Comtech Telecommunications Corp. Announces Preliminary First Quarter Results for Fiscal 2000.MELVILLE, N.Y.--(BUSINESS WIRE)--Nov. 17, 1999-- Comtech Telecommunications Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CMTL CMTL Chief Military Training Leader CMTL Center for Mathematics, Teaching and Learning ) today reported that preliminary results for the first quarter ended October 31, 1999 were sales of $11,700,000, earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $860,000, and net income of $535,000 or $0.11 per share. For the same quarter of last year, the Company had sales of $8,735,000, earnings from operations of $439,000 and net income of $394,000 or $.09 per share. Last year's first quarter results were not reduced for federal income tax expense as a result of the availability of net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. to offset taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. . Subsequent to the first quarter of fiscal 1999 the Company reduced its valuation reserve for deferred tax assets (principally net operating loss carryforwards) since it believed it more likely than not that it would generate sufficient future taxable income to utilize its deferred tax assets. This produced a tax benefit in the second and fourth quarters of last year, aggregating $3,949,000 or $0or $0.07 per share. Applying the same effet quarter ended October 31, 1999 were on target with our expectations. The Company's increased sales and incoiness plan." The company expects to issue final numbers for the first quarter on Nov. 30, 1999. Comtech, through its operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon , is a broad-based sate-of-the-art solid state high power amplifiers, and high technology satellite and over-the-horizon microwave telecommunication transmission products and systems for commercial and government applications. |
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