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Last Update: 07-Dec-12 08:08 ET
ComTech Telecom shares fall 12% following disappointing earnings
Comtech Telecom (CMTL $22.53 -3.27) reported first quarter adjusted earnings of $0.25 per share (or $5.8 million, ex-$1.6 mln in benefits), may not be comparable to the Capital IQ Consensus Estimate of $0.29; revenues fell 19.8% year/year to $91 mln vs the $90.46 mln consensus. Total bookings for the three months ended October 31, 2012 were $70.4 million compared to $95.4 million for the three months ended Oct 31, 2011. The company issued guidance for FY13, sees EPS of $1.26-1.34, including items, may not be comparable to $1.46 Capital IQ Consensus Estimate; sees FY13 revs of $350-365 million versus $376.87 million consensus Estimate. "Despite difficult market conditions, we are pleased with our first quarter results and the strong cash flows generated from our business. Although our long term growth plans have not changed, we believe that the U.S. government's failure to resolve the "fiscal cliff" has resulted in increased uncertainty throughout our customer base. As such, we have adjusted our fiscal 2013 business outlook and updated our guidance accordingly." The Company also announced today that its Board of Directors has authorized a new $50.0 million stock repurchase program.
