Comtech Telecommunications Corp. (NASDAQ: CMTL) has reported its operating results for the fourth quarter and fiscal year ended July 31, 2019, the company said.
Net sales for the fourth quarter of fiscal 2019 were USD 176.4 million as compared to USD 167.4 million achieved during the fourth quarter of fiscal 2018, representing an increase of USD 9.0 million, or 5.4%. Net sales for fiscal 2019 were USD 671.8 million as compared to USD 570.6 million achieved during fiscal 2018, representing a significant increase of USD 101.2 million, or 17.7%.
Bookings during fiscal 2019 were USD 724.1 million, with a company-wide book-to-bill ratio of 1.08 and Comtech finished the year with backlog of USD 683.0 million. When adding Comtech´s backlog and the total unfunded value of multi-year contracts that Comtech has actually received and for which it expects future orders, its revenue visibility approximates USD 1.0 billion.
On a GAAP basis, fourth quarter fiscal 2019 operating income was USD 10.4 million, net income was USD 6.1 million and earnings per diluted share (“EPS”) was USD 0.25. As shown in the table below, excluding acquisition plan expenses of USD 1.3 million or USD 0.04 per diluted share, Non-GAAP EPS was USD 0.29. Fiscal 2019 operating income was USD 41.4 million, net income was USD 25.0 million and EPS was USD 1.03. As shown in the table below, Non-GAAP EPS in fiscal 2019 was USD 1.34.
Adjusted EBITDA for the fourth quarter of fiscal 2019 was USD 28.3 million. Adjusted EBITDA for fiscal 2019 was USD 93.5 million as compared to the USD 78.4 million achieved during fiscal 2018, representing a significant increase of USD 15.1 million, or 19.3%. Adjusted EBITDA is a non-GAAP financial measure which is reconciled to the most directly comparable GAAP financial measure and is more fully defined below.
Comtech Telecommunications designs, develops, produces and markets innovative products, systems and services for advanced communications solutions. The company sells products to a diverse customer base in the global commercial and government communications markets.