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Comtech Telecommunications Corp. Announces Third Quarter Results For Fiscal 1998

May 27, 1998 at 12:00 AM EDT
Comtech Telecommunications Corp. Announces Third Quarter Results For Fiscal 1998 Melville, New York --- May 27, 1998 --- COMTECH TELECOMMUNICATIONS CORP. (NASDAQ/NMS: CMTL) today reported for the third quarter ended April 30, 1998, net income of $388,000, or $.15 per share, on sales of $8,689,000. For the same quarter of last year, the Company had net income of $83,000, or $.03 per share, on sales of $5,531,000.

For the first nine months of fiscal 1998, the Company reported net income of $809,000, or $.31 per share, on sales of $22,323,000 as compared to net income of $312,000, or $.12 per share, on sales of $16,767,000 for the nine month period in fiscal 1997.

Backlog at April 30, 1998 was $18,729,000 as compared to $14,793,000 a year before and $14,724,000 at July 31, 1997. The higher backlog was primarily due to higher bookings at our Comtech PST and Comtech Systems operating units.

Mr. Fred Kornberg, President, commented, "we are pleased to report that the net sales for the third quarter increased more than 57% and net income increased more than 360% over last year's third quarter. The Company's increased sales and income over the corresponding nine month period 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."

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. Please visit our website http://www.comtechtel.com for more information.