Comtech Telecommunications Corp. Announces Results for the First Quarter of Fiscal 2009
biz.yahoo.com
Thursday December 4, 4:41 pm ET
MELVILLE, N.Y., Dec. 4, 2008 (GLOBE NEWSWIRE) -- Comtech Telecommunications Corp. (NasdaqGS:CMTL) today reported its operating results for the three months ended October 31, 2008.
Net sales for the first quarter of fiscal 2009 were $191.9 million compared to $115.1 million for the first quarter of fiscal 2008, reflecting core organic growth in all three of our segments and incremental sales achieved in connection with the Company's purchase of Radyne Corporation.
GAAP net income was $22.4 million, or $0.80 per diluted share, for the three months ended October 31, 2008 compared to $14.7 million, or $0.54 per diluted share, for the three months ended October 31, 2007. GAAP net income for the three months ended October 31, 2008 has been reduced by a one-time charge of $6.2 million ($0.22 per diluted share) for the amortization of acquired in-process research and development associated with the Radyne acquisition.
Non-GAAP net income for the three months ended October 31, 2008, which excludes the amortization of stock-based compensation expense and amortization of acquired in-process research and development, was $30.2 million, or $1.07 per diluted share, as compared to Non-GAAP net income of $16.5 million, or $0.59 per diluted share, for the three months ended October 31, 2007.
In commenting on the Company's performance during the first quarter of fiscal 2009, Fred Kornberg, President and Chief Executive Officer, stated, ``Although general business conditions are more difficult than usual, our first quarter results were outstanding and we are pleased with our strong performance. The execution of our integration and restructuring plans has exceeded our expectations and our ability to execute in these challenging times is a testament to our leadership positions and the successful strategies that we have implemented over the past several years. We continue to expect that fiscal 2009 will be another record year.'' |
