Comtech Telecommunications Corp. Announces Results for the First Quarter of Fiscal 2015
Melville, NY, December 10, 2014-- Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the three months ended October 31, 2014. Net sales for the three months ended October 31, 2014 were US$ 76.4 million compared to US$ 83.4 million for the three months ended October 31, 2013. The period-over-period decrease reflects lower net sales in all three of the Company's operating segments.
GAAP net income was US$ 5.2 million, or $0.32 per diluted share, for the three months ended October 31, 2014 as compared to US$ 5.3 million, or $0.28 per diluted share, for the three months ended October 31, 2013. Excluding expenses of $0.6 million associated with the Company's strategic alternatives analysis, Non-GAAP net income for the three months ended October 31, 2014 was $5.6 million, or $0.34 per diluted share.
The company also announced that it is tightening its fiscal 2015 revenue guidance which is now expected to range from US$ 355.0 million to $365.0 million. Despite incurring $0.6 million of expenses associated with the Company's strategic alternatives analysis, the Company is maintaining its GAAP diluted earnings per share guidance range of $1.70 to $1.86. The Company is also maintaining its adjusted EBITDA (as defined in the below table) guidance which is expected to range from $63.0 million to $67.0 million.
In commenting on the company's performance and updated fiscal 2015 business outlook, Fred Kornberg, President and Chief Executive Officer, stated, “Although market conditions remain challenging, we are pleased that we posted solid results in the first quarter. While we have become more cautious, we still expect top and bottom line growth in fiscal 2015.”
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