Comtech Telecommunications Reports Q1 EPS $0.41 vs $0.30 Est; Revenues $113.4M vs $93.5M Est

Loading...
Loading...
Comtech Telecommunications Corp.
CMTL
today reported its operating results for the first quarter ended October 31, 2011. Net sales for the first quarter of fiscal 2012 were $113.4 million compared to $178.2 million for the first quarter of fiscal 2011. The period-over-period decrease in net sales reflects growth in the Company's telecommunications transmission segment that was more than offset by a substantial decline, as expected, in the Company's mobile data communications segment, as well as lower sales in its RF microwave amplifiers segment. GAAP net income was $12.6 million, or $0.47 per diluted share, for the first quarter of fiscal 2012 compared to $25.7 million, or $0.79 per diluted share, for the first quarter of fiscal 2011. The Company's first quarter results for fiscal 2012 include a benefit of $0.12 per diluted share associated with the finalization of pricing and the related increased funding award for certain U.S. Army Movement Tracking System ("MTS") and Blue Force Tracking-1 ("BFT-1") orders which was previously expected to occur later in fiscal 2012, and therefore, was included in the Company's previous annual earnings per share guidance. The Company's first quarter results for fiscal 2012 also include an expense of $0.06 per diluted share associated with costs related to the Company's upcoming fiscal 2011 annual meeting of stockholders due to a contested proxy solicitation initiated by a third party, which has since been withdrawn. These costs were not included in the Company's previous annual earnings per share guidance. The Company's first quarter results for fiscal 2011 include a benefit of $0.22 per diluted share related to the receipt of a net merger termination fee. Excluding these amounts from each respective period, diluted earnings per share for the first quarter of fiscal 2012 would have been $0.41 as compared to $0.57 in the first quarter of fiscal 2011. These items are further discussed in the Company's Form 10-Q filed with the Securities and Exchange Commission earlier this afternoon.
Loading...
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNews
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...