Press release
Comtech Telecommunications Corp. Reports Strong Results for Fourth Quarter and Fiscal 2021 and Provides Initial Financial Targets for Fiscal 2022
President and COO Michael Porcelain to become Chief Executive Officer by Calendar Year End MELVILLE, N.Y.--(BUSINESS WIRE)-- October 4, 2021 – Comtech
About this update from Comtech Telecommunications Corp.
[{"type":"text","content":"\nPresident and COO Michael Porcelain to become Chief Executive Officer by Calendar Year End\n\n MELVILLE, N.Y.--(BUSINESS WIRE)--\nOctober 4, 2021 – Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the fourth quarter and fiscal year ended July 31, 2021. The Company also provided its initial financial targets for fiscal 2022 and announced a senior leadership transition.\n\nFiscal 2021 Fourth Quarter Highlights\n\n\nConsolidated net sales for the fourth quarter of fiscal 2021 were $145.8 million, GAAP net income was $7.4 million and Adjusted EBITDA was $26.4 million (or 18.1% of consolidated net sales). Adjusted EBITDA exceeded the Company's expectation for the quarter and drove a strong finish to fiscal 2021. Consolidated net sales for the fourth quarter of fiscal 2020 were $149.7 million, GAAP net income was $1.1 million and Adjusted EBITDA was $23.5 million (or 15.7% of consolidated net sales). Adjusted EBITDA 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\nNew bookings for the fourth quarter of fiscal 2021 were $168.2 million, which enabled the Company to achieve a book-to-bill ratio (a measure defined as bookings divided by net sales) of 1.15. Key bookings received include multi-year contracts valued at $23.5 million and $23.0 million to deploy and operate next generation 911 (\"NG-911\") services for the states of Arizona and Iowa, respectively. In addition, in connection with a multi-year contract award, Comtech received an initial $13.0 million order from a large new customer to customize Comtech’s next-generation broadband satellite technology that can be used with thousands of Low Earth Orbit (“LEO”) satellites reportedly being launched over the next several years. Comtech's backlog and the total unfunded value of multi-year contracts received, for which it expects future orders, provides revenue visibility to over $1.1 billion, excluding potential future orders from this large new customer that could amount to hundreds of millions of dollars.\n\n\nGAAP operating income in the fourth quarter of fiscal 2021 was $9.7 million and GAAP net income per diluted share (\"EPS\") was $0.28. GAAP operating income in the fourth quarter of fiscal 2020 was $2.8 million and GAAP EPS was $0.04.\n\n\nNo...