Comtech Telecommunications net sales $64.1 millionStaff writer ▼ | December 11, 2015
Comtech Telecommunications reported its results for the three months ended October 31, 2015. Net sales were $64.1 million compared to $76.4 million for the three months ended October 31, 2014.
Comtech Telecommunications The period-over-period decrease
Sales in its mobile data communications segment were nominally lower period-over-period. Consistent with the company's prior guidance discussed during its September 29, 2015 investor call, the company's first quarter results are expected to be the lowest quarter of fiscal 2016.
GAAP net income was $1.4 million, or $0.09 per diluted share, for the three months ended October 31, 2015 as compared to $5.2 million, or $0.32 per diluted share, for the three months ended October 31, 2014.
Excluding $1.4 million of pre-tax expenses related to the company's focused acquisition plan that were incurred during the three months ended October 31, 2015, diluted EPS would have been $0.15.
The large majority of the focused acquisition plan expenses related to activities which resulted in the November 2015 signing of a definitive merger agreement to acquire TeleCommunication Systems, a provider of mission critical Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) solutions and next generation emergency 911 services to leading cellular and Voice Over Internet Protocol (VoIP) providers.
The company also announced that it is maintaining its fiscal 2016 revenue guidance of $300.0 million to $310.0 million and maintaining its fiscal 2016 Adjusted EBITDA guidance of $50.0 million to $54.0 million.
Including the $1.4 million of pre-tax expenses related to the company's focused acquisition plan, GAAP diluted EPS is now expected to be between $1.28 and $1.44. Excluding the $1.4 million of pre-tax expenses related to the company's focused acquisition plan, the company's diluted EPS guidance for fiscal 2016 would have been between $1.34 and $1.50.
The company's fourth quarter of fiscal 2016 is still expected to be the peak quarter in fiscal 2016. The company's fiscal 2016 guidance does not give effect to the TCS acquisition, which is expected to close no later than March 2016.
The company expects to provide combined revenue, Adjusted EBITDA and diluted earnings per share guidance, which will give effect to the TCS acquisition, in a future announcement following the closing of the acquisition. ■