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Comtech Telecommunications Corp. Announces Results for Its Fiscal 2020 First Quarter and Updates Fiscal 2020 Guidance
MELVILLE, N.Y.--(BUSINESS WIRE)-- December 4, 2019-- Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the first
About this update from Comtech Telecommunications Corp.
[{"type":"text","content":" MELVILLE, N.Y.--(BUSINESS WIRE)--\nDecember 4, 2019-- Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the first fiscal quarter ended October 31, 2019 and updated its fiscal 2020 guidance.\n\n\nFiscal 2020 First Quarter Highlights\n\n\n\nNet sales for the first quarter of fiscal 2020 were $170.3 million as compared to the $160.8 million achieved during the first quarter of fiscal 2019, representing an increase of $9.5 million, or 5.9%.\n\n\n\n\nBookings during the first quarter of fiscal 2020 were $135.6 million, with a company-wide book-to-bill ratio of 0.80. Backlog as of October 31, 2019 was $648.3 million. When adding Comtech's backlog and the total unfunded value of certain multi-year contracts that Comtech has received and for which it expects future orders, its revenue visibility approximates $1.0 billion.\n\n\n\n\nIn October 2019, Comtech announced that the U.S. Army awarded it a contract with a $98.6 million ceiling to provide global field support services for military satellite communication (“SATCOM”) terminals around the world. The field support contract covers diverse engineering and technical skills to support these SATCOM terminals, including logistics, help desk, network engineering, security engineering, RF and satellite system engineering and support. As of the end of Comtech’s first quarter of fiscal 2020, the contract has been funded at $24.4 million with additional funding expected to occur across the twelve-month performance period plus a possible six-month extension period.\n\n\n\n\nIn November 2019, the U.S. government announced that Comtech's teaming partner on a U.S. Marine Corps troposcatter opportunity was awarded a 10-year $325.0 million “IDIQ” contract to provide 172 next-generation troposcatter systems and related services. The teaming partner announced that it intends to subcontract the manufacture and delivery of these troposcatter systems to Comtech and the Company is currently negotiating contract terms and expects its initial order soon.\n\n\n\n\nIn November 2019, Comtech announced that it entered into an agreement to acquire UHP Networks Inc. and its sister company (together, \"UHP\"), a leading provider of innovative and disruptive satellite ground station solutions, for a purchase price of approximately $40.0 million. The transaction is subject to cu...