Comtech Telecommunications Corp. Announces the Company Expects to Exceed Second Quarter Fiscal 2004 Earnings Guidance and Raises Full Year Guidance
February 25, 2004 at 8:55 AM EST
MELVILLE, N.Y., Feb 25, 2004 (BUSINESS WIRE) -- Comtech Telecommunications Corp. (NASDAQ:CMTL) announced today that it expects to exceed its second quarter fiscal 2004 earnings guidance of 24 to 26 cents.
The Company expects to report diluted earnings per share for the second quarter of fiscal 2004 of between 31 and 33 cents. Sales for the quarter are expected to approximate $56.8 million.
Fred Kornberg, President and Chief Executive Officer of Comtech Telecommunications Corp., said, "The higher than expected earnings for the second quarter of fiscal 2004 were largely the result of stronger than anticipated sales, associated with the timing of U.S. Army orders, in our mobile data communications segment. In addition, the Company experienced a more favorable than anticipated product mix in our telecommunications transmission segment."
Mr. Kornberg added, "We are increasing our earnings guidance for fiscal 2004 to between $1.09 and $1.14. The dilution resulting from our recently issued convertible senior notes of approximately 2 cents per quarter for the remainder of the year has been absorbed in our revised guidance for fiscal 2004. The impact of the timing of U.S. Army orders in our mobile data communications segment during the second quarter is neutral to the full year guidance."
The Company expects to release its second quarter results and conduct its investor conference call on or about March 10, 2004.
Comtech Telecommunications Corp. designs, develops, produces and markets innovative products, systems and services for advanced communications solutions. The Company conducts its business through three complementary segments: telecommunications transmission, RF microwave amplifiers, and mobile data communications. The Company offers niche products, systems and services where it believes it has technological, engineering, systems design or other expertise that differentiate its product offerings.
Certain information in this press release contains forward-looking statements, including but not limited to, information relating to the future performance and financial condition of the Company, the plans and objectives of the Company's management and the Company's assumptions regarding such performance and plans that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company's Securities and Exchange Commission filings identify many such risks and uncertainties, which include the following:
-- Our operating results being difficult to forecast and subject
-- Our inability to maintain our government business;
-- Our inability to keep pace with technological changes;
-- Our dependence on international sales;
-- The impact of a continued domestic and foreign economic
slow-down and reduction in telecommunications equipment and
systems spending on the demand for our products, systems and
-- Our mobile data communications business being in an early
-- Our backlog being subject to cancellation or modification;
-- Our dependence on component availability, subcontractor
availability and performance by key suppliers;
-- Our fixed price contracts being subject to risk;
-- The impact of adverse regulatory changes on our ability to
sell products, systems and services;
-- The impact of prevailing economic and political conditions on
-- Whether we can successfully integrate and assimilate the
operations of acquired businesses;
-- The impact of the loss of key technical or management
-- The highly competitive nature of our markets;
-- Our inability to protect our proprietary technology;
-- Our operations being subject to environmental regulation;
-- The impact of recently enacted and proposed changes in
securities laws and regulations on our costs;
-- The impact of terrorist attacks and threats, and government
responses thereto, and threats of war on our businesses; and
-- Our inability to satisfy our debt obligations, including the
recently issued convertible senior notes.
SOURCE: Comtech Telecommunications Corp.
Comtech Telecommunications Corp.
Fred Kornberg, President and Chief Executive Officer
Robert G. Rouse, Chief Financial Officer
Customize your Business Wire news & multimedia to match your needs.
Get breaking news from companies and organizations worldwide.
Logon for FREE today at www.BusinessWire.com.
Copyright (C) 2004 Business Wire. All rights reserved.