | 3,170,000 | 3,532,000 | 9,833,000 | 10,849,000 | 14,354,000 | |||||||||||||
| Risoluzione di controversie in materia di proprietà intellettuale | - | (2,041,000 | ) | - | (12,020,000 | ) | (12,020,000 | ) | ||||||||||
| EBITDA rettificato | $ | 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]
