Comtech Telecommunications Corp. Announces Results For The Second Quarter Of Fiscal 2011 And Declares $0.25 Per Share Quarterly Cash Dividend

MELVILLE, N.Y., March 10, 2011 (GLOBE NEWSWIRE) -- Comtech Telecommunications Corp. (Nasdaq:CMTL) today reported its operating results for the three and six months ended January 31, 2011.

Net sales for the second quarter of fiscal 2011 were $162.8 million compared to $171.1 million for the second quarter of fiscal 2010. The period-over-period decrease in net sales is attributable to lower net sales in both our mobile data communications and RF microwave amplifiers segments, offset, in part, by higher net sales in our telecommunications transmission segment.

GAAP net income was $16.1 million, or $0.52 per diluted share, for the second quarter of fiscal 2011 compared to $16.3 million, or $0.51 per diluted share, for the second quarter of fiscal 2010.

Net sales for the six months ended January 31, 2011 were $341.0 million compared to $304.9 million for the six months ended January 31, 2010. The period-over-period increase in net sales is attributable to higher net sales in both our telecommunications transmission and mobile data communications segments that were offset, in part, by lower sales in our RF microwave amplifiers segment.

GAAP net income was $41.8 million, or $1.32 per diluted share, for the six months ended January 31, 2011 compared to $25.4 million, or $0.81 per diluted share, for the six months ended January 31, 2010.

Comtech also announced today that its Board of Directors declared a quarterly cash dividend of $0.25 per share payable on May 20, 2011 to shareholders of record at the close of business on April 21, 2011. The dividend is the Company's third quarterly dividend. While future dividends will be subject to Board approval, the Board of Directors is currently targeting annual dividend payments aggregating $1.00 per share.

In commenting on the Company's performance, Fred Kornberg, President and Chief Executive Officer, stated, "Although market conditions remain challenging, we posted solid results in the second quarter."