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Comtech Telecommunications Corp. Announces Second Quarter Results For Fiscal 1998

February 23, 1998 at 12:00 AM EST
Comtech Telecommunications Corp. Announces Second Quarter Results For Fiscal 1998 Melville, New York --- February 23, 1998 --- COMTECH TELECOMMUNICATIONS CORP. (NASDAQ/NMS: CMTL) today reported for the second quarter ended January 31, 1998, net income of $317,000 or $.12 per share, on sales of $7,700,000. For the same quarter of last year, the Company had net income of $148,000, or $.06 per share, on sales of $6,048,000.

For the first six months of fiscal 1998, the Company reported net income of $421,000 or $.16 per share on sales of $13,634,000 as compared to net income of $229,000, or $.09 per share on sales of $11,236,000 for the six month period in fiscal 1997.

Backlog at January 31, 1998 was $17,219,000 as compared to $14,250,000 a year before and $14,724,000 at July 31, 1997.

Mr. Fred Kornberg, President, commented, "we are pleased to report that the net sales for the second quarter increased more than 27% and net income increased more than 114% over last year's second quarter. As in our first quarter, the Company's increased sales and income over the corresponding quarter in fiscal 1997, reflecting the benefits flowing from Comtech's continuing transition to a product oriented business, were primarily driven by our Comtech PST operating unit, partially offset by results of our Comtech Communications Corp. operating unit which experienced and continues to experience lower sales from the Pacific Rim area.

At the Annual Stockholders' Meeting held on December 16, 1997, Dr. George Bugliarello and Mr. Richard L. Goldberg were reelected as Directors for a three year term. The Stockholders also approved the selection of KPMG Peat Marwick LLP as auditors, amendments to the Company's 1993 Stock Option Plan and an increase in the Company's authorized shares of Common Stock.

Comtech, through its operating units, is a broad based manufacturer of state-of-the-art solid state high power amplifiers and high technology satellite and troposcatter telecommunication products and systems for commercial and government applications.