Comtech Telecommunications Corp. Announces Results for the Second Quarter of Fiscal 2010 and Updates Revenue and EPS Guidance for Fiscal 2010
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Net sales for the second quarter of fiscal 2010 were $171.1 million compared to $143.9 million for the second quarter of fiscal 2009. The period-over-period increase in net sales is attributable to higher sales, as anticipated, in our mobile data communications segment, offset, in part, by lower sales in both our telecommunications transmission and RF microwave amplifiers segments.
GAAP net income was $16.3 million, or $0.51 per diluted share, for the second quarter of fiscal 2010 compared to $12.1 million, or $0.46 per diluted share, for the second quarter of fiscal 2009.
Net sales for the six months ended January 31, 2010 were $304.9 million compared to $335.8 million for the six months ended January 31, 2009. The period-over-period decrease in net sales is attributable to lower sales, as anticipated in both our telecommunications transmission and RF microwave amplifiers segments, partially offset by an increase in sales in our mobile data communications segment.
GAAP net income was $25.4 million, or $0.81 per diluted share, for the six months ended January 31, 2010 compared to $33.7 million, or $1.26 per diluted share, for the six months ended January 31, 2009.
In commenting on the Company's performance, and updated revenue and EPS guidance, Fred Kornberg, President and Chief Executive Officer, stated, "Although we are disappointed that our third-party supplier continues to experience production-related issues, our second quarter results for fiscal 2010 were solid and we continue to believe that fiscal 2010 will be another year of record revenues and that our operating income will significantly increase as compared to fiscal 2009."
Mr. Kornberg added, "Our market leadership positions are firmly intact and we continue to invest for the eventual economic recovery. We see some signs that global business conditions are slowly improving and we believe that this will bode well for us in fiscal 2011. Additionally, with over $514.2 million of cash and cash equivalents, we are well-positioned to achieve our strategic goal of executing key acquisitions that will supplement our expected organic growth as well as diversify our business." |
