Comtech Telecommunications (CMTL) recently secured a major contract for the Massachusetts' Next Generation 911 (NG911) system. Per the terms, the contract will have an initial life of five years from Aug 1, 2024, to Jul 31, 2029, with an additional option to extend for another five-year term through Jul 31, 2034. The total contract value (including the additional extension option) is likely to surpass $250 million. CMTL has been associated with the state of Massachusetts since 2014 for the proper functionin ...

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Comtech Telecommunications (CMTL) came out with a quarterly loss of $0.15 per share versus the Zacks Consensus Estimate of $0.28. This compares to loss of $0.23 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -153.57%. A quarter ago, it was expected that this communications company would post earnings of $0.26 per share when it actually produced earnings of $0.24, delivering a surprise of -7.69%.Over the last four quarters, th ...

Comtech Telecommunications Corp. (NASDAQ:CMTL) Q2 2024 Earnings Conference Call March 18, 2024 5:00 PM ET Company Participants Maria Ceriello - Investor Relations John Ratigan - Chief Executive Officer Mike Bondi - Chief Financial Officer Operator Welcome to Comtech's Fiscal Q2 2024 Earnings Conference Call. As a reminder, this conference is being recorded today, Monday, March 18, 2024. I would now like to turn the conference over to Ms. Maria Ceriello of Comtech. Please go ahead, Maria. Maria Ceriello Than ...

Index UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended January 31, 2024 [] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 0-7928 (Exact name of registrant as specified in its charter) Delaware 11-2139466 (I.R.S. Employer Identification Number) (State or other jurisdiction of incor ...

Financial Performance - Consolidated net sales for Q2 fiscal 2024 were $134.2 million, a slight increase of $0.5 million or 0.4% year-over-year, but a decline from $151.9 million in Q1 fiscal 2024[15] - Adjusted EBITDA for Q2 fiscal 2024 was $15.1 million, representing an 11.3% margin, compared to $18.4 million (12.1% margin) in Q1 fiscal 2024 and $11.3 million (8.5% margin) in Q2 fiscal 2023, reflecting a 33% increase year-over-year[16][37] - GAAP operating income for Q2 fiscal 2024 was $3.0 million, an improvement from $2.1 million in Q1 fiscal 2024 and a loss of $0.8 million in Q2 fiscal 2023, marking the third consecutive quarter of GAAP operating income[20][35] - The company reported a net loss of $10.558 million for the three months ended January 31, 2024, compared to a net loss of $4.805 million in the same period of 2023[90] - For the fiscal year 2023, the company reported a GAAP net loss of $(14,660,000) and a net loss per diluted share of $(1.21)[97] Sales and Bookings - Total net bookings for Q2 fiscal 2024 were $141.8 million, resulting in a book-to-bill ratio of 1.06x[40] - The company secured a multi-year Global Field Service Representative contract with the U.S. Army, valued at $544 million, which is expected to contribute significantly to net sales in fiscal 2024[24] - Net bookings in the Terrestrial and Wireless Networks segment reached $74.2 million, including a $48.0 million extension for NG-911 services for the State of Washington[67] - Net bookings in the Satellite and Space Communications segment totaled $67.6 million for the quarter, including over $7.0 million from two foreign militaries for next-generation troposcatter solutions[54] Segment Performance - The Terrestrial and Wireless Networks segment achieved 12% sequential growth and 4% growth compared to Q2 fiscal 2023, driven by performance on NG-911 contracts[16] - Terrestrial and Wireless Networks segment net sales were $55.6 million for Q2 FY24, an increase of 12.3% from Q1 FY24 and 4.3% from Q2 FY23[65] - Operating income for the Terrestrial and Wireless Networks segment in Q2 FY24 was $8.1 million, or 14.6% of segment net sales, compared to $3.3 million or 6.2% in Q2 FY23[66] - Satellite and Space Communications segment net sales were $78.6 million for Q2 FY24, a decrease of $1.8 million compared to Q2 FY23, primarily due to lower sales from the PST divestiture and satellite ground station solutions[52] - Operating income for the Satellite and Space Communications segment in Q2 FY24 was $1.9 million, representing 2.4% of segment net sales, down from $3.3 million or 4.1% in Q2 FY23[53] Margins and Profitability - The company reported a gross margin of 32.2% in Q2 fiscal 2024, compared to 34.3% in Q2 fiscal 2023[15] - Adjusted EBITDA for the Satellite and Space Communications segment was $7.1 million in Q2 FY24, a decrease from $8.2 million in Q2 FY23[53] - Adjusted EBITDA for the Terrestrial and Wireless Networks segment improved to $13.7 million in Q2 FY24 from $8.8 million in Q2 FY23[66] - Gross profit decreased to $43.198 million for the three months ended January 31, 2024, down 5.93% from $45.924 million in the same period of 2023[90] Assets and Liabilities - Total current assets increased to $343.245 million as of January 31, 2024, compared to $305.486 million as of July 31, 2023[92] - Total liabilities decreased to $423.301 million as of January 31, 2024, down from $445.727 million as of July 31, 2023[92] - The company’s cash and cash equivalents increased to $39.956 million as of January 31, 2024, compared to $18.961 million as of July 31, 2023[92] Strategic Initiatives - The relocation of the corporate headquarters to Chandler, Arizona, aims to streamline operations and improve efficiency, supporting the One Comtech transformation[77] - The company is targeting net sales and Adjusted EBITDA for fiscal year 2024 to exceed fiscal 2023 levels despite challenging business conditions[71] Research and Development - Research and development expenses significantly decreased to $6.843 million, down 45% from $12.441 million year-over-year[90] Shareholder Information - The weighted average number of common shares outstanding for the three months ended January 31, 2024, was 28.662 million, compared to 27.954 million in the same period of 2023[90] - The weighted average diluted shares outstanding for the six months ended January 31, 2024, was 28,958,000[97]

CHANDLER, Ariz.--(BUSINESS WIRE)--March 18, 2024-- Comtech (NASDAQ: CMTL) (“the Company”) today announced its second quarter fiscal 2024 financial results in a letter to shareholders, which has been posted to the Investor Relations section of Comtech's website. Investors are invited to access the second quarter fiscal 2024 shareholder letter at comtech.com/investors/. A copy of the letter will also be filed with the Securities and Exchange Commission in a Form 8-K. Comtech will host its previously schedul ...

MELVILLE, N.Y.--(BUSINESS WIRE)--March 13, 2024-- Comtech (NASDAQ: CMTL) today announced that it plans to release its second quarter fiscal 2024 results after the market closes on Monday, March 18, 2024. At 5:00 p.m. ET that day, the Company will hold a conference call to discuss its second quarter fiscal 2024 results, operations, and business trends. A webcast of the call will be available to the public at the investor relations section of the Comtech web site at www.comtech.com. Alternatively, investors ...

MELVILLE, N.Y.--(BUSINESS WIRE)--Comtech (NASDAQ: CMTL) (the “Company”) today announced that its Board of Directors has appointed John Ratigan, Chief Corporate Development Officer (“CCDO”), as interim Chief Executive Officer, effective immediately. Mr. Ratigan succeeds Ken Peterman, who has been terminated as President and CEO and will cease to serve on the Board. Mr. Peterman’s termination was for conduct unrelated to Comtech’s business strategy, financial results or previously filed financial statements. ...

MELVILLE, N.Y.--(BUSINESS WIRE)--February 7, 2024-- Comtech (NASDAQ: CMTL), a global technology leader, today announced its Canadian subsidiary was invited by Innovation Canada, a sector of Innovation, Science and Economic Development Canada, to join a select group of companies participating in the Accelerated Growth Service (AGS) program. The AGS program offers support to a number of high-growth, high-potential, qualifying businesses across Canada. As part of the program, Comtech will gain access to key ...