March 7, 2013--Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the three and six months ended January 31, 2013.
Net sales for the second quarter of fiscal 2013 were $74.6 million compared to $99.1 million for the second quarter of fiscal 2012. The period-over-period decrease in net sales is due to lower net sales in all three of its operating segments. GAAP net income was $2.4 million, or $0.14 per diluted share, for the second quarter of fiscal 2013 as compared to $5.8 million, or $0.27 per diluted share, for the second quarter of fiscal 2012.
Net sales for the six months ended January 31, 2013 were $165.5 million compared to $212.5 million for the six months ended January 31, 2012. GAAP net income was $9.8 million, or $0.51 per diluted share, for the six months ended January 31, 2013 as compared to $18.4 million, or $0.75 per diluted share, for the six months ended January 31, 2012.
The Company also provided updated fiscal 2013 guidance. Fiscal 2013 revenue is now expected to range from $320.0 million to $330.0 million and GAAP diluted earnings per share is now expected to be between $0.80 and $0.92. Adjusted EBITDA for fiscal 2013 is now expected to be in the range of $48.0 million to $52.0 million.
In commenting on the Company’s second quarter results and updated fiscal 2013 guidance, Fred Kornberg, President and Chief Executive Officer, noted, “Our second quarter results were impacted by a weak global economic environment and the U.S. government’s failure to resolve its budget issues. We believe these issues have resulted in increased uncertainty amongst our global customer base and we have adjusted our guidance accordingly.”
Mr. Kornberg added, “Although we are clearly experiencing significant headwinds from a variety of global economic issues, we continue to spend the research and development dollars necessary to maintain our leadership position during these difficult times and position us for growth as economic conditions improve and government funding frees up.”