Business
Comtech Telecommunications Corp. Announces Results for Fiscal 2019 Fourth Quarter and Full Year and Provides Fiscal 2020 Guidance
MELVILLE, N.Y.--(BUSINESS WIRE)-- September 24, 2019--Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the fourth
About this update from Comtech Telecommunications Corp.
[{"type":"text","content":" MELVILLE, N.Y.--(BUSINESS WIRE)--\nSeptember 24, 2019--Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the fourth quarter and fiscal year ended July 31, 2019. The Company also announced financial targets for its 2020 fiscal year.\n\n\n2019 Fourth Quarter and Fiscal Year Highlights\n\n\n\nNet sales for the fourth quarter of fiscal 2019 were $176.4 million as compared to $167.4 million achieved during the fourth quarter of fiscal 2018, representing an increase of $9.0 million, or 5.4%. Net sales for fiscal 2019 were $671.8 million as compared to $570.6 million achieved during fiscal 2018, representing a significant increase of $101.2 million, or 17.7%.\n\n\n\n\nBookings during fiscal 2019 were $724.1 million, with a company-wide book-to-bill ratio of 1.08 and Comtech finished the year with backlog of $683.0 million. When adding Comtech's backlog and the total unfunded value of multi-year contracts that Comtech has actually received and for which it expects future orders, its revenue visibility approximates $1.0 billion.\n\n\n\n\nOn a GAAP basis, fourth quarter fiscal 2019 operating income was $10.4 million, net income was $6.1 million and earnings per diluted share (\"EPS\") was $0.25. As shown in the table below, excluding acquisition plan expenses of $1.3 million or $0.04 per diluted share, Non-GAAP EPS was $0.29. Fiscal 2019 operating income was $41.4 million, net income was $25.0 million and EPS was $1.03. As shown in the table below, Non-GAAP EPS in fiscal 2019 was $1.34.\n\n\n\n\nAdjusted EBITDA for the fourth quarter of fiscal 2019 was $28.3 million. Adjusted EBITDA for fiscal 2019 was $93.5 million as compared to the $78.4 million achieved during fiscal 2018, representing a significant increase of $15.1 million, or 19.3%. Adjusted EBITDA is a non-GAAP financial measure which is reconciled to the most directly comparable GAAP financial measure and is more fully defined below.\n\n\n\n\nDuring the fourth quarter of fiscal 2019, Comtech generated strong cash flows from operating activities of $14.2 million. Cash flows from operating activities in fiscal 2019 were $68.0 million.\n\n\n\nIn commenting on the Company's performance, Fred Kornberg, President and Chief Executive Officer, noted, “The fourth quarter was an outstanding finish to a very successful year for Comtech. We generated r...