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.
カンファレンスコール
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.
コムテックについて
コムテック・テレコミュニケーションズ株式会社は、高度な通信のための革新的な製品、システム、サービスを設計、開発、生産、販売しています。
先進的な通信ソリューションのための革新的な製品、システム、サービスの設計、開発、製造、販売
ソリューションの設計・開発・販売を行っています。コムテックは、世界の商業および政府通信市場の多様な顧客基盤に製品を販売しています。
コムテックは、世界の商業および政府通信市場の多様な顧客層に製品を販売しています。
将来の見通しに関する記述についての注意事項
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.
|
コムテックテレコミュニケーションズ および子会社 要約四半期連結損益計算書 (未監査) |
||||||||||||||
| 4月30日に終了した3ヵ月間、 | 4月30日に終了した9ヵ月間、 | |||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||
| 売上高 | $ | 147,854,000 | 127,792,000 | 403,154,000 | 402,606,000 | |||||||||
| 売上原価 | 85,418,000 | 75,331,000 | 242,201,000 | 244,833,000 | ||||||||||
| 売上総利益 | 62,436,000 | 52,461,000 | 160,953,000 | 157,773,000 | ||||||||||
| 費用です： | ||||||||||||||
| 販売費及び一般管理費 | 30,410,000 | 25,923,000 | 86,100,000 | 89,596,000 | ||||||||||
| 研究・開発 | 12,778,000 | 12,961,000 | 39,963,000 | 40,371,000 | ||||||||||
| 無形固定資産償却費 | 5,269,000 | 5,468,000 | 15,806,000 | 17,555,000 | ||||||||||
| 知的財産権訴訟の和解 | - | (2,041,000 | ) | - | (12,020,000 | ) | ||||||||
| 48,457,000 | 42,311,000 | 141,869,000 | 135,502,000 | |||||||||||
| 営業利益 | 13,979,000 | 10,150,000 | 19,084,000 | 22,271,000 | ||||||||||
| その他の費用（利益）： | ||||||||||||||
| 支払利息 | 2,500,000 | 2,761,000 | 7,607,000 | 8,938,000 | ||||||||||
| 利息（収益）およびその他 | 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 | ||||||||||
| 法人税等調整額（利益 | 3,071,000 | 2,884,000 | (11,023,000 | ) | 4,808,000 | |||||||||
| 当期純利益 | $ | 8,210,000 | 4,417,000 | 22,311,000 | 8,513,000 | |||||||||
| 1株当たり当期純利益 | ||||||||||||||
| ベーシック | $ | 0.34 | 0.19 | 0.94 | 0.36 | |||||||||
| 希薄化 | $ | 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 | |||||||||
|
コムテックテレコミュニケーションズ および子会社 要約連結貸借対照表 |
|||||||
| 2018年4月30日（金 | 2017年7月31日 | ||||||
| (未監査) | (監査済) | ||||||
| 資産の部 |
|
||||||
| 流動資産： | |||||||
| 現金及び現金同等物 | $ | 44,173,000 | 41,844,000 | ||||
| 売掛金（純額 | 127,267,000 | 124,962,000 | |||||
| 棚卸資産（純額 | 76,554,000 | 60,603,000 | |||||
| 前払い費用およびその他の流動資産 | 13,912,000 | 13,635,000 | |||||
| 流動資産合計 | 261,906,000 | 241,044,000 | |||||
| 有形固定資産(純額) | 30,240,000 | 32,847,000 | |||||
| のれん | 290,633,000 | 290,633,000 | |||||
| 耐用年数が確定している無形資産(純額) | 246,065,000 | 261,871,000 | |||||
| 繰延金融費用（純額 | 2,420,000 | 3,065,000 | |||||
| その他の資産（純額 | 2,808,000 | 2,603,000 | |||||
| 総資産額 | $ | 834,072,000 | 832,063,000 | ||||
| 負債および株主資本 | |||||||
| 流動負債： | |||||||
| 買掛金 | $ | 30,125,000 | 29,402,000 | ||||
| 未払費用およびその他の流動負債 | 66,258,000 | 68,610,000 | |||||
| 配当金支払額 | 2,354,000 | 2,343,000 | |||||
| Customer advances and other | 33,485,000 | 25,771,000 | |||||
| 一年以内返済予定長期借入金 | 17,211,000 | 15,494,000 | |||||
| 一年内返済予定のキャピタル・リースおよびその他の債務 | 2,540,000 | 2,309,000 | |||||
| 支払利息 | 532,000 | 282,000 | |||||
| 流動負債合計 | 152,505,000 | 144,211,000 | |||||
| 長期債務の非流動部分（純額 | 161,856,000 | 176,228,000 | |||||
| キャピタル・リースおよびその他の債務の非流動部分 | 993,000 | 1,771,000 | |||||
| 未払法人税等 | 2,592,000 | 2,515,000 | |||||
| 繰延税金負債（純額 | 6,069,000 | 17,306,000 | |||||
| Customer advances and other, non-current | 7,761,000 | 7,227,000 | |||||
| その他の負債 | 4,512,000 | 2,655,000 | |||||
| 負債合計 | 336,288,000 | 351,913,000 | |||||
| コミットメントおよびコンティンジェンシー | |||||||
| 株主資本 | |||||||
|
優先株式、額面1株につき$.10、発行可能株式数および未発行株式数は以下のとおりです。 |
- | - | |||||
|
Common stock, par value $.10 per share; authorized 100,000,000 |
3,868,000 | 3,862,000 | |||||
| 追加払込資本 | 535,620,000 | 533,001,000 | |||||
| 利益剰余金 | 400,145,000 | 385,136,000 | |||||
| 939,633,000 | 921,999,000 | ||||||
| 少ない： | |||||||
|
Treasury stock, at cost (15,033,317 shares at April 30, 2018 |
(441,849,000 | ) | (441,849,000 | ) | |||
| 株主資本合計 | 497,784,000 | 480,150,000 | |||||
| 負債および株主資本合計 | $ | 834,072,000 | 832,063,000 | ||||
コムテックテレコミュニケーションズ
および子会社
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
(未監査)
非GAAP財務指標の使用
投資家の皆様に当社の業績に関する追加情報を提供するため、本プレスリリースには「非 GAAP 型財務情報」が含まれています。
このプレスリリースには、SEC規則による「非GAAP財務指標」が含まれています。
SECの規則に基づく「非GAAP財務指標」が含まれています。当社の調整後EBITDAは、税引前利益（損失）を表す非GAAP指標です。
当社の調整後EBITDAは、税引前利益（損失）を表す非GAAP指標です、
利息（収益）及びその他の費用、支払利息、株式報酬償却、知的財産権償却を控除する前の利益（損失）です。
株式報酬の償却、無形資産の償却、減価償却費、知的財産権訴訟の和解金、減価償却費、その他の費用を控除する前の損益です。
費用、知的財産権訴訟の和解金、買収計画費用、戦略的代替案分析費用
計画費用または戦略的代替案分析費用、およびその他です。が含まれます。
当社の調整後EBITDAの定義は、他の企業が使用するEBITDAの定義と異なる場合があります。
当社の調整後EBITDAの定義は、他社が採用しているEBITDAの定義と異なる場合があり、したがって、他社が採用する同様の名称の指標と比較できない場合があります。
調整後EBITDAは、他の企業が使用するEBITDAの定義と異なる場合があり、他の企業が使用する同様の名称の指標と比較できない場合があります。調整後EBITDAは
また、調整後EBITDAは、当社の投資家およびアナリストから頻繁に要求される指標です。
また、調整後EBITDAは、当社の投資家及びアナリストから頻繁に要求される指標です。当社は、投資家及びアナリストが
調整後EBITDAは、当社のSEC提出書類に含まれる他の情報とともに、当社の業績を評価するために使用されると考えています。
当社は、投資家およびアナリストが当社の業績および他社との比較可能性を評価する際に、調整後 EBITDA を当社の SEC 提出書類に記載された他の情報とともに使用するものと考えています。
を使用することができると考えています。これらの非GAAP財務指標には
これらの非GAAP財務指標は、当社が事業を行うために必要な取引による財務的影響を除外しているため、分析ツールとしての限界があります。
これらの非GAAP財務指標は、株式報酬の付与など、当社の事業遂行に必要な取引による財務的影響を除外するため、分析ツールとしての限界があります。
これらの非GAAP財務指標は、株式報酬の付与など、当社の事業遂行に必要な取引による財務的影響を除外しているため、分析手段としての限界があります。
また、GAAPに準拠して作成された財務指標に代わるものではありません。
これらの指標は、後述のGAAPとNon-GAAPの調整において説明されているように調整されています。
これらの指標は、下表のGAAPとNon-GAAPの調整表で説明されているように調整されています。
これらの調整は、これらの調整または費用のすべてが、異常、まれ、または非経常的であることを示唆するものとして解釈されるべきではありません。
これらの調整は、これらの調整または費用がすべて異常、まれ、または非経常的なものであることを意味するものではありません。非GAAPベースの財務指標は、非GAAPベースの財務指標に加えて考慮されるべきであり
非GAAPベースの財務指標は、以下の財務指標に追加して考慮されるべきであり、代替または優越として考慮されるべきではありません。
非GAAPベースの財務指標は、GAAPに準拠して決定された財務指標に加えて考慮されるべきであり、これに代わるものではありません。投資家の皆様には
投資家の皆様には、当社のSECに開示されたGAAPベースの財務結果を注意深く検討されることをお勧めします。
投資家の皆様は、当社のSEC提出書類に開示されているGAAP基準の財務情報を注意深く検討されることをお勧めします。当社は
当社は、2018年度の調整後EBITDA目標を最も直接的に比較可能なGAAP指標に定量的に調整したものではありません。
なぜなら、株式ベースの報酬、法人所得税引当金の調整などの項目は、最も直接的に比較可能なGAAP指標と調整されていないからです。
報酬、法人税等調整額の調整、無形資産償却費及び税額控除などの項目があるためです、
無形資産償却費および支払利息などの項目は、これらの指標に影響を与えるため、最も直接的に比較可能なGAAP指標に調整されていません。
これらの指標に影響を与える特定の項目である株式報酬、税金費用の調整、無形資産償却、支払利息などの項目が未発生であること、当社の管理下にないこと、あるいは
これらの指標に影響を与える特定の項目である株式報酬や税金費用の調整、無形資産償却、支払利息などの項目は、まだ発生し ておらず、当社の管理下にはなく、予測することもできません。例えば、株式報酬費用の定量化には
例えば、株式報酬費用の定量化には、付与された株式数、市場価格などのインプットが必要です。
例えば、株式報酬費用の定量化には、付与された株式の数および市場価格など、現時点で把握できないインプットが必要です。
従って、非GAAPベースの将来見通しに関する指標との調整は、不合理な努力をしない限り不可能です。
への調整は不合理な努力なしに行うことができず、そのような調整不能な項目は当社に大きな影響を与える可能性があります。
調整項目は当社の業績に大きな影響を与える可能性があります。
の結果に大きな影響を与える可能性があります。
| 4月30日に終了した3ヵ月間、 | 4月30日に終了した9ヵ月間、 | 会計年度 | ||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | 2017 | ||||||||||||||
|
Reconciliation of GAAP Net Income to |
||||||||||||||||||
| 当期純利益 | $ | 8,210,000 | 4,417,000 | 22,311,000 | 8,513,000 | $ | 15,827,000 | |||||||||||
| 法人税等調整額（利益 | 3,071,000 | 2,884,000 | (11,023,000 | ) | 4,808,000 | 9,654,000 | ||||||||||||
| 利息（収益）およびその他の費用 | 198,000 | 88,000 | 189,000 | 12,000 | (68,000 | ) | ||||||||||||
| 支払利息 | 2,500,000 | 2,761,000 | 7,607,000 | 8,938,000 | 11,629,000 | |||||||||||||
| 株式ベースの報酬の償却 | 1,104,000 | 991,000 | 2,931,000 | 2,980,000 | 8,506,000 | |||||||||||||
| 無形固定資産償却費 | 5,269,000 | 5,468,000 | 15,806,000 | 17,555,000 | 22,823,000 | |||||||||||||
| 減価償却費 | 3,170,000 | 3,532,000 | 9,833,000 | 10,849,000 | 14,354,000 | |||||||||||||
| 知的財産権訴訟の和解 | - | (2,041,000 | ) | - | (12,020,000 | ) | (12,020,000 | ) | ||||||||||
| 調整後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]
