Comtech Announces 10% Increase in Targeted Annual Dividend; Raises Existing Stock Repurchase Program to $250M

Comtech Telecommunications Corp.

today announced that its Board of Directors has raised its annual targeted dividend from $1.00 per share to $1.10 per share and declared a dividend of $0.275 per share payable on November 22, 2011 to shareholders of record at the close of business on October 21, 2011. The dividend is the Company's fifth consecutive quarterly dividend and represents an increase of 10.0% from the previous quarterly dividend paid on August 19, 2011. The Company announced that through September 23, 2011 it has repurchased 1,511,526 shares of its common stock in open-market transactions for an aggregate cost of $42.0 million (including transaction costs) with an average price per share of $27.80. These repurchases were made pursuant to a $150.0 million stock repurchase plan that was authorized in July 2011 by its Board of Directors. Due to the successful utilization of this plan, the Company also announced today that its Board of Directors has authorized an increase to the stock repurchase program from $150.0 million to $250.0 million. Repurchases under the $250.0 million repurchase program may be made in open-market or privately negotiated transactions and may be made pursuant to SEC Rule 10b5-1 trading plans.