Comtech Telecommunications Corp. Announces Results for the Second Quarter of Fiscal 2008.MELVILLE, N.Y. -- 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 its operating results for the three months ended January 31, 2008. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the second quarter of fiscal 2008 were $152.0 million compared to $111.4 million in the second quarter of fiscal 2007, reflecting significant growth in the mobile data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. and RF microwave amplifiers segments, partially offset by lower net sales in the telecommunications transmission segment. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income was $25.5 million, or $0.91 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the three months ended January 31, 2008 compared to $18.2 million, or $0.68 per diluted share, for the three months ended January 31, 2007. Non-GAAP net income, which excludes the amortization of stock-based compensation expense, was $27.1 million, or $0.96 per diluted share, for the three months ended January 31, 2008 as compared to Non-GAAP net income of $19.1 million, or $0.70 per diluted share, for the three months ended January 31, 2007. Net sales for the six months ended January 31, 2008 were $267.1 million compared to $208.5 million for the six months ended January 31, 2007. GAAP net income was $40.2 million, or $1.45 per diluted share, for the six months ended January 31, 2008 compared to $29.0 million, or $1.09 per diluted share, for the six months ended January 31, 2007. Non-GAAP net income, which excludes the amortization of stock-based compensation expense, was $43.6 million, or $1.56 per diluted share, for the six months ended January 31, 2008 as compared to Non-GAAP net income of $31.3 million, or $1.15 per diluted share, for the six months ended January 31, 2007. In commenting on the Company's performance during the second quarter of fiscal 2008, Fred Kornberg, President and Chief Executive Officer of Comtech Telecommunications Corp., said, "I am pleased to announce the strongest quarterly performance in our Company's history. We achieved record quarterly revenues and earnings per share." Mr. Kornberg added, "Based on our outstanding results for the first half of the year, we are confident that fiscal 2008 will be another record year." Selected Second Quarter Fiscal 2008 Financial Metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. and Other Items * Bookings for the three and six months ended January 31, 2008 were $122.3 million and $357.3 million, respectively, compared to $104.5 million and $226.0 million for the three and six months ended January 31, 2007, respectively. Backlog as of January 31, 2008 was $219.2 million compared to $129.0 million as of July 31, 2007. * Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
* Cash used in operating activities for the first six months of fiscal 2008 was $1.0 million, primarily reflecting an increase in working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. associated with the significant increase in sales activity across the Company. The increase in working capital requirements (primarily for accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and inventory) was driven by the timing of shipments and the related collection of cash from customers, as well as the necessary investments in inventory in support of current backlog that is expected to be recognized as revenue during the second half of fiscal 2008. Conference Call The Company has scheduled an investor conference call for 8:30 AM (ET) on Thursday, March 6, 2008. Investors and the public are invited to access a live webcast of the conference call from the news section of the Comtech web site at www.comtechtel.com. Alternatively, investors can access the conference call by dialing (800) 862-9098 (domestic) or (785) 424-1051 (international) and using the conference I.D. of "Comtech." A replay of the conference call will be available for seven days by dialing (402) 530-9027. In addition, an updated investor presentation, including earnings guidance, will be available on our web site shortly after the conference call. About Comtech Comtech Telecommunications Corp. designs, develops, produces and markets innovative products, systems and services for advanced communications solutions. The Company believes many of its solutions play a vital role in providing or enhancing communication capabilities when terrestrial communications infrastructure is unavailable or ineffective. The Company conducts business through three complementary segments: telecommunications transmission, mobile data communications and RF microwave amplifiers. The Company sells products to a diverse customer base in the global commercial and government communications markets. The Company believes it is a leader in the market segments that it serves. Cautionary Statement Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain information in this press release contains forward-looking statements, including but not limited to, information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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, 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 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 the timing of receipt of, and the Company's performance on, new 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, frequent new product announcements and enhancements, changing customer demands, changes in prevailing economic and political conditions, risks associated with the subpoena subpoena (səpē`nə) [Lat.,=under penalty], in law, an order to a witness to appear before a court. A subpoena ad testificandum [Lat. from the U.S. Immigration and Customs Enforcement Immigration and Customs Enforcement (ICE) is the largest investigative arm of the United States Department of Homeland Security (DHS) and is responsible for identifying and dismantling vulnerabilities regarding the nation's border, economic, transportation and infrastructure branch of the Department of Homeland Security Noun 1. Department of Homeland Security - the federal department that administers all matters relating to homeland security Homeland Security executive department - a federal department in the executive branch of the government of the United States , and other factors described in the Company's filings with the Securities and Exchange Commission. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] ECMTL |
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