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Comtech Telecommunications Q1 net sales $135.8 million

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Staff Writer |
Comtech Telecommunications   Incremental sales of approximately $78 million

Comtech Telecommunications reported its operating results for the first quarter ended October 31, 2016.

Net sales for the three months ended October 31, 2016 were $135.8 million compared to $64.1 million for the three months ended October 31, 2015.

The period-over-period increase in net sales reflects incremental sales of approximately $78 million as a result of the February 23, 2016 acquisition of TeleCommunication Systems, partially offset by lower sales of legacy Comtech products.

Backlog as of October 31, 2016 was $461.9 million. The company achieved bookings of approximately $113.7 million during the first quarter of fiscal 2017.

The company has a number of large opportunities in its order pipeline and currently expects its book-to-bill ratio for fiscal 2017 to exceed 1.0.

GAAP operating loss for the quarter was $0.7 million and GAAP net loss was $2.5 million, or $(0.11) per diluted share, for the three months ended October 31, 2016.

Adjusted EBITDA was $10.0 million for the quarter. As of October 31, 2016, the company had $62.7 million of cash and cash equivalents.

During the first quarter of fiscal 2017, the company generated better than expected cash flows from operating activities of $7.6 million.

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