Business
Comtech Telecommunications Corp. Announces Results for Its Fiscal 2021 Third Quarter and Updates Its Financial Targets for Fiscal 2021
MELVILLE, N.Y.--(BUSINESS WIRE)-- June 8, 2021-- Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the third fiscal
About this update from Comtech Telecommunications Corp.
[{"type":"text","content":" MELVILLE, N.Y.--(BUSINESS WIRE)--\nJune 8, 2021-- Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the third fiscal quarter ended April 30, 2021 and updated its financial targets for fiscal 2021.\n\nFiscal 2021 Third Quarter Highlights\n\n\nConsolidated net sales of $139.4 million and Adjusted EBITDA of $17.7 million (or 12.7% of consolidated net sales). Adjusted EBITDA, which significantly exceeded Comtech's expectation for its third quarter of fiscal 2021, is a non-GAAP financial measure that is reconciled to the most directly comparable GAAP financial measure and is more fully defined below.\n\n\n\nWith bookings of $115.9 million, the Company achieved a book-to-bill ratio (a measure defined as bookings divided by net sales) of 0.83 during its third quarter of fiscal 2021. Backlog as of April 30, 2021 was $636.5 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\n\nThe Company incurred an aggregate of $5.3 million of acquisition plan expenses due to the April 2021 settlement of litigation related to the 2019 acquisition of GD NG-911 as well as the March 2021 closing of the UHP acquisition. The integration of UHP into Comtech’s satellite ground station product line is well underway, and it does not expect to incur any significant acquisition plan expenses for the remainder of fiscal 2021.\n\n\n\nThe Company's annual effective income tax rate was 11.5%, excluding a net discrete tax expense of $0.2 million.\n\n\n\nComtech reported GAAP operating income of $2.4 million, GAAP net income of $0.8 million and GAAP net income per diluted share (\"EPS\") of $0.03 for the third quarter of fiscal 2021. Non-GAAP operating income was $8.9 million, Non-GAAP net income was $6.8 million and Non-GAAP EPS was $0.26. These Non-GAAP amounts exclude acquisition plan expenses, restructuring costs, COVID-19 related costs, strategic emerging technology costs for next-generation satellite technology and a net discrete tax expense. Non-GAAP amounts are reconciled to the most directly comparable GAAP financial measures in the table below.\n\...