{"id":59590,"date":"2020-06-04T20:54:46","date_gmt":"2020-06-04T12:54:46","guid":{"rendered":"https:\/\/wp-productionenv-bjg9h2g2bgg5b8aa.southeastasia-01.azurewebsites.net\/news\/pandemic-takes-toll-on-comtech-q3-sales\/"},"modified":"2020-06-04T20:54:46","modified_gmt":"2020-06-04T12:54:46","slug":"pandemic-takes-toll-on-comtech-q3-sales","status":"publish","type":"post","link":"https:\/\/starpath.global\/news\/pandemic-takes-toll-on-comtech-q3-sales\/","title":{"rendered":"Pandemic Takes Toll on Comtech Q3 Sales"},"content":{"rendered":"<\/p>\n<figure id=\"attachment_309516\" aria-describedby=\"caption-attachment-309516\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-large wp-image-309516\" src=\"https:\/\/www.satellitetoday.com\/wp-content\/uploads\/2019\/10\/New-Comtech-Entrance-800x600.jpg\" alt=\"\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.satellitetoday.com\/wp-content\/uploads\/2019\/10\/New-Comtech-Entrance.jpg 800w, https:\/\/www.satellitetoday.com\/wp-content\/uploads\/2019\/10\/New-Comtech-Entrance-300x225.jpg 300w, https:\/\/www.satellitetoday.com\/wp-content\/uploads\/2019\/10\/New-Comtech-Entrance-267x200.jpg 267w\" sizes=\"(max-width: 800px) 100vw, 800px\"><figcaption id=\"caption-attachment-309516\" class=\"wp-caption-text\">Comtech Systems headquarters. Photo: Comtech Systems<\/figcaption><\/figure>\n<\/p>\n<p>On Wednesday, <strong>Comtech Telecommunications Corp.<\/strong>, reported its operating results for its Third Quarter (Q3), which ended April 30, 2020, reporting $135 million in net sales, a 20% decrease from the same time period in 2019. The company reported a net loss of about $4 million, compared to $7.6 million net income over the same time period in 2019.&nbsp;<\/p>\n<p>The company said it has experienced \u201csignificant order delays and lower net sales,\u201d due to the COVID-19 pandemic. Comtech implemented cost saving measures, including reducing global headcount by approximately 10% and reducing salaries. Comtech\u2019s Commercial Solutions segment said its satellite ground station technologies product line, which has historically required significant in-person meetings to generate new business, has been most impacted by restrictions on business activities.<\/p>\n<p>Fred Kornberg, Chairman of the Board and CEO said: \u201cNo doubt, the third quarter was challenging for Comtech. But I have never been prouder of our employees for their dedication and commitment to our customers. I am exceedingly grateful for the trust our customers continue to place in Comtech\u2019s industry leading technology and expertise. Looking forward, I remain enthusiastic about our efforts on a number of large strategic orders and we are laser focused on positioning the company for a strong fiscal 2021.\u201d<\/p>\n<p>Comtech also announced it has amended the purchase price of satellite ground station tech company <strong>UHP Networks, Inc.<\/strong>, which was originally announced in November 2019. The total aggregate purchase price has been reduced by approximately 24% from $50 million to $38 million. The transaction is subject to regulatory approval.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Comtech Systems headquarters. Photo: Comtech Systems On Wednesday, Comtech Telecommunications Corp., reported its operating results for its Third Quarter (Q3), which ended April 30, 2020, reporting $135 million in net sales, a 20% decrease from the same time period in 2019. The company reported a net loss of about $4 million, compared to $7.6 million [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-59590","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/59590"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=59590"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/59590\/revisions"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=59590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=59590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=59590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}