Comtech Telecommunications Corp. announced that its Board of Directors declared a quarterly cash dividend of $0.275 per share, payable on May 21, 2013, to shareholders of record at the close of business on April 19, 2013. The dividend is the company's eleventh consecutive quarterly dividend. While future dividends will be subject to Board approval, the Board of Directors is currently targeting annual dividend payments aggregating $1.10 per share.

Comtech Telecommunications Corp. announced unaudited consolidated earnings results for the second quarter and six months ended January 31, 2013. For the quarter, the company reported net sales of $74,577,000 against $99,141,000 a year ago. Operating income was $5,947,000 against $10,654,000 a year ago. Income before provision for income taxes was $4,232,000 against $8,905,000 a year ago. Net income was $2,365,000 against $5,821,000 a year ago. Diluted earnings per share were $0.14 against $0.27 a year ago. Adjusted EBITDA was $10,076,000 against $15,743,000 a year ago. The period-over-period decrease in net sales is due to lower net sales in all three of its operating segments. For the year, the company reported net sales of $165,530,000 against $212,502,000 a year ago. Operating income was $19,309,000 against $26,413,000 a year ago. Income before provision for income taxes was $15,759,000 against $23,014,000 a year ago. Net income was $9,800,000 against $18,422,000 a year ago. Diluted earnings per share were $0.51 against $0.75 a year ago. Adjusted EBITDA was $28,612,000 against $39,152,000 a year ago. The company generated $11.4 million of positive cash flow from operations during the first 6 months of fiscal 2013. 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. The company expects to generate positive net cash from operating activities for the remainder of fiscal 2013.

Comtech Telecommunications Corp., Q2 2013 Earnings Call, Mar 08, 2013