Business
Comtech Telecommunications Corp. Announces Results for Its Fiscal 2021 Second Quarter and Updates Its Financial Targets for Fiscal 2021
MELVILLE, N.Y.--(BUSINESS WIRE)-- March 11, 2021-- Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the second fiscal
About this update from Comtech Telecommunications Corp.
[{"type":"text","content":" MELVILLE, N.Y.--(BUSINESS WIRE)--\nMarch 11, 2021-- Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the second fiscal quarter ended January 31, 2021 and updated its financial targets for fiscal 2021.\n\nFiscal 2021 Second Quarter Highlights\n\n\nConsolidated net sales of $161.3 million and Adjusted EBITDA of $18.1 million (or 11.2% of consolidated net sales) significantly exceeded Comtech's expectation for its second quarter of fiscal 2021. 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\nWith bookings of $215.8 million, the Company achieved a book-to-bill ratio (a measure defined as bookings divided by net sales) of 1.34 during its second quarter of fiscal 2021. Backlog as of January 31, 2021 was $660.0 million. The total value of multi-year contracts that Comtech has received is substantially higher than its reported backlog. When adding Comtech’s backlog and the total unfunded value of multi-year contracts that Comtech has received and for which it expects future orders, its revenue visibility approximates $1.1 billion.\n\n\nThe Company incurred an aggregate of $3.4 million of acquisition plan expenses. The large majority of these expenses related to GD NG-911 acquisition-related expenses and the acquisition of UHP which closed on March 2, 2021. UHP is a leading provider of innovative and disruptive satellite ground station technology solutions. Based in Canada, UHP has developed revolutionary technology that Comtech believes is transforming the Very Small Aperture Terminal (\"VSAT\") market. Feedback from customers has been extremely positive and initial order flow for UHP products looks strong.\n\n\nThe Company's annual effective income tax rate was 17.0%, excluding a net discrete tax benefit of $0.8 million.\n\n\nIncluding all acquisition plan expenses, restructuring costs and COVID-19 related costs, Comtech reported GAAP operating income of $5.4 million, GAAP net income of $4.2 million and GAAP net income per diluted share (\"EPS\") of $0.17 for the second quarter of fiscal 2021. Excluding such costs, the net discrete tax benefit and as reconciled to the most directly comparable GAAP financial measures in the table below, Non-GAAP operating income was $9.5 million, Non-G...