{"id":86121,"date":"2010-09-27T17:51:04","date_gmt":"2010-09-27T09:51:04","guid":{"rendered":"https:\/\/wp-productionenv-bjg9h2g2bgg5b8aa.southeastasia-01.azurewebsites.net\/news\/comtech-sees-strong-2010-fourth-quarter-despite-bft-2-cpi-setbacks\/"},"modified":"2010-09-27T17:51:04","modified_gmt":"2010-09-27T09:51:04","slug":"comtech-sees-strong-2010-fourth-quarter-despite-bft-2-cpi-setbacks","status":"publish","type":"post","link":"https:\/\/starpath.global\/news\/comtech-sees-strong-2010-fourth-quarter-despite-bft-2-cpi-setbacks\/","title":{"rendered":"Comtech Sees Strong 2010 Fourth Quarter Despite BFT-2, CPI Setbacks"},"content":{"rendered":"

[09-27-10] Comtech<\/strong>\u2019s 2010 fourth quarter revenues more than doubled to $257 million compared to the same period in 2009, beating consensus estimates of $238 million by 8 percent, the company announced in its latest financial guidance, issued Sept. 23.
\n    Comtech\u2019s fourth quarter earnings per share also beat analysts\u2019 expectations by $0.15 at $0.73.
\n    While Comtech saw its RF amplifier sales decline by 41 percent, the company\u2019s mobile data sales grew more than seven times over its results from the same period in 2009, due to a bulk shipment of replacement MTS computers during the quarter. Comtech\u2019s telecom sales also increased approximately 4 percent.
\n    Comtech lost its U.S. Army<\/strong> Blue Force Tracking-2 (BFT-2) contract bid to competitor ViaSat<\/strong> in July. While Comtech management admitted that the contract loss will likely result in the termination of its BFT product line, the company forecasts its 2011 full-year revenues will increase over its 2010 results of $53.6 million as the company continues to sell its existing backlog of BFT\/MTS products. Comtech\u2019s backlog is worth an estimated $182 million. The company also said it may even take new BFT\/MTS orders under its U.S. Army incremental order ceiling of $350 million.
\n    Due to the company\u2019s strong fourth quarter performance, Comtech issued a new 2011 full-year revenue guidance between $620 and $630 million. Raymond James <\/strong>Analyst Chris Quilty told Satellite TODAY<\/em> that while Comtech\u2019s projection is strong, its 2011 guidance might be viewed as a mild disappointment. \u201cConsidering its performance in 2010, Comtech\u2019s 2011 full-year revenue consensus is $673 million.\u201d
\n    Following the loss of its $472.3 million merger agreement with CPI<\/strong> earlier this month, Comtech noted that it would commence a $100 million stock buyback program on Sept. 27. In addition to the buyback program, Comtech\u2019s board of directors will institute a quarterly cash dividend per share of $0.25.
\n    \u201c[Comtech] management has been in radio silence since losing the BFT-2 contract and its CPI merger bid. Buying back the stock is clearly the smart call relative to buying someone else. Furthermore, given the company\u2019s sizeable war chest of $407 million in net cash) and strong free cash generation of over $90 million, Comtech should have plenty of dry powder for potential mergers and acquisition activity down the road,\u201d Quilty said.<\/p>\n

Comtech, CPI Cancel Acquisition Dea<\/b>l<\/b> \"\"   \t\t\tSatellite Today   \t\t\tSeptember 9, 2010
\n[09-09-10] Comtech Telecommunications cancelled its $472.3 million merger agreement with RF microwave manufacturer CPI International after unanimous board approval at both companies, Comtech announced Sept. 7. The agreement\u2026<\/p>\n

Northrop Signs Blue Force Tracking Development Deal Worth $300 Million<\/b> \"\"   \t\t\tSatellite Today   \t\t\tAugust 20, 2010
\n[08-20-10] Northrop Grumman has been selected by the U.S. Army to provide encryption devices that will upgrade communications security of the Force 21 Battle Command Brigade and Below FBCB2-Blue Force Tracking network, the company\u2026<\/p>\n

Comtech to Protest Blue Force Tracking-2 Contract Award<\/b> \"\"   \t\t\tSatellite News   \t\t\tJuly 23, 2010
\n[07-23-10] Comtech CEO Fred Kornberg said his company plans to file an appeal with the U.S. Government Accountability Office over the U.S. Army s Blue Force Tracking 2 (BFT-2) contract award to ViaSat, announced July 22<\/p>\n","protected":false},"excerpt":{"rendered":"

[09-27-10] Comtech\u2019s 2010 fourth quarter revenues more than doubled to $257 million compared to the same period in 2009, beating consensus estimates of $238 million by 8 percent, the company announced in its latest financial guidance, issued Sept. 23.     Comtech\u2019s fourth quarter earnings per share also beat analysts\u2019 expectations by $0.15 at $0.73.     […]<\/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-86121","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/86121"}],"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=86121"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/86121\/revisions"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=86121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=86121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=86121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}