Comtech Telecommunications Corp. Announces Results for 2nd Quarter of Fiscal 2015

Melville, N.Y., March 11, 2015--Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the three and six months ended January 31, 2015. Net sales for the three months ended January 31, 2015 were US$ 81.8 million compared to US$ 85.5 million for the three months ended January 31, 2014. The period-over-period decrease reflects lower net sales in all three of the company's operating segments.

GAAP net income was US$ 7.6 million, or $0.46 per diluted share, for the three months ended January 31, 2015 or  per diluted share, for the three months ended January 31, 2014.

Net sales for the six months ended January 31, 2015 were US$ 158.2 million compared to $168.9 million for the six months ended January 31, 2014. The period-over-period decrease reflects lower net sales in all three of the company's operating segments. GAAP net income was $12.8 million, or $0.78 per diluted share, for the six months ended January 31, 2015 as compared to US$ 11.3 million, or $0.60 per diluted share, for the six months ended January 31, 2014.

Comtech also announced that it is updating its fiscal 2015 revenue guidance which is now expected to range from US$ 320.0 million to US and is updating its GAAP diluted earnings per share guidance to a range of $1.35$1.51. The Company expects its adjusted EBITDA to range from US$ 52.0 million to $56.0 million. Our updated earnings guidance for fiscal 2015 includes approximately $1.0 millio of incremental costs associated with the senior leadership changes that were announced in late December 2014.

In commenting on the company's performance and updated fiscal 2015 business outlook, Dr. Stanton Sloane, President and Chief Executive Officer, said: "Although we were able to deliver solid financial results during our second quarter, bookings for our satellite earth station products in many geographic regions, in particular Russia and certain Middle Eastern countries, have been impacted by volatile business conditions including the continuing decline in oil prices and the strengthening of the U.S. dollar, both of which lower the purchasing power of many of our international customers. At the same time, although we continue to see strong demand from both the U.S. government and new international customers for our over-the-horizon microwave systems, we also see a significant shifting of revenue and earnings associated with certain expected large orders for these products from fiscal 2015 to fiscal 2016."

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