Comtech Telecommunications Pops on Stock Buyback/Dividend (CMTL)

Comtech Telecommunications Corp.

reports Q4 earnings of $0.73 versus consensus of $0.58. Comtech Telecommunications Corp. reports revenues of $257 million versus consensus of $237.53 million. The company also announced a $100 million stock repurchase program and a $1.00 per share dividend. The company said, "As of the end of our fiscal year on July 31, 2010, we had over $600.0 million of cash and cash equivalents and our stock represents an attractive investment opportunity. In addition, we intend to continue to pursue strategic acquisitions that we believe will drive long-term growth and shareholder value." Shares of CMTl are popping in the after-hours, higher by 8.37%.