Month: June 2021

Release – Esports Entertainment Group Partners with CEAC to Host Inaugural Cinema and Esports Event

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Esports Entertainment Group Partners with CEAC to Host Inaugural Cinema & Esports Event

 

Event will explore how cinemas can gain new revenue streams and the esports community can add venues for viewing and practices

Newark, New Jersey–(Newsfile Corp. – June 9, 2021) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the “Company”), an esports entertainment and online gambling company, today announced a partnership with Cinema Esports Alliance Co., an organization dedicated to the growth of esports in cinema, to host a virtual event to bridge the gap and open the door of communication between the cinema and esports industries. The inaugural event will delve deeper into how both industries can support each other. While cinemas are eager to find new revenue streams, the esports community seeks new venues for practices and viewing parties.

“We are excited to partner with the CEAC to help cinemas attract the gamer community into their facilities,” stated Grant Johnson, CEO of Esports Entertainment Group. “We believe we have a turnkey, fully-integrated esports solution that can support cinema exhibition of esports including tournaments and onsite infrastructure.”

“Cinemas have looked at esports with interest because the profile of the gamer is similar to that of the avid moviegoer,” added Heather Blair, founder of CEAC. “With concern for lack of or inconsistent movie content, cinemas are motivated to seek other types of entertainment to offer their customers and attract new ones. This event pairs experts in several fields willing to discuss their successes and pitfalls of their past and current projects and programs surrounding this topic.”

The event will take place virtually on June 22 at 10:00 a.m. PST/1:00 p.m. EST with registration open to all, but prior RSVP
required. The speakers will include Magnus Leppäniemi , President of Esports at EEG, Glen Elliott, founder of Esports Gaming League, Scott Russel, Head of Gaming APAC at Blackhawk Network, and Adam Saks, CEO of Level Up Entertainment/UltraStar Multi-tainment.

About Esports Entertainment Group

Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Contact:

U.S. Investor Relations
RedChip Companies, Inc.
Dave Gentry
407-491-4498

dave@redchip.com

Media & Investor Relations Inquiries
Jeff@esportsentertainmentgroup.com

 

Disclosure:

RedChip Companies, Inc. research reports, company profiles and other investor relations materials, publications or presentations, including web content, are based on data obtained from sources we believe to be reliable but are not guaranteed as to accuracy and are not purported to be complete. As such, the information should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed in RedChip reports, company profiles, or other investor relations materials and presentations are subject to change. RedChip Companies and its affiliates may buy and sell shares of securities or options of the issuers mentioned on this website at any time.

The information contained herein is not intended to be used as the basis for investment decisions and should not be construed as advice intended to meet the particular investment needs of any investor. The information contained herein is not a representation or warranty and is not an offer or solicitation of an offer to buy or sell any security. To the fullest extent of the law, RedChip Companies, Inc., our specialists, advisors, and partners will not be liable to any person or entity for the quality, accuracy, completeness, reliability or timeliness of the information provided, or for any direct, indirect, consequential, incidental, special or punitive damages that may arise out of the use of information provided to any person or entity (including but not limited to lost profits, loss of opportunities, trading losses and damages that may result from any inaccuracy or incompleteness of this information).

Stock market investing is inherently risky. RedChip Companies is not responsible for any gains or losses that result from the opinions expressed on this website, in its research reports, company profiles or in other investor relations materials or presentations that it publishes electronically or in print.

We strongly encourage all investors to conduct their own research before making any investment decision. For more information on stock market investing, visit the Securities and Exchange Commission (“SEC”) at www.sec.gov.

Esports Entertainment Group, Inc. (GMBL) is a client of RedChip Companies, Inc. GMBL agreed to pay RedChip Companies, Inc. a $4,000 monthly cash fee, beginning in June 2018, and 225,000 shares of Rule 144 stock for RedChip investor awareness services.

Investor awareness services and programs are designed to help small-cap companies communicate their investment characteristics. RedChip investor awareness services include the preparation of a research profile(s), multimedia marketing, and other awareness services.

Release – Lineage Cell Therapeutics Set to Join Russell 3000 Index and Russell Microcap Index

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Lineage Cell Therapeutics Set to Join Russell 3000® Index and Russell Microcap® Index

 

CARLSBAD, Calif.–(BUSINESS WIRE)–Jun. 9, 2021– 

Lineage Cell Therapeutics, Inc.
 (NYSE American and TASE: LCTX), a clinical-stage biotechnology company developing allogeneic cell therapies for unmet medical needs, announced today that it is set to join the broad-market Russell 3000® Index as well as the Russell Microcap® Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the U.S. market opens on 
June 28, 2021, according to a preliminary list of additions posted on 
June 4, 2021, by FTSE Russell, a leading global index provider.

Annual Russell indexes reconstitution captures the 4,000 largest 
U.S. stocks as of 
May 7, 2021, ranking them by total market capitalization. Membership in the 
U.S. all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. Membership in the Russell Microcap® Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

“Lineage’s inclusion on the preliminary list of additions to the Russell 3000® Index and the Russell Microcap® Index reflects progress we have made to establish ourselves as a leader in cell therapy and regenerative medicine,” stated  Brian M. Culley, Lineage’s CEO. “During the past year, we have delivered significant clinical, manufacturing, and business milestones which have created considerable value for our shareholders, and we intend to be diligent in our efforts to benefit from the explosive growth we believe the field of cell therapy will experience in the months and years ahead. We believe our inclusion in the Russell indexes will help broaden awareness of Lineage’s corporate mission and objectives among a wider audience of investors and help drive an increase in the liquidity of our stock.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately 
$10.6 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell.

About FTSE Russell

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately 
$17.9 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering. FTSE Russell is wholly owned by London Stock Exchange Group. For more information, visit www.ftserussell.com.

About Lineage Cell Therapeutics, Inc. 

Lineage Cell Therapeutics is a clinical-stage biotechnology company developing novel cell therapies for unmet medical needs. Lineage’s programs are based on its robust proprietary cell-based therapy platform and associated in-house development and manufacturing capabilities. With this platform Lineage develops and manufactures specialized, terminally differentiated human cells from its pluripotent and progenitor cell starting materials. These differentiated cells are developed to either replace or support cells that are dysfunctional or absent due to degenerative disease or traumatic injury or administered as a means of helping the body mount an effective immune response to cancer. Lineage’s clinical programs are in markets with billion dollar opportunities and include three allogeneic (“off-the-shelf”) product candidates: (i) OpRegen®, a retinal pigment epithelium transplant therapy in Phase 1/2a development for the treatment of dry age-related macular degeneration, a leading cause of blindness in the developed world; (ii) OPC1, an oligodendrocyte progenitor cell therapy in Phase 1/2a development for the treatment of acute spinal cord injuries; and (iii) VAC2, an allogeneic dendritic cell therapy produced from Lineage’s VAC technology platform for immuno-oncology and infectious disease, currently in Phase 1 clinical development for the treatment of non-small cell lung cancer. For more information, please visit www.lineagecell.com or follow the Company on Twitter @LineageCell.

Forward-Looking Statements

Lineage cautions you that all statements, other than statements of historical facts, contained in this press release, are forward-looking statements. Forward-looking statements, in some cases, can be identified by terms such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect,” “could,” “can,” “plan,” “potential,” “predict,” “seek,” “should,” “would,” “contemplate,” project,” “target,” “tend to,” or the negative version of these words and similar expressions. Such statements include, but are not limited to, statements relating to Lineage’s inclusion in the Russell indexes, anticipated growth in the field of cell therapy, and the potential benefits to Lineage and its shareholders as a result. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Lineage’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including risks and uncertainties inherent in Lineage’s business and other risks in Lineage’s filings with the 
Securities and Exchange Commission (SEC). Lineage’s forward-looking statements are based upon its current expectations and involve assumptions that may never materialize or may prove to be incorrect. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. Further information regarding these and other risks is included under the heading “Risk Factors” in Lineage’s periodic reports with the 
SEC, including Lineage’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the 
SEC and its other reports, which are available from the SEC’s website. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they were made. Lineage undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

The information in this announcement about the Russell indexes and FTSE Russell was obtained from FTSE Russell. Lineage has not independently verified such information and there can be no assurance as to its accuracy.

Lineage Cell Therapeutics, Inc. IR
Ioana C. Hone
(ir@lineagecell.com)
(442) 287-8963

Solebury Trout IR
Gitanjali Jain Ogawa
(Gogawa@soleburytrout.com)
(646) 378-2949

Russo Partners – Media Relations
Nic Johnson or  David Schull
Nic.johnson@russopartnersllc.com
David.schull@russopartnersllc.com
(212) 845-4242

Source: 
Lineage Cell Therapeutics, Inc.

Release – Comtech Telecommunications Corp. Declares 0.10 Per Share Quarterly Cash Dividend

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Comtech Telecommunications Corp. Declares $0.10 Per Share Quarterly Cash Dividend

 

MELVILLE, N.Y.–(BUSINESS WIRE)–Jun. 8, 2021– 
June 8, 2021— 
Comtech Telecommunications Corp. (NASDAQ: CMTL) announced today that its Board of Directors declared a quarterly cash dividend of 
$0.10 per share, payable on 
August 20, 2021, to shareholders of record at the close of business on 
July 21, 2021. The dividend is the Company’s forty-fourth consecutive quarterly dividend. Future dividends remain subject to compliance with financial covenants under the Company’s secured credit facility as well as Board approval.

Comtech Telecommunications Corp. is a leader in the global communications market headquartered in 
Melville, New York. With a passion for customer success, 
Comtech designs, produces and markets advanced secure wireless solutions to more than 1,000 customers in more than 100 countries.

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company’s 
Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such 
Securities and Exchange Commission filings.

Media Contacts:
Michael D. Porcelain, President and Chief Operating Officer
(631) 962-7000
Info@comtechtel.com

Source: 
Comtech Telecommunications Corp.

Release – Comtech Telecommunications Corp. Announces Results for Its Fiscal 2021 Third Quarter and Updates Its Financial Targets for Fiscal 2021

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Comtech Telecommunications Corp. Announces Results for Its Fiscal 2021 Third Quarter and Updates Its Financial Targets for Fiscal 2021

 

MELVILLE, N.Y.–(BUSINESS WIRE)–Jun. 8, 2021– 
June 8, 2021— 
Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the third fiscal quarter ended 
April 30, 2021 and updated its financial targets for fiscal 2021.

Fiscal 2021 Third Quarter Highlights

  • Consolidated net sales of 
    $139.4 million and Adjusted EBITDA of 
    $17.7 million (or 12.7% of consolidated net sales). Adjusted EBITDA, which significantly exceeded 
    Comtech’s expectation for its third quarter of fiscal 2021, is a non-GAAP financial measure that is reconciled to the most directly comparable GAAP financial measure and is more fully defined below.
  • With bookings of 
    $115.9 million, the Company achieved a book-to-bill ratio (a measure defined as bookings divided by net sales) of 0.83 during its third quarter of fiscal 2021. Backlog as of 
    April 30, 2021 was 
    $636.5 million. The total value of multi-year contracts that 
    Comtech has received is substantially higher than its reported backlog. When adding Comtech’s backlog and the total unfunded value of multi-year contracts that 
    Comtech has received and for which it expects future orders, its revenue visibility approximates 
    $1.1 billion.
  • The Company incurred an aggregate of 
    $5.3 million of acquisition plan expenses due to the 
    April 2021 settlement of litigation related to the 2019 acquisition of GD NG-911 as well as the 
    March 2021 closing of the UHP acquisition. The integration of UHP into Comtech’s satellite ground station product line is well underway, and it does not expect to incur any significant acquisition plan expenses for the remainder of fiscal 2021.
  • The Company’s annual effective income tax rate was 11.5%, excluding a net discrete tax expense of 
    $0.2 million.
  • Comtech reported GAAP operating income of 
    $2.4 million, GAAP net income of 
    $0.8 million and GAAP net income per diluted share (“EPS”) of 
    $0.03 for the third quarter of fiscal 2021. Non-GAAP operating income was 
    $8.9 million, Non-GAAP net income was 
    $6.8 million and Non-GAAP EPS was 
    $0.26. These Non-GAAP amounts exclude acquisition plan expenses, restructuring costs, COVID-19 related costs, strategic emerging technology costs for next-generation satellite technology and a net discrete tax expense. Non-GAAP amounts are reconciled to the most directly comparable GAAP financial measures in the table below.
  • Comtech generated GAAP operating cash flows of 
    $6.8 million during the third quarter and had 
    $39.2 million of cash and cash equivalents and total debt outstanding of 
    $215.0 million as of 
    April 30, 2021.

Commenting on the Company’s third quarter fiscal 2021 performance,  Fred Kornberg, Chairman of the Board and Chief Executive Officer, stated, “Thanks to the hard work of all of our team members, we achieved solid operating performance and have recently secured important contract awards that bode well for our future. We are continuing to invest in new state-of-the-art production and engineering facilities as well as new next-generation wireless technology solutions that we believe our customers will want in the post-COVID-19 pandemic economic recovery. Looking forward, we are confident that we will have a strong finish to fiscal 2021 and achieve growth in fiscal 2022.”

COMMENTS AND FINANCIAL TARGETS FOR EXPECTED FISCAL 2021 PERFORMANCE

Comtech is making the following comments on expected fiscal 2021 performance:

  • Comtech expects fiscal 2021 consolidated net sales to be in a range of 
    $580.0 million to 
    $590.0 million. This updated target primarily reflects a change in anticipated revenues in its Government Solutions segment due to the 
    U.S. government’s 
    April 2021 announcement to fully withdraw troops from 
    Afghanistan as well as other program changes. At the same time, the Company’s effort to streamline business operations are paying off and it continues to target Adjusted EBITDA in a range of 
    $74.0 million to 
    $76.0 million for fiscal 2021.
  • During the third quarter, 
    Comtech incurred 
    $0.3 million of strategic emerging technology costs for next-generation satellite technology to advance its solutions offerings to be used with new broadband satellite constellations. The Company is evaluating this new market in relation to its long-term business strategies, and it may incur additional costs over the next twelve months.
  • As disclosed in the Company’s Quarterly Report on Form 10-Q filed with the 
    Securities and Exchange Commission (“SEC”) today, at the start of Comtech’s fourth quarter of fiscal 2021, it entered into a multi-year agreement enabling a customer to potentially order hundreds of millions of dollars of its next-generation satellite earth station technology. Shortly after 
    Comtech signed this agreement, it received its first order valued at more than 
    $13.0 million to make certain customizations on behalf of this customer. Work on these efforts has commenced immediately.
  • Comtech expects fiscal 2021 revenue in its Commercial Solutions segment to be slightly higher than the amount it achieved in fiscal 2020, primarily due to: (i) strong demand for 
    Comtech’s public safety technology solutions; (ii) delivering 5G virtual mobile location-based technology solutions for two 
    U.S. tier-one mobile network operators; (iii) contract performance in support of a critical 
    U.S. Air Force and 
    U.S. Army Anti-jam Modem (“A3M”) program under the 
    U.S. Space Force’s Space and Missile Systems Center (“SMC”) agency; and (iv) deliveries of SLM-5650B satellite modems and firmware related to a previously awarded contract from the 
    U.S. Naval Information Warfare Systems Command.
  • Comtech expects fiscal 2021 revenue in its Government Solutions segment to be significantly lower than the amount it achieved in fiscal 2020. Fiscal 2021 is anticipated to reflect significantly lower sales of field support services, partially offset by demand for: (i) Manpack Satellite Terminals, networking equipment and other advanced VSAT products by the 
    U.S. Army; (ii) ongoing sustainment services for the 
    U.S. Army for the AN/TSC-198A SNAP terminal; (iii) sustainment services for the 
    U.S. Army’s Project Manager Mission Command (“PM MC”) Blue Force Tracking (“BFT-1”) program; and (iv) Joint Cyber Analysis Course (“JCAC”) training solutions.
  • During its third quarter of fiscal 2021, 
    Comtech initiated an effort to improve efficiencies and streamline operations in its Government Solutions segment. These efforts, which remain ongoing, include the consolidation of certain administrative and operating functions in both its 
    Florida and 
    Maryland locations. In addition, 
    Comtech has started to shift production of many of its key satellite earth station products from its existing 
    Tempe, Arizona locations to a new 146,000 square foot facility in 
    Chandler, Arizona as well as the combination of certain related functions. This new facility is located less than 10 miles from its current facilities and is expected to support anticipated growth and long-term business goals. Over time, these efforts are expected to improve consolidated Adjusted EBITDA margins.
  • Additional information about the Company’s third quarter fiscal 2021 performance and updated fiscal 2021 targets can be found in the Company’s Form 10-Q as filed with the 
    SEC. Because of the pandemic’s continuing impact on global business conditions, the Company is not providing any GAAP operating income, GAAP net income or GAAP EPS guidance or a reconciliation of the Company’s projected Adjusted EBITDA results to the most comparable GAAP measure, as such a reconciliation cannot be prepared without unreasonable effort. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Conference Call

The Company has scheduled an investor conference call for 
4:30 PM (ET) on 
Tuesday, June 8, 2021. Investors and the public are invited to access a live webcast of the conference call from the Investor Relations section of the 
Comtech website at www.comtechtel.com. Alternatively, investors can access the conference call by dialing (800) 895-3361 (domestic), or (785) 424-1062 (international) and using the conference I.D. ”
Comtech.” A replay of the conference call will be available for seven days by dialing (800) 839-4568 or (402) 220-2681. In addition, an updated investor presentation is available on the Company’s website.

About Comtech

Comtech Telecommunications Corp. is a leader in the global communications market headquartered in 
Melville, New York. With a passion for customer success, 
Comtech designs, produces and markets advanced secure wireless solutions to more than 1,000 customers in more than 100 countries. For more information, please visit www.comtechtel.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain information in this press release contains forward-looking statements, including but not limited to, information relating to the Company’s future performance and financial condition, plans and objectives of the Company’s management and the Company’s assumptions regarding such future performance, financial condition, and plans and objectives that involve certain significant known and unknown risks and uncertainties and other factors not under the Company’s control which may cause its actual results, future performance and financial condition, and achievement of plans and objectives of the Company’s management to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, among other things: the possibility that the expected synergies and benefits from recent acquisitions will not be fully realized, or will not be realized within the anticipated time periods; the risk that the acquired businesses will not be integrated with the Company successfully; the possibility of disruption from recent acquisitions, making it more difficult to maintain business and operational relationships or retain key personnel; the risk that the Company will be unsuccessful in implementing a tactical shift in its Government Solutions segment away from bidding on large commodity service contracts and toward pursuing contracts for its niche products with higher margins; the nature and timing of receipt of, and the Company’s performance on, new or existing orders that can cause significant fluctuations in net sales and operating results; the timing and funding of government contracts; adjustments to gross profits on long-term contracts; risks associated with international sales; rapid technological change; evolving industry standards; new product announcements and enhancements, including the risks associated with expanding the sales of the 
Company’s HeightsTM Network Platform (“HEIGHTS”); changing customer demands and or procurement strategies; changes in prevailing economic and political conditions; changes in the price of oil in global markets; changes in foreign currency exchange rates; risks associated with the Company’s legal proceedings, customer claims for indemnification, and other similar matters; risks associated with the Company’s obligations under its Credit Facility; risks associated with the Company’s large contracts; risks associated with the COVID-19 pandemic; and other factors described in this and the Company’s other filings with the 
Securities and Exchange Commission.

COMTECH TELECOMMUNICATIONS CORP.

AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited)
 

 

 

Three months ended 
April 30,

 

Nine months ended 
April 30,

 

 

2021

 

2020

 

2021

 

2020

Net sales

 

$

139,376,000

 

 

$

135,121,000

 

 

$

435,886,000

 

 

$

467,042,000

 

Cost of sales

 

86,360,000

 

 

82,120,000

 

 

276,982,000

 

 

289,872,000

 

Gross profit

 

53,016,000

 

 

53,001,000

 

 

158,904,000

 

 

177,170,000

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

Selling, general and administrative

 

26,997,000

 

 

32,313,000

 

 

83,999,000

 

 

93,538,000

 

Research and development

 

13,092,000

 

 

12,324,000

 

 

37,391,000

 

 

40,925,000

 

Amortization of intangibles

 

5,310,000

 

 

5,517,000

 

 

15,671,000

 

 

15,952,000

 

Acquisition plan expenses

 

5,267,000

 

 

5,983,000

 

 

99,807,000

 

 

14,397,000

 

 

 

50,666,000

 

 

56,137,000

 

 

236,868,000

 

 

164,812,000

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

2,350,000

 

 

(3,136,000

)

 

(77,964,000

)

 

12,358,000

 

 

 

 

 

 

 

 

 

 

Other expenses (income):

 

 

 

 

 

 

 

 

Interest expense

 

1,518,000

 

 

1,504,000

 

 

5,233,000

 

 

4,924,000

 

Interest (income) and other

 

(276,000

)

 

108,000

 

 

(276,000

)

 

37,000

 

 

 

 

 

 

 

 

 

 

Income (loss) before provision for (benefit from) income taxes

 

1,108,000

 

 

(4,748,000

)

 

(82,921,000

)

 

7,397,000

 

Provision for (benefit from) income taxes

 

316,000

 

 

(759,000

)

 

(2,078,000

)

 

1,503,000

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

792,000

 

 

$

(3,989,000

)

 

$

(80,843,000

)

 

$

5,894,000

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.03

 

 

$

(0.16

)

 

$

(3.12

)

 

$

0.24

 

Diluted

 

$

0.03

 

 

$

(0.16

)

 

$

(3.12

)

 

$

0.24

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding – basic

 

25,911,000

 

 

24,982,000

 

 

25,875,000

 

 

24,730,000

 

 

 

 

 

 

 

 

 

 

Weighted average number of common and common equivalent shares outstanding – diluted

 

26,266,000

 

 

24,982,000

 

 

25,875,000

 

 

24,892,000

 

 

 

 

 

 

 

 

 

 

COMTECH TELECOMMUNICATIONS CORP.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets
 

 

April 30, 2021

 

July 31, 2020

 

(Unaudited)

 

(Audited)

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

39,198,000

 

 

$

47,878,000

 

Accounts receivable, net

144,132,000

 

 

126,816,000

 

Inventories, net

83,106,000

 

 

82,302,000

 

Prepaid expenses and other current assets

25,801,000

 

 

20,101,000

 

Total current assets

292,237,000

 

 

277,097,000

 

Property, plant and equipment, net

29,366,000

 

 

27,037,000

 

Operating lease right-of-use assets, net

47,296,000

 

 

30,033,000

 

Goodwill

347,780,000

 

 

330,519,000

 

Intangibles with finite lives, net

274,048,000

 

 

258,019,000

 

Deferred financing costs, net

1,839,000

 

 

2,391,000

 

Other assets, net

6,026,000

 

 

4,551,000

 

Total assets

$

998,592,000

 

 

$

929,647,000

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

33,277,000

 

 

$

23,423,000

 

Accrued expenses and other current liabilities

97,602,000

 

 

85,161,000

 

Operating lease liabilities, current

8,755,000

 

 

8,247,000

 

Dividends payable

2,600,000

 

 

2,468,000

 

Contract liabilities

56,192,000

 

 

40,250,000

 

Interest payable

227,000

 

 

163,000

 

Total current liabilities

198,653,000

 

 

159,712,000

 

Non-current portion of long-term debt, net

215,000,000

 

 

149,500,000

 

Operating lease liabilities, non-current

41,542,000

 

 

24,109,000

 

Income taxes payable

2,588,000

 

 

1,963,000

 

Deferred tax liability, net

24,495,000

 

 

17,637,000

 

Long-term contract liabilities

8,997,000

 

 

9,596,000

 

Other liabilities

15,695,000

 

 

17,831,000

 

Total liabilities

506,970,000

 

 

380,348,000

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock, par value 
$.10 per share; shares authorized and unissued 2,000,000

—

 

 

—

 

Common stock, par value 
$0.10 per share; authorized 100,000,000 shares; issued 41,102,215 shares and 39,924,439 shares at 
April 30, 2021 and 
July 31, 2020, respectively

4,110,000

 

 

3,992,000

 

Additional paid-in capital

601,029,000

 

 

569,891,000

 

Retained earnings

328,332,000

 

 

417,265,000

 

 

933,471,000

 

 

991,148,000

 

Less:

 

 

 

Treasury stock, at cost (15,033,317 shares at 
April 30, 2021 and 
July 31, 2020)

(441,849,000

)

 

(441,849,000

)

Total stockholders’ equity

491,622,000

 

 

549,299,000

 

Total liabilities and stockholders’ equity

$

998,592,000

 

 

$

929,647,000

 

COMTECH TELECOMMUNICATIONS CORP.
AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
(Unaudited)

Use of Non-GAAP Financial Measures

In order to provide investors with additional information regarding its financial results, this press release contains “Non-GAAP financial measures” under the rules of the 
SEC. The Company’s Adjusted EBITDA is a Non-GAAP measure that represents earnings (loss) before income taxes, interest (income) and other, write-off of deferred financing costs, interest expense, amortization of stock-based compensation, amortization of intangible assets, depreciation expense, estimated contract settlement costs, settlement of intellectual property litigation, acquisition plan expenses, restructuring costs, COVID-19 related costs, strategic emerging technology costs (for next-generation satellite technology), facility exit costs, strategic alternatives analysis expenses and other. The Company’s definition of Adjusted EBITDA may differ from the definition of EBITDA or Adjusted EBITDA used by other companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is also a measure frequently requested by the Company’s investors and analysts. The Company believes that investors and analysts may use Adjusted EBITDA, along with other information contained in its 
SEC filings, in assessing the Company’s performance and comparability of its results with other companies. The Company’s Non-GAAP measures for consolidated operating income, net income and net income per diluted share reflect the GAAP measures as reported, adjusted for certain items as discussed below. These Non-GAAP financial measures have limitations as an analytical tool as they exclude the financial impact of transactions necessary to conduct the Company’s business, such as the granting of equity compensation awards, and are not intended to be an alternative to financial measures prepared in accordance with GAAP. These measures are adjusted as described in the reconciliation of GAAP to Non-GAAP in the below tables, but these adjustments should not be construed as an inference that all of these adjustments or costs are unusual, infrequent or non-recurring. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures determined in accordance with GAAP. Investors are advised to carefully review the GAAP financial results that are disclosed in the Company’s 
SEC filings. The Company has not quantitatively reconciled its fiscal 2021 Adjusted EBITDA target to the most directly comparable GAAP measure because items such as stock-based compensation, adjustments to the provision for income taxes, amortization of intangibles and interest expense, which are specific items that impact these measures, have not yet occurred, are out of the Company’s control, or cannot be predicted. For example, quantification of stock-based compensation expense requires inputs such as the number of shares granted and market price that are not currently ascertainable. Accordingly, reconciliations to the Non-GAAP forward looking metrics are not available without unreasonable effort and such unavailable reconciling items could significantly impact the Company’s financial results.

 

Three months ended

 

Nine months ended

 

Fiscal

 

April 30,

 

April 30,

 

Year

 

2021

 

2020

 

2021

 

2020

 

2020

Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

Net income (loss)

$

792,000

 

 

$

(3,989,000

)

 

$

(80,843,000

)

 

$

5,894,000

 

 

$

7,020,000

 

Provision for (benefit from) income taxes

316,000

 

 

(759,000

)

 

(2,078,000

)

 

1,503,000

 

 

2,290,000

 

Interest (income) and other

(276,000

)

 

108,000

 

 

(276,000

)

 

37,000

 

 

(190,000

)

Interest expense

1,518,000

 

 

1,504,000

 

 

5,233,000

 

 

4,924,000

 

 

6,054,000

 

Amortization of stock-based compensation

1,204,000

 

 

981,000

 

 

3,190,000

 

 

3,098,000

 

 

9,275,000

 

Amortization of intangibles

5,310,000

 

 

5,517,000

 

 

15,671,000

 

 

15,952,000

 

 

21,595,000

 

Depreciation

2,274,000

 

 

2,650,000

 

 

7,283,000

 

 

8,022,000

 

 

10,561,000

 

Estimated contract settlement costs

—

 

 

476,000

 

 

—

 

 

444,000

 

 

444,000

 

Acquisition plan expenses

5,267,000

 

 

5,983,000

 

 

99,807,000

 

 

14,397,000

 

 

20,754,000

 

Restructuring costs

594,000

 

 

—

 

 

1,195,000

 

 

—

 

 

—

 

COVID-19 related costs

416,000

 

 

—

 

 

576,000

 

 

—

 

 

—

 

Strategic emerging technology costs

315,000

 

 

—

 

 

315,000

 

 

—

 

 

—

 

Adjusted EBITDA

$

17,730,000

 

 

$

12,471,000

 

 

$

50,073,000

 

 

$

54,271,000

 

 

$

77,803,000

 

 

 

 

 

 

 

 

 

 

 

In addition, a reconciliation of 
Comtech’s GAAP consolidated operating income (loss), net income (loss) and net income (loss) per diluted share to the corresponding non-GAAP measures is shown in the tables below for the three and nine months ended 
April 30, 2021 and 2020:

 

April 30, 2021

 

Three months ended

 

Nine months ended

 

Operating

Income

 

Net Income

 

Net Income per

Diluted Share*

 

Operating

(Loss) Income

 

Net (Loss)

Income

 

Net (Loss)

Income per

Diluted Share*

Reconciliation of GAAP to Non-GAAP Earnings:

 

 

 

 

 

 

 

 

 

 

 

GAAP measures, as reported

$

2,350,000

 

 

$

792,000

 

 

$

0.03

 

 

$

(77,964,000

)

 

$

(80,843,000

)

 

$

(3.12

)

Acquisition plan expenses

5,267,000

 

 

4,661,000

 

 

0.18

 

 

99,807,000

 

 

96,379,000

 

 

3.70

 

Restructuring costs

594,000

 

 

526,000

 

 

0.02

 

 

1,195,000

 

 

1,058,000

 

 

0.04

 

COVID-19 related costs

416,000

 

 

368,000

 

 

0.01

 

 

576,000

 

 

510,000

 

 

0.02

 

Strategic emerging technology costs

315,000

 

 

279,000

 

 

0.01

 

 

315,000

 

 

279,000

 

 

0.01

 

Interest expense

—

 

 

—

 

 

—

 

 

—

 

 

1,043,000

 

 

0.04

 

Net discrete tax expense (benefit)

—

 

 

189,000

 

 

0.01

 

 

—

 

 

(592,000

)

 

(0.02

)

Non-GAAP measures

$

8,942,000

 

 

$

6,815,000

 

 

$

0.26

 

 

$

23,929,000

 

 

$

17,834,000

 

 

$

0.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2020

 

Three months ended

 

Nine months ended

 

Operating

(Loss)

Income

 

Net (Loss)

Income

 

Net (Loss)

Income

per Diluted

Share*

 

Operating

Income

 

Net Income

 

Net Income

per Diluted

Share*

Reconciliation of GAAP to Non-GAAP Earnings:

 

 

 

 

 

 

 

 

 

 

 

GAAP measures, as reported

$

(3,136,000

)

 

$

(3,989,000

)

 

$

(0.16

)

 

$

12,358,000

 

 

$

5,894,000

 

 

$

0.24

 

Acquisition plan expenses

5,983,000

 

 

4,128,000

 

 

0.16

 

 

14,397,000

 

 

9,934,000

 

 

0.40

 

Estimated contract settlement costs

476,000

 

 

328,000

 

 

0.01

 

 

444,000

 

 

306,000

 

 

0.01

 

Net discrete tax expense (benefit)

—

 

 

713,000

 

 

0.03

 

 

—

 

 

(790,000

)

 

(0.03

)

Non-GAAP measures

$

3,323,000

 

 

$

1,180,000

 

 

$

0.05

 

 

$

27,199,000

 

 

$

15,344,000

 

 

$

0.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year 2020

 

 

 

Operating

Income

 

Net Income

 

Net Income per

Diluted Share*

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Earnings:

 

 

 

 

 

 

 

 

 

 

 

GAAP measures, as reported

$

15,174,000

 

 

$

7,020,000

 

 

$

0.28

 

 

 

 

 

 

 

Estimated contract settlement costs

444,000

 

 

280,000

 

 

0.01

 

 

 

 

 

 

 

Acquisition plan expenses

20,754,000

 

 

13,075,000

 

 

0.53

 

 

 

 

 

 

 

Net discrete tax benefit

—

 

 

(1,155,000

)

 

(0.05

)

 

 

 

 

 

 

Non-GAAP measures

$

36,372,000

 

 

$

19,220,000

 

 

$

0.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Per share amounts may not foot due to rounding. Non-GAAP EPS adjustments for the nine months ended 
April 30, 2021 were computed using 26,016,000 weighted average diluted shares outstanding during the respective period. In addition, non-GAAP EPS adjustments for three months ended 
April 30, 2020 were computed using 25,058,000 weighted average diluted shares outstanding during the respective period.

Media Contact:
Michael D. Porcelain, President and Chief Operating Officer
(631) 962-7000
Info@comtechtel.com

Source: 
Comtech Telecommunications Corp.

Release – Helius Medical Technologies to Participate in Noble Capital Markets Virtual Road Show Series

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Helius Medical Technologies, Inc. to Participate in Noble Capital Markets’ Virtual Road Show Series

 

NEWTOWN, Pa., June 08, 2021 (GLOBE NEWSWIRE) — Helius Medical Technologies, Inc. (Nasdaq:HSDT) (TSX:HSM:CA), (“Helius” or the “Company”), a neurotech company focused on neurological wellness, today announced its participation in Noble Capital Markets’ Virtual Road Show Series, presented by Channelchek, which is scheduled for Thursday, June 10, 2021.

The event will feature a corporate presentation followed by a Q&A session proctored by Noble Capital Markets’ Senior Research Analyst, Joe Gomes, featuring questions submitted by the audience.

The live webcast of the event is scheduled for June 10, 2021, at 1:00 p.m. Eastern. Register for the webcast here. A recording will be available on Channelchek and under the ‘Events’ section of the Helius Medical Technologies investor relations website at https://heliusmedical.com/index.php/investor-relations/events/upcoming-events.

About
Helius Medical Technologies, Inc.

Helius Medical Technologies is a neurotech company focused on neurological wellness. The Company’s purpose is to develop, license and acquire unique and non-invasive platform technologies that amplify the brain’s ability to heal itself. The Company’s first commercial product is the Portable Neuromodulation Stimulator (PoNS
TM). For more information, visit www.heliusmedical.com.

About the PoNSTM Device and PoNS TreatmentTM

The Portable Neuromodulation Stimulator (PoNSTM) is an innovative non-surgical device, inclusive of a controller and mouthpiece, which delivers electrical stimulation to the surface of the tongue to provide treatment of gait deficit. The PoNS device is indicated for use in the United States as a short term treatment of gait deficit due to mild-to-moderate symptoms from multiple sclerosis (“MS”) and is to be used as an adjunct to a supervised therapeutic exercise program in patients 22 years of age and over by prescription only. It is authorized for sale in Canada as a class II, non-implantable, medical device intended as a short term treatment (14 weeks) of gait deficit due to mild and moderate symptoms from MS, and chronic balance deficit due to mild-to-moderate traumatic brain injury (“mmTBI”) and is to be used in conjunction with physical therapy. The PoNSTM is an investigational medical device in the European Union (“EU”) and Australia (“AUS”). It is currently under premarket review by the AUS Therapeutic Goods Administration.

Investor Relations Contact:

Westwicke Partners on behalf of Helius Medical Technologies, Inc.
Jack Powell, Vice President
investorrelations@heliusmedical.com

Comtech Telecommunications Corp. Announces Results for Its Fiscal 2021 Third Quarter and Updates Its Financial Targets for Fiscal 2021

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Comtech Telecommunications Corp. Announces Results for Its Fiscal 2021 Third Quarter and Updates Its Financial Targets for Fiscal 2021

 

MELVILLE, N.Y.–(BUSINESS WIRE)–Jun. 8, 2021– 
June 8, 2021— 
Comtech Telecommunications Corp. (NASDAQ: CMTL) today reported its operating results for the third fiscal quarter ended 
April 30, 2021 and updated its financial targets for fiscal 2021.

Fiscal 2021 Third Quarter Highlights

  • Consolidated net sales of 
    $139.4 million and Adjusted EBITDA of 
    $17.7 million (or 12.7% of consolidated net sales). Adjusted EBITDA, which significantly exceeded 
    Comtech’s expectation for its third quarter of fiscal 2021, is a non-GAAP financial measure that is reconciled to the most directly comparable GAAP financial measure and is more fully defined below.
  • With bookings of 
    $115.9 million, the Company achieved a book-to-bill ratio (a measure defined as bookings divided by net sales) of 0.83 during its third quarter of fiscal 2021. Backlog as of 
    April 30, 2021 was 
    $636.5 million. The total value of multi-year contracts that 
    Comtech has received is substantially higher than its reported backlog. When adding Comtech’s backlog and the total unfunded value of multi-year contracts that 
    Comtech has received and for which it expects future orders, its revenue visibility approximates 
    $1.1 billion.
  • The Company incurred an aggregate of 
    $5.3 million of acquisition plan expenses due to the 
    April 2021 settlement of litigation related to the 2019 acquisition of GD NG-911 as well as the 
    March 2021 closing of the UHP acquisition. The integration of UHP into Comtech’s satellite ground station product line is well underway, and it does not expect to incur any significant acquisition plan expenses for the remainder of fiscal 2021.
  • The Company’s annual effective income tax rate was 11.5%, excluding a net discrete tax expense of 
    $0.2 million.
  • Comtech reported GAAP operating income of 
    $2.4 million, GAAP net income of 
    $0.8 million and GAAP net income per diluted share (“EPS”) of 
    $0.03 for the third quarter of fiscal 2021. Non-GAAP operating income was 
    $8.9 million, Non-GAAP net income was 
    $6.8 million and Non-GAAP EPS was 
    $0.26. These Non-GAAP amounts exclude acquisition plan expenses, restructuring costs, COVID-19 related costs, strategic emerging technology costs for next-generation satellite technology and a net discrete tax expense. Non-GAAP amounts are reconciled to the most directly comparable GAAP financial measures in the table below.
  • Comtech generated GAAP operating cash flows of 
    $6.8 million during the third quarter and had 
    $39.2 million of cash and cash equivalents and total debt outstanding of 
    $215.0 million as of 
    April 30, 2021.

Commenting on the Company’s third quarter fiscal 2021 performance,  Fred Kornberg, Chairman of the Board and Chief Executive Officer, stated, “Thanks to the hard work of all of our team members, we achieved solid operating performance and have recently secured important contract awards that bode well for our future. We are continuing to invest in new state-of-the-art production and engineering facilities as well as new next-generation wireless technology solutions that we believe our customers will want in the post-COVID-19 pandemic economic recovery. Looking forward, we are confident that we will have a strong finish to fiscal 2021 and achieve growth in fiscal 2022.”

COMMENTS AND FINANCIAL TARGETS FOR EXPECTED FISCAL 2021 PERFORMANCE

Comtech is making the following comments on expected fiscal 2021 performance:

  • Comtech expects fiscal 2021 consolidated net sales to be in a range of 
    $580.0 million to 
    $590.0 million. This updated target primarily reflects a change in anticipated revenues in its Government Solutions segment due to the 
    U.S. government’s 
    April 2021 announcement to fully withdraw troops from 
    Afghanistan as well as other program changes. At the same time, the Company’s effort to streamline business operations are paying off and it continues to target Adjusted EBITDA in a range of 
    $74.0 million to 
    $76.0 million for fiscal 2021.
  • During the third quarter, 
    Comtech incurred 
    $0.3 million of strategic emerging technology costs for next-generation satellite technology to advance its solutions offerings to be used with new broadband satellite constellations. The Company is evaluating this new market in relation to its long-term business strategies, and it may incur additional costs over the next twelve months.
  • As disclosed in the Company’s Quarterly Report on Form 10-Q filed with the 
    Securities and Exchange Commission (“SEC”) today, at the start of Comtech’s fourth quarter of fiscal 2021, it entered into a multi-year agreement enabling a customer to potentially order hundreds of millions of dollars of its next-generation satellite earth station technology. Shortly after 
    Comtech signed this agreement, it received its first order valued at more than 
    $13.0 million to make certain customizations on behalf of this customer. Work on these efforts has commenced immediately.
  • Comtech expects fiscal 2021 revenue in its Commercial Solutions segment to be slightly higher than the amount it achieved in fiscal 2020, primarily due to: (i) strong demand for 
    Comtech’s public safety technology solutions; (ii) delivering 5G virtual mobile location-based technology solutions for two 
    U.S. tier-one mobile network operators; (iii) contract performance in support of a critical 
    U.S. Air Force and 
    U.S. Army Anti-jam Modem (“A3M”) program under the 
    U.S. Space Force’s Space and Missile Systems Center (“SMC”) agency; and (iv) deliveries of SLM-5650B satellite modems and firmware related to a previously awarded contract from the 
    U.S. Naval Information Warfare Systems Command.
  • Comtech expects fiscal 2021 revenue in its Government Solutions segment to be significantly lower than the amount it achieved in fiscal 2020. Fiscal 2021 is anticipated to reflect significantly lower sales of field support services, partially offset by demand for: (i) Manpack Satellite Terminals, networking equipment and other advanced VSAT products by the 
    U.S. Army; (ii) ongoing sustainment services for the 
    U.S. Army for the AN/TSC-198A SNAP terminal; (iii) sustainment services for the 
    U.S. Army’s Project Manager Mission Command (“PM MC”) Blue Force Tracking (“BFT-1”) program; and (iv) Joint Cyber Analysis Course (“JCAC”) training solutions.
  • During its third quarter of fiscal 2021, 
    Comtech initiated an effort to improve efficiencies and streamline operations in its Government Solutions segment. These efforts, which remain ongoing, include the consolidation of certain administrative and operating functions in both its 
    Florida and 
    Maryland locations. In addition, 
    Comtech has started to shift production of many of its key satellite earth station products from its existing 
    Tempe, Arizona locations to a new 146,000 square foot facility in 
    Chandler, Arizona as well as the combination of certain related functions. This new facility is located less than 10 miles from its current facilities and is expected to support anticipated growth and long-term business goals. Over time, these efforts are expected to improve consolidated Adjusted EBITDA margins.
  • Additional information about the Company’s third quarter fiscal 2021 performance and updated fiscal 2021 targets can be found in the Company’s Form 10-Q as filed with the 
    SEC. Because of the pandemic’s continuing impact on global business conditions, the Company is not providing any GAAP operating income, GAAP net income or GAAP EPS guidance or a reconciliation of the Company’s projected Adjusted EBITDA results to the most comparable GAAP measure, as such a reconciliation cannot be prepared without unreasonable effort. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Conference Call

The Company has scheduled an investor conference call for 
4:30 PM (ET) on 
Tuesday, June 8, 2021. Investors and the public are invited to access a live webcast of the conference call from the Investor Relations section of the 
Comtech website at www.comtechtel.com. Alternatively, investors can access the conference call by dialing (800) 895-3361 (domestic), or (785) 424-1062 (international) and using the conference I.D. ”
Comtech.” A replay of the conference call will be available for seven days by dialing (800) 839-4568 or (402) 220-2681. In addition, an updated investor presentation is available on the Company’s website.

About Comtech

Comtech Telecommunications Corp. is a leader in the global communications market headquartered in 
Melville, New York. With a passion for customer success, 
Comtech designs, produces and markets advanced secure wireless solutions to more than 1,000 customers in more than 100 countries. For more information, please visit www.comtechtel.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain information in this press release contains forward-looking statements, including but not limited to, information relating to the Company’s future performance and financial condition, plans and objectives of the Company’s management and the Company’s assumptions regarding such future performance, financial condition, and plans and objectives that involve certain significant known and unknown risks and uncertainties and other factors not under the Company’s control which may cause its actual results, future performance and financial condition, and achievement of plans and objectives of the Company’s management to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, among other things: the possibility that the expected synergies and benefits from recent acquisitions will not be fully realized, or will not be realized within the anticipated time periods; the risk that the acquired businesses will not be integrated with the Company successfully; the possibility of disruption from recent acquisitions, making it more difficult to maintain business and operational relationships or retain key personnel; the risk that the Company will be unsuccessful in implementing a tactical shift in its Government Solutions segment away from bidding on large commodity service contracts and toward pursuing contracts for its niche products with higher margins; the nature and timing of receipt of, and the Company’s performance on, new or existing orders that can cause significant fluctuations in net sales and operating results; the timing and funding of government contracts; adjustments to gross profits on long-term contracts; risks associated with international sales; rapid technological change; evolving industry standards; new product announcements and enhancements, including the risks associated with expanding the sales of the 
Company’s HeightsTM Network Platform (“HEIGHTS”); changing customer demands and or procurement strategies; changes in prevailing economic and political conditions; changes in the price of oil in global markets; changes in foreign currency exchange rates; risks associated with the Company’s legal proceedings, customer claims for indemnification, and other similar matters; risks associated with the Company’s obligations under its Credit Facility; risks associated with the Company’s large contracts; risks associated with the COVID-19 pandemic; and other factors described in this and the Company’s other filings with the 
Securities and Exchange Commission.

COMTECH TELECOMMUNICATIONS CORP.

AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited)
 

 

 

Three months ended 
April 30,

 

Nine months ended 
April 30,

 

 

2021

 

2020

 

2021

 

2020

Net sales

 

$

139,376,000

 

 

$

135,121,000

 

 

$

435,886,000

 

 

$

467,042,000

 

Cost of sales

 

86,360,000

 

 

82,120,000

 

 

276,982,000

 

 

289,872,000

 

Gross profit

 

53,016,000

 

 

53,001,000

 

 

158,904,000

 

 

177,170,000

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

Selling, general and administrative

 

26,997,000

 

 

32,313,000

 

 

83,999,000

 

 

93,538,000

 

Research and development

 

13,092,000

 

 

12,324,000

 

 

37,391,000

 

 

40,925,000

 

Amortization of intangibles

 

5,310,000

 

 

5,517,000

 

 

15,671,000

 

 

15,952,000

 

Acquisition plan expenses

 

5,267,000

 

 

5,983,000

 

 

99,807,000

 

 

14,397,000

 

 

 

50,666,000

 

 

56,137,000

 

 

236,868,000

 

 

164,812,000

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

2,350,000

 

 

(3,136,000

)

 

(77,964,000

)

 

12,358,000

 

 

 

 

 

 

 

 

 

 

Other expenses (income):

 

 

 

 

 

 

 

 

Interest expense

 

1,518,000

 

 

1,504,000

 

 

5,233,000

 

 

4,924,000

 

Interest (income) and other

 

(276,000

)

 

108,000

 

 

(276,000

)

 

37,000

 

 

 

 

 

 

 

 

 

 

Income (loss) before provision for (benefit from) income taxes

 

1,108,000

 

 

(4,748,000

)

 

(82,921,000

)

 

7,397,000

 

Provision for (benefit from) income taxes

 

316,000

 

 

(759,000

)

 

(2,078,000

)

 

1,503,000

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

792,000

 

 

$

(3,989,000

)

 

$

(80,843,000

)

 

$

5,894,000

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.03

 

 

$

(0.16

)

 

$

(3.12

)

 

$

0.24

 

Diluted

 

$

0.03

 

 

$

(0.16

)

 

$

(3.12

)

 

$

0.24

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding – basic

 

25,911,000

 

 

24,982,000

 

 

25,875,000

 

 

24,730,000

 

 

 

 

 

 

 

 

 

 

Weighted average number of common and common equivalent shares outstanding – diluted

 

26,266,000

 

 

24,982,000

 

 

25,875,000

 

 

24,892,000

 

 

 

 

 

 

 

 

 

 

COMTECH TELECOMMUNICATIONS CORP.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets
 

 

April 30, 2021

 

July 31, 2020

 

(Unaudited)

 

(Audited)

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

39,198,000

 

 

$

47,878,000

 

Accounts receivable, net

144,132,000

 

 

126,816,000

 

Inventories, net

83,106,000

 

 

82,302,000

 

Prepaid expenses and other current assets

25,801,000

 

 

20,101,000

 

Total current assets

292,237,000

 

 

277,097,000

 

Property, plant and equipment, net

29,366,000

 

 

27,037,000

 

Operating lease right-of-use assets, net

47,296,000

 

 

30,033,000

 

Goodwill

347,780,000

 

 

330,519,000

 

Intangibles with finite lives, net

274,048,000

 

 

258,019,000

 

Deferred financing costs, net

1,839,000

 

 

2,391,000

 

Other assets, net

6,026,000

 

 

4,551,000

 

Total assets

$

998,592,000

 

 

$

929,647,000

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

33,277,000

 

 

$

23,423,000

 

Accrued expenses and other current liabilities

97,602,000

 

 

85,161,000

 

Operating lease liabilities, current

8,755,000

 

 

8,247,000

 

Dividends payable

2,600,000

 

 

2,468,000

 

Contract liabilities

56,192,000

 

 

40,250,000

 

Interest payable

227,000

 

 

163,000

 

Total current liabilities

198,653,000

 

 

159,712,000

 

Non-current portion of long-term debt, net

215,000,000

 

 

149,500,000

 

Operating lease liabilities, non-current

41,542,000

 

 

24,109,000

 

Income taxes payable

2,588,000

 

 

1,963,000

 

Deferred tax liability, net

24,495,000

 

 

17,637,000

 

Long-term contract liabilities

8,997,000

 

 

9,596,000

 

Other liabilities

15,695,000

 

 

17,831,000

 

Total liabilities

506,970,000

 

 

380,348,000

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock, par value 
$.10 per share; shares authorized and unissued 2,000,000

—

 

 

—

 

Common stock, par value 
$0.10 per share; authorized 100,000,000 shares; issued 41,102,215 shares and 39,924,439 shares at 
April 30, 2021 and 
July 31, 2020, respectively

4,110,000

 

 

3,992,000

 

Additional paid-in capital

601,029,000

 

 

569,891,000

 

Retained earnings

328,332,000

 

 

417,265,000

 

 

933,471,000

 

 

991,148,000

 

Less:

 

 

 

Treasury stock, at cost (15,033,317 shares at 
April 30, 2021 and 
July 31, 2020)

(441,849,000

)

 

(441,849,000

)

Total stockholders’ equity

491,622,000

 

 

549,299,000

 

Total liabilities and stockholders’ equity

$

998,592,000

 

 

$

929,647,000

 

COMTECH TELECOMMUNICATIONS CORP.
AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
(Unaudited)

Use of Non-GAAP Financial Measures

In order to provide investors with additional information regarding its financial results, this press release contains “Non-GAAP financial measures” under the rules of the 
SEC. The Company’s Adjusted EBITDA is a Non-GAAP measure that represents earnings (loss) before income taxes, interest (income) and other, write-off of deferred financing costs, interest expense, amortization of stock-based compensation, amortization of intangible assets, depreciation expense, estimated contract settlement costs, settlement of intellectual property litigation, acquisition plan expenses, restructuring costs, COVID-19 related costs, strategic emerging technology costs (for next-generation satellite technology), facility exit costs, strategic alternatives analysis expenses and other. The Company’s definition of Adjusted EBITDA may differ from the definition of EBITDA or Adjusted EBITDA used by other companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is also a measure frequently requested by the Company’s investors and analysts. The Company believes that investors and analysts may use Adjusted EBITDA, along with other information contained in its 
SEC filings, in assessing the Company’s performance and comparability of its results with other companies. The Company’s Non-GAAP measures for consolidated operating income, net income and net income per diluted share reflect the GAAP measures as reported, adjusted for certain items as discussed below. These Non-GAAP financial measures have limitations as an analytical tool as they exclude the financial impact of transactions necessary to conduct the Company’s business, such as the granting of equity compensation awards, and are not intended to be an alternative to financial measures prepared in accordance with GAAP. These measures are adjusted as described in the reconciliation of GAAP to Non-GAAP in the below tables, but these adjustments should not be construed as an inference that all of these adjustments or costs are unusual, infrequent or non-recurring. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures determined in accordance with GAAP. Investors are advised to carefully review the GAAP financial results that are disclosed in the Company’s 
SEC filings. The Company has not quantitatively reconciled its fiscal 2021 Adjusted EBITDA target to the most directly comparable GAAP measure because items such as stock-based compensation, adjustments to the provision for income taxes, amortization of intangibles and interest expense, which are specific items that impact these measures, have not yet occurred, are out of the Company’s control, or cannot be predicted. For example, quantification of stock-based compensation expense requires inputs such as the number of shares granted and market price that are not currently ascertainable. Accordingly, reconciliations to the Non-GAAP forward looking metrics are not available without unreasonable effort and such unavailable reconciling items could significantly impact the Company’s financial results.

 

Three months ended

 

Nine months ended

 

Fiscal

 

April 30,

 

April 30,

 

Year

 

2021

 

2020

 

2021

 

2020

 

2020

Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

Net income (loss)

$

792,000

 

 

$

(3,989,000

)

 

$

(80,843,000

)

 

$

5,894,000

 

 

$

7,020,000

 

Provision for (benefit from) income taxes

316,000

 

 

(759,000

)

 

(2,078,000

)

 

1,503,000

 

 

2,290,000

 

Interest (income) and other

(276,000

)

 

108,000

 

 

(276,000

)

 

37,000

 

 

(190,000

)

Interest expense

1,518,000

 

 

1,504,000

 

 

5,233,000

 

 

4,924,000

 

 

6,054,000

 

Amortization of stock-based compensation

1,204,000

 

 

981,000

 

 

3,190,000

 

 

3,098,000

 

 

9,275,000

 

Amortization of intangibles

5,310,000

 

 

5,517,000

 

 

15,671,000

 

 

15,952,000

 

 

21,595,000

 

Depreciation

2,274,000

 

 

2,650,000

 

 

7,283,000

 

 

8,022,000

 

 

10,561,000

 

Estimated contract settlement costs

—

 

 

476,000

 

 

—

 

 

444,000

 

 

444,000

 

Acquisition plan expenses

5,267,000

 

 

5,983,000

 

 

99,807,000

 

 

14,397,000

 

 

20,754,000

 

Restructuring costs

594,000

 

 

—

 

 

1,195,000

 

 

—

 

 

—

 

COVID-19 related costs

416,000

 

 

—

 

 

576,000

 

 

—

 

 

—

 

Strategic emerging technology costs

315,000

 

 

—

 

 

315,000

 

 

—

 

 

—

 

Adjusted EBITDA

$

17,730,000

 

 

$

12,471,000

 

 

$

50,073,000

 

 

$

54,271,000

 

 

$

77,803,000

 

 

 

 

 

 

 

 

 

 

 

In addition, a reconciliation of 
Comtech’s GAAP consolidated operating income (loss), net income (loss) and net income (loss) per diluted share to the corresponding non-GAAP measures is shown in the tables below for the three and nine months ended 
April 30, 2021 and 2020:

 

April 30, 2021

 

Three months ended

 

Nine months ended

 

Operating

Income

 

Net Income

 

Net Income per

Diluted Share*

 

Operating

(Loss) Income

 

Net (Loss)

Income

 

Net (Loss)

Income per

Diluted Share*

Reconciliation of GAAP to Non-GAAP Earnings:

 

 

 

 

 

 

 

 

 

 

 

GAAP measures, as reported

$

2,350,000

 

 

$

792,000

 

 

$

0.03

 

 

$

(77,964,000

)

 

$

(80,843,000

)

 

$

(3.12

)

Acquisition plan expenses

5,267,000

 

 

4,661,000

 

 

0.18

 

 

99,807,000

 

 

96,379,000

 

 

3.70

 

Restructuring costs

594,000

 

 

526,000

 

 

0.02

 

 

1,195,000

 

 

1,058,000

 

 

0.04

 

COVID-19 related costs

416,000

 

 

368,000

 

 

0.01

 

 

576,000

 

 

510,000

 

 

0.02

 

Strategic emerging technology costs

315,000

 

 

279,000

 

 

0.01

 

 

315,000

 

 

279,000

 

 

0.01

 

Interest expense

—

 

 

—

 

 

—

 

 

—

 

 

1,043,000

 

 

0.04

 

Net discrete tax expense (benefit)

—

 

 

189,000

 

 

0.01

 

 

—

 

 

(592,000

)

 

(0.02

)

Non-GAAP measures

$

8,942,000

 

 

$

6,815,000

 

 

$

0.26

 

 

$

23,929,000

 

 

$

17,834,000

 

 

$

0.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2020

 

Three months ended

 

Nine months ended

 

Operating

(Loss)

Income

 

Net (Loss)

Income

 

Net (Loss)

Income

per Diluted

Share*

 

Operating

Income

 

Net Income

 

Net Income

per Diluted

Share*

Reconciliation of GAAP to Non-GAAP Earnings:

 

 

 

 

 

 

 

 

 

 

 

GAAP measures, as reported

$

(3,136,000

)

 

$

(3,989,000

)

 

$

(0.16

)

 

$

12,358,000

 

 

$

5,894,000

 

 

$

0.24

 

Acquisition plan expenses

5,983,000

 

 

4,128,000

 

 

0.16

 

 

14,397,000

 

 

9,934,000

 

 

0.40

 

Estimated contract settlement costs

476,000

 

 

328,000

 

 

0.01

 

 

444,000

 

 

306,000

 

 

0.01

 

Net discrete tax expense (benefit)

—

 

 

713,000

 

 

0.03

 

 

—

 

 

(790,000

)

 

(0.03

)

Non-GAAP measures

$

3,323,000

 

 

$

1,180,000

 

 

$

0.05

 

 

$

27,199,000

 

 

$

15,344,000

 

 

$

0.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year 2020

 

 

 

Operating

Income

 

Net Income

 

Net Income per

Diluted Share*

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Earnings:

 

 

 

 

 

 

 

 

 

 

 

GAAP measures, as reported

$

15,174,000

 

 

$

7,020,000

 

 

$

0.28

 

 

 

 

 

 

 

Estimated contract settlement costs

444,000

 

 

280,000

 

 

0.01

 

 

 

 

 

 

 

Acquisition plan expenses

20,754,000

 

 

13,075,000

 

 

0.53

 

 

 

 

 

 

 

Net discrete tax benefit

—

 

 

(1,155,000

)

 

(0.05

)

 

 

 

 

 

 

Non-GAAP measures

$

36,372,000

 

 

$

19,220,000

 

 

$

0.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Per share amounts may not foot due to rounding. Non-GAAP EPS adjustments for the nine months ended 
April 30, 2021 were computed using 26,016,000 weighted average diluted shares outstanding during the respective period. In addition, non-GAAP EPS adjustments for three months ended 
April 30, 2020 were computed using 25,058,000 weighted average diluted shares outstanding during the respective period.

Media Contact:
Michael D. Porcelain, President and Chief Operating Officer
(631) 962-7000
Info@comtechtel.com

Source: 
Comtech Telecommunications Corp.

Stem Cell and Regenerative Medicine Action Award Honorees to be Recognized During Virtual World Stem Cell Summit, June 18, 2021

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Stem Cell and Regenerative Medicine Action Award Honorees to be Recognized During Virtual World Stem Cell Summit, June 18, 2021

 

2021 Honorees include NFL Alumni Health, the Klein Family (Bob, Danielle and Rob), Feng Zhang, PhD and the Global Immunization Action Network Team (GIANT) and Joseph P. Vacanti, MD.

On June 18, 2021 at 7:00 PM EDT, Regenerative Medicine Foundation (RMF) will broadcast the Stem Cell and Regenerative Medicine Action Awards as part of the virtual 16th annual World Stem Cell Summit (WSCS) and Wake Forest Institute for Regenerative Medicine and RMF’s Regenerative Medicine Essentials Course, June 14-18.

Bernard Siegel, Executive Director of RMF said, “Through the Action Awards, outstanding individuals and organizations are recognized for their devotion to improving health and developing cures through advocacy, innovation, leadership, education and inspiration. This year’s honorees are truly an inspiration who have made remarkable contributions to the field. Notable achievements made even more impressive, under the cloud of the global pandemic.”

Meet the 2021 honorees:

Advocacy Award: NFL Alumni Health
Founded in 1967 by a small group of successful retired NFL players, NFL Alumni Association (NFL Alumni) is one of the oldest and well-respected retired player organizations in professional sports. More than 15,000 former NFL players are connected with NFL Alumni. In 2020, NFL Alumni launched NFL Alumni Health to expand its efforts to improve the health and wellness of NFL Alumni members, as well as the general community, through informational resources, programs, and services, in line with its mission which includes “Caring for Kids,” “Caring for our Own,” and “Caring for the Community.” NFL Alumni Health activities include its collaboration with CDC to raise awareness of the benefits of getting vaccinated against COVID-19. NFL Alumni Health has also launched a program to educate its membership—and the public—about the potential benefits of regenerative medicine and cell-based therapies, and the questions patients should be asking as they seek out safe, effective and approved treatments. The very future of contact sports in America might depend upon the long-term treatment of our heroes of the gridiron and NFL Alumni Health leads the way.

Leadership & Advocacy Award: Bob Klein, Danielle Klein, Rob Klein
A new multi-billion dollar California ballot initiative to fund stem cell research for better treatments and cures for chronic diseases and illnesses was on the ballot in 2020. All the pundits said it couldn’t be done; it just wasn’t the time. Against all odds, and during a world altering pandemic, Proposition 14 not only qualified for the November ballot; but, it was passed, authorizing $5.5 billion in new funding for the continued operation of the California Institute for Regenerative Medicine (CIRM). The California agency’s research funding had already led to over 90 clinical trials, and 3,000 peer reviewed published discoveries. However, its funding had been exhausted, leaving highly promising research without the support needed to make it through vital stages of basic research, therapy development, and clinical trials, so that this research will fulfill its principal purpose of benefiting the patients that so desperately need the therapies that will result.

The entire Klein family provided essential leadership. Bob, Danielle and Rob Klein are a family of patient advocates who have made it their mission to ensure funding for stem cell and genetic therapy research remains a priority. Bob and Danielle served as Co-Chairs, and Rob served as the President of the campaign. Prop 14 would have never passed without their tenacity and devotion to the cause. They credit the initiative’s passage, in large part, to endorsement from over 100 patient advocacy groups, and a dedicated campaign team fighting for better treatments and cures for their families and loved ones.

Pathfinder Award: Feng Zhang, PhD
Feng Zhang is a molecular biologist who has developed novel molecular technologies for studying the brain. He pioneered the development of CRISPR-cas9 as a genome editing tool and has substantially expanded the use of new CRISPR tools, including RNA-targeting CRISPR-Cas13 systems and CRISPR-associated transposon systems, which can be used for gene insertion. One day, CRISPR might be harnessed to treat and possibly cure debilitating medical conditions such as Sickle Cell Anemia, Duchenne Muscular Dystrophy, Huntington’s Disease, HIV and cancers. Zhang is currently a core institute member of the Broad Institute of MIT and Harvard, as well as an investigator at the McGovern Institute for Brain Research at MIT, the James and Patricia Poitras Professor of Neuroscience at MIT, and a professor at MIT, with joint appointments in the departments of Brain and Cognitive Sciences and Biological Engineering. Zhang is also an investigator at the Howard Hughes Medical Institute.

Education Award: Global Immunization Action Network Team (GIANT)
The Global Immunization Action Network Team (GIANT) works to improve global public health outcomes by combating vaccine hesitancy through effective, sensitive, science-based communication and education. Throughout the COVID-19 pandemic, their extraordinary team has provided important, credible and factual information for people and communities to embrace immunization with trust and confidence. Without health literacy, public health will fail. GIANT presents a novel and timely topic to the World Stem Cell Summit agenda, Health Literacy: Stem Cell Science, Vaccine Development & Confidence in the Age of the Covid Pandemic and Infodemic.

Lifetime Achievement Award: Joseph P. Vacanti, MD
Dr. Joseph Vacanti is Surgeon-in-Chief and Chief of Pediatric Surgery at Mass General Hospital for Children. He is also Director of the Pediatric Transplant Program and co-director of the MGH Center for Regenerative Medicine. He has been active in clinical innovation and research in the field of regenerative medicine for more than three decades. Dr. Vacanti continues to study the creation of artificial organs using a biodegradable polymer scaffold to develop and shape tissue. Dr. Vacanti was a founding co-president of the Tissue Engineering Regenerative Medicine International Society (TERMIS). RMF recognizes his lifetime of dedication and genius.

Media Contact:
Joseph Dawson
Communications Director
Regenerative Medicine Foundation
joseph@regmedfoundation

What Women Investors find Attractive

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Women’s Investing Involvement is Growing Dramatically

 

Many consumer trends are driven by women. Fashion, diet, exercise, and even car design are heavily influenced by the gender that spends more time making purchasing decisions; statistically, this is women. As it relates to investing, past data suggest they have not been the trendsetters. When consumer monitoring company Cardingly examined user trends and attitudes toward cryptocurrency and Reddit-driven market moves, men were more likely to be on the “bandwagon” than women.

The Investment Gap is Closing (The Stats)

Using data from the same Cardingly report, the number of women involving themselves is, however, increasing. As a group, women are joining platforms in increasing numbers, transacting in the public markets, and driving a high percentage of the uptick in new account deposits.

 

“Our data shows women are increasingly taking control of their financial futures and considering new strategies,” said Esther Park, General Manager of Cardify.ai. “Still, our data reflects an ongoing need for both engagement with the marketplace and equality in the workplace as society takes strides toward equality.” Cardingly.ai

 

So far in 2021, compared to 2020, women using large popular platforms (TD Ameritrade, Fidelity, Robinhood, and Vanguard) have grown by 318%. The percentage increase from males grew at a slower 234%.

When compared to 2020, deposits in 2021 across popular platforms from women investors have grown by 318%. For the same period, deposits from male investors also spiked, but by a more modest 234%.  The graph below demonstrates the percentage increase, on a monthly basis, of growth in account size. While males still have a higher overall deposit base, deposits from female investors accelerated from a 19.3% average in 2020 to 24.5% so far in 2021 (second chart below).

 

Source: Cardify.ai

 

 

Source: Cardingly

 

In addition to the growth in deposits, user numbers are also rising driven by the increase in women customers. Robinhood, for example, has seen substantial increases among women. User numbers on the app show a 209% increase among women from 2019 to 2020, this is double the 90.6% increase of men. Out of the four popular investment platforms analyzed by Cardingly, only TD Ameritrade experienced a greater increased proportion of men versus women users.

 

Source: Cardingly

 

The growth in the women user base continues in 2021. Robinhood has experienced the greatest relative gain

 

 

A survey of retail investors suggests information awareness is at different levels between men and women. One example shown is that over 30% of women responded they were not aware of the AMC and Gamestop trading frenzy in early 2021. This compares to 17% of men who responded they had no idea of the news story.

 

 

Cryptocurrency Trends

Women are not as experienced with crypto trading as men — 26% of women compared to 16% of men surveyed said they made their first cryptocurrency investment during the last six months. Similar to their investment accounts, deposits in cryptocurrency from women investors have jumped. Men’s deposits in crypto trading accounts have not grown at nearly the pace.

 

Source: Cardingly

 

To better understand the magnitude of growth, in January 2020 women had total deposits in crypto accounts representing 5.6% of total deposits. By the following January, women represented 15% of all deposits.

 

Source: Cardingly

 

Cryptocurrency allocations are now a bigger portion of women’s total portfolio. In 12 months, crypto went from 2% to 11%.

 

 

Results of the survey show women felt they were less informed related to crypto. A full 23% said their faith in crypto could increase with more information compared to 9% of men.

 

 

Men as a whole seem to have more faith in the longevity of the crypto market, with 35% of male respondents adopting a hold “forever” approach and noting that they will keep their cryptocurrency for longer than five years. This squares with the finding that men are more interested than women in investing in cryptocurrency to diversify their portfolios.

 

Source: Cardify

 

Take-Away

As trends continuously change over time, investors are best served by staying aware of the landscape and evaluating how demand for different opportunities may also evolve. A flow of “new” money into the markets, and presumably out of bank accounts or discretionary income, will impact where the money is coming from and where it is moving to.

Channelchek is always keeping an eye on trends and reporting to our readers. Be sure to register and stay aware of what we see that may impact your investment outcomes.

 

Suggested Reading:

The Value of “FinTock” “Finfluencers”

The Benefits of DeFi



Does the Russell reconstitution Impact Small Cap Performance?

Casual Dining and Fast Serve Restaurants Benefit from Back to Work

 

Sources:

https://www.cardify.ai/reports/international-womens-day

https://www.inc.com/amy-nelson/women-drive-majority-of-consumer-purchasing-its-time-to-meet-their-needs.html

 

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C-Suite Interview with Cocrystal Pharma (COCP) Interim Co-CEOs Sam Lee, President & James Martin, CFO

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Noble Capital Markets Senior Research Analyst Robert LeBoyer sits down with Cocrystal Pharma Interim Co-CEO & President Sam Lee and Interim Co-CEO & CFO James Martin for this exclusive interview.

Research, News, and Advanced Market Data on COCP


View all C-Suite Interviews

About Cocrystal Pharma

Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics as treatments for serious and/or chronic viral diseases. We employ unique structure-based technologies and Nobel Prize winning expertise to create first- and best-in-class antiviral drugs. These technologies are designed to efficiently deliver small molecule therapeutics that are safe, effective, and convenient to administer. We have identified promising preclinical antiviral therapeutics that target the replication process of influenza virus, SARS-CoV-2 virus, and norovirus and have completed a Phase 2a trial targeting the hepatitis C virus.

Release – Stem Cell and Regenerative Medicine Action Award Honorees to be Recognized During Virtual World Stem Cell Summit, June 18 2021

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Stem Cell and Regenerative Medicine Action Award Honorees to be Recognized During Virtual World Stem Cell Summit, June 18, 2021

 

2021 Honorees include NFL Alumni Health, the Klein Family (Bob, Danielle and Rob), Feng Zhang, PhD and the Global Immunization Action Network Team (GIANT) and Joseph P. Vacanti, MD.

On June 18, 2021 at 7:00 PM EDT, Regenerative Medicine Foundation (RMF) will broadcast the Stem Cell and Regenerative Medicine Action Awards as part of the virtual 16th annual World Stem Cell Summit (WSCS) and Wake Forest Institute for Regenerative Medicine and RMF’s Regenerative Medicine Essentials Course, June 14-18.

Bernard Siegel, Executive Director of RMF said, “Through the Action Awards, outstanding individuals and organizations are recognized for their devotion to improving health and developing cures through advocacy, innovation, leadership, education and inspiration. This year’s honorees are truly an inspiration who have made remarkable contributions to the field. Notable achievements made even more impressive, under the cloud of the global pandemic.”

Meet the 2021 honorees:

Advocacy Award: NFL Alumni Health
Founded in 1967 by a small group of successful retired NFL players, NFL Alumni Association (NFL Alumni) is one of the oldest and well-respected retired player organizations in professional sports. More than 15,000 former NFL players are connected with NFL Alumni. In 2020, NFL Alumni launched NFL Alumni Health to expand its efforts to improve the health and wellness of NFL Alumni members, as well as the general community, through informational resources, programs, and services, in line with its mission which includes “Caring for Kids,” “Caring for our Own,” and “Caring for the Community.” NFL Alumni Health activities include its collaboration with CDC to raise awareness of the benefits of getting vaccinated against COVID-19. NFL Alumni Health has also launched a program to educate its membership—and the public—about the potential benefits of regenerative medicine and cell-based therapies, and the questions patients should be asking as they seek out safe, effective and approved treatments. The very future of contact sports in America might depend upon the long-term treatment of our heroes of the gridiron and NFL Alumni Health leads the way.

Leadership & Advocacy Award: Bob Klein, Danielle Klein, Rob Klein
A new multi-billion dollar California ballot initiative to fund stem cell research for better treatments and cures for chronic diseases and illnesses was on the ballot in 2020. All the pundits said it couldn’t be done; it just wasn’t the time. Against all odds, and during a world altering pandemic, Proposition 14 not only qualified for the November ballot; but, it was passed, authorizing $5.5 billion in new funding for the continued operation of the California Institute for Regenerative Medicine (CIRM). The California agency’s research funding had already led to over 90 clinical trials, and 3,000 peer reviewed published discoveries. However, its funding had been exhausted, leaving highly promising research without the support needed to make it through vital stages of basic research, therapy development, and clinical trials, so that this research will fulfill its principal purpose of benefiting the patients that so desperately need the therapies that will result.

The entire Klein family provided essential leadership. Bob, Danielle and Rob Klein are a family of patient advocates who have made it their mission to ensure funding for stem cell and genetic therapy research remains a priority. Bob and Danielle served as Co-Chairs, and Rob served as the President of the campaign. Prop 14 would have never passed without their tenacity and devotion to the cause. They credit the initiative’s passage, in large part, to endorsement from over 100 patient advocacy groups, and a dedicated campaign team fighting for better treatments and cures for their families and loved ones.

Pathfinder Award: Feng Zhang, PhD
Feng Zhang is a molecular biologist who has developed novel molecular technologies for studying the brain. He pioneered the development of CRISPR-cas9 as a genome editing tool and has substantially expanded the use of new CRISPR tools, including RNA-targeting CRISPR-Cas13 systems and CRISPR-associated transposon systems, which can be used for gene insertion. One day, CRISPR might be harnessed to treat and possibly cure debilitating medical conditions such as Sickle Cell Anemia, Duchenne Muscular Dystrophy, Huntington’s Disease, HIV and cancers. Zhang is currently a core institute member of the Broad Institute of MIT and Harvard, as well as an investigator at the McGovern Institute for Brain Research at MIT, the James and Patricia Poitras Professor of Neuroscience at MIT, and a professor at MIT, with joint appointments in the departments of Brain and Cognitive Sciences and Biological Engineering. Zhang is also an investigator at the Howard Hughes Medical Institute.

Education Award: Global Immunization Action Network Team (GIANT)
The Global Immunization Action Network Team (GIANT) works to improve global public health outcomes by combating vaccine hesitancy through effective, sensitive, science-based communication and education. Throughout the COVID-19 pandemic, their extraordinary team has provided important, credible and factual information for people and communities to embrace immunization with trust and confidence. Without health literacy, public health will fail. GIANT presents a novel and timely topic to the World Stem Cell Summit agenda, Health Literacy: Stem Cell Science, Vaccine Development & Confidence in the Age of the Covid Pandemic and Infodemic.

Lifetime Achievement Award: Joseph P. Vacanti, MD
Dr. Joseph Vacanti is Surgeon-in-Chief and Chief of Pediatric Surgery at Mass General Hospital for Children. He is also Director of the Pediatric Transplant Program and co-director of the MGH Center for Regenerative Medicine. He has been active in clinical innovation and research in the field of regenerative medicine for more than three decades. Dr. Vacanti continues to study the creation of artificial organs using a biodegradable polymer scaffold to develop and shape tissue. Dr. Vacanti was a founding co-president of the Tissue Engineering Regenerative Medicine International Society (TERMIS). RMF recognizes his lifetime of dedication and genius.

Media Contact:
Joseph Dawson
Communications Director
Regenerative Medicine Foundation
joseph@regmedfoundation

Release – PDS Biotech Announces Release of Interim Data for PDS0101 in NCI-Led Phase 2 Clinical Study

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PDS Biotech Announces Release of Interim Data for PDS0101 in NCI-Led Phase 2 Clinical Study in Oral Presentation at ASCO 2021 Annual Meeting

 

Tumor reduction was observed in 83% (5 of 6) of HPV16-positive relapsed or refractory checkpoint inhibitor naïve advanced cancer patients and 58% (7 of 12) of HPV16-positive relapsed or refractory advanced cancer patients who have also failed checkpoint inhibitor therapy

FLORHAM PARK, N.J., June 08, 2021 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing novel cancer therapies based on the Company’s proprietary Versamune® T-cell activating technology, today announced the presentation of interim data from the Phase 2 trial led by the National Cancer Institute (NCI), of the National Institutes of Health (NIH), at the American Society of Clinical Oncology (ASCO) 2021 Annual Meeting.

The Phase 2 trial (NCT04287868) studies PDS0101 (Versamune®-HPV16) in combination with two investigational immune-modulating agents: bintrafusp alfa (M7824), a bifunctional “trap” fusion protein targeting TGF-? and PD-L1, and NHS-IL12 (M9241), a tumor-targeting immunocytokine. PDS0101 is an immunotherapy candidate designed to treat cancers caused by infection with HPV16 (HPV16-positive cancers) by activating the immune system to produce in vivo CD8+ (killer) T-cells to target and kill tumors that are HPV16-positive. Analyses of immune responses and other immune correlates are ongoing.

Highlights from the presentation include the following:

  • Data from a total of 25 patients with data available as of the time of presentation submission:
    • Update on the data previously reported for the original fourteen (14) HPV16-positive patients who were in the subject of the abstract published on May 19th.
    • An additional seven (7) HPV16-negative patients (patients whose cancer was NOT caused by HPV16 infection) who were not discussed in the abstract.
    • An additional four (4) HPV16-positive patients who are checkpoint inhibitor refractory whose data became available after the abstract submission.
  • 100% (25/25) of patients enrolled had failed chemotherapy treatment.
  • 96% (24/25) of patients enrolled had failed both chemotherapy and radiation treatment.
  • 56% (14/25) of patients enrolled had failed checkpoint inhibitor therapy (checkpoint inhibitor refractory).
  • Most types of HPV-related cancers (anal, cervical, head and neck, vaginal and vulvar cancers) were represented among the study subjects.
  • The following update was provided on the initial six (6) HPV16-positive patients who had NOT been treated with checkpoint inhibitors (checkpoint inhibitor naïve):
    • 83% (5/6) of the patients demonstrated an objective response (tumor reduction >30%).   The reported objective response rate with current standard of care checkpoint inhibitor treatment is 12-24%.
    • 100% (6/6) are still alive at 8 months – the historic average (median) survival or life span for this patient population is 7-11 months.
    • 80% (4/5) of patients who had an objective response still have an ongoing response at 8 months.
    • One (1) patient had a complete response (no evidence of disease).
    • No new patients had been added to this group by the time of submission.
  • The following information was provided on the twelve (12) HPV16-positive patients who have also failed treatment with checkpoint inhibitors after failing chemotherapy and radiation treatment (checkpoint inhibitor refractory):
    • Four patients had recently been added since the abstract. Tumor reduction was observed in 58% (7/12), with an overall objective response rate of 42% (5/12) already achieved; the objective response rate of the current standard of care is 5-12%
    • One patient in this group had achieved a complete response by the time of reporting
    • 80% (4/5) of patients who had an objective response have an ongoing response at 8 months
    • 83% (10/12) of patients are still alive at 8 months; historic average (median) survival or life span for this patient population is only 3-4 months
  • PDS0101 is designed to treat patients whose cancer is caused by infection with HPV16. Seven (7) patients had cancer that was not caused by HPV16 (HPV16-negative patients). In this group
    • 0% (0/7) experienced tumor reduction.
    • 80% (4/5) checkpoint inhibitor naïve patients are still alive at 8 months.
    • 0% (0/2) checkpoint inhibitor refractory patients are still alive at 8 months.

The NCI Center for Cancer Research’s Laboratory of Tumor Immunology and Biology (LTIB) and Genitourinary Malignancies Branch (GMB) are jointly leading this Phase 2 trial. Bintrafusp alfa is being jointly developed by Merck KGaA, Darmstadt, Germany, and GlaxoSmithKline; NHS-IL12 is being developed by Merck KGaA, Darmstadt, Germany.

The trial is evaluating the treatment combination in both checkpoint inhibitor naïve and refractory patients with advanced HPV-associated cancers that have progressed or returned after treatment. The vast majority of these cancers are caused by HPV16 infection. Objective response is measured by radiographic tumor responses according to RECIST 1.1. These reported data provide additional insights following the preclinical studies published by the NCI examining the potentially complementary mechanisms of action of the three immunotherapies, understood to involve potent in-vivo HPV16-specific killer and helper T-cell induction with effective T-cell tumor infiltration (PDS0101), blocking of immune checkpoints as well as targeting of TGF-? (Bintrafusp alfa). The preclinical results suggested superior tumor regression.

“The achievement of a 67% tumor reduction among all HPV16-positive cancer patients including both CPI naïve and CPI refractory patients continues to strengthen the evidence supporting continuing clinical investigation of novel Versamune® platform’s potential ability to induce high levels of tumor-specific CD8+ killer T-cells that attack the cancer in which we believe results in a strong synergy with bintrafusp alfa and NHS-IL12. The data provide early evidence of notable clinical activity, and we saw effective tumor regression in these patients,” commented Dr. Lauren Wood, Chief Medical Officer of PDS Biotech. “The interim data demonstrating that this response was limited only to patients with HVP16-positive cancer, and also the fact that all responding patients who have stayed on treatment continue to show ongoing responses after a median duration of 8 months solidifies our belief that PDS0101’s ability to generate a robust, targeted T-cell response may have the potential to significantly improve clinical outcomes for patients with advanced, refractory HPV16-associated cancers who have limited treatment options.”

There are more than 630,000 cases of HPV-associated malignancies including cervical, oropharyngeal and anal cancer worldwide annually. HPV-16 is responsible for most of these cases. About 15-20% of HPV-associated malignancies respond to PD-(L)1 inhibitors. However, for the overwhelming majority of patients who progress on these immunotherapies there is no effective standard of care therapy.

The company is hosting a conference call today at 8:00 am ET to discuss the data presented at ASCO. Registration for the conference call is now open and a live webcast of the event will be available online in the investor relations section of the company’s website at https://pdsbiotech.com/investors/news-center/events. A replay will be available on the company website for 90 days following the webcast.

For patients interested in enrolling in this clinical study, please call NCI’s toll-free number 1-800-4-Cancer (1-800-422-6237) (TTY:  1-800-332-8615), email NCIMO_Referrals@mail.nih.gov, and/or visit the website:  https://trials.cancer.gov.

About PDS Biotechnology

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of cancer immunotherapies and infectious disease vaccines based on the Company’s proprietary Versamune® T-cell activating technology platform. Our Versamune®-based products may overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple investigational therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. Our immuno-oncology product candidates are initially being studied in combination therapy to potentially enhance efficacy without compounding toxicity across a range of cancer types. The company’s lead investigational cancer immunotherapy product PDS0101 is currently in Phase 2 clinical studies in HPV-associated cancers. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.

About PDS0101

PDS Biotech’s lead candidate, PDS0101, combines the utility of the Versamune® platform with targeted antigens in HPV-expressing cancers.  In partnership with Merck & Co., PDS Biotech is evaluating a combination of PDS0101 and KEYTRUDA® in a Phase 2 study in first-line treatment of recurrent or metastatic head and neck cancer. PDS Biotech is also conducting two additional Phase 2 studies in advanced HPV-associated cancers and advanced localized cervical cancer with the NCI and The University of Texas MD Anderson Cancer Center, respectively. The current product targets HPV16-positive cancers, and upon successful proof of concept will be broadened to address cancers caused by other oncogenic HPV-types.

Forward Looking Statements

This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the “Company”) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “forecast,” “guidance”, “outlook” and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the Company’s anticipated capital requirements, including the Company’s anticipated cash runway and the Company’s current expectations regarding its plans for future equity financings; the Company’s dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising such additional capital may restrict the Company’s operations or require the Company to relinquish rights to the Company’s technologies or product candidates; the Company’s limited operating history in the Company’s current line of business, which makes it difficult to evaluate the Company’s prospects, the Company’s business plan or the likelihood of the Company’s successful implementation of such business plan; the timing for the Company or its partners to initiate the planned clinical trials for PDS0101, PDS0203 and other Versamune® based products; the future success of such trials; the successful implementation of the Company’s research and development programs and collaborations, including any collaboration studies concerning PDS0101, PDS0203 and other Versamune® based products and the Company’s interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Company’s product candidates; the success, timing and cost of the Company’s ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including our ability to fully fund our disclosed clinical trials, which assumes no material changes to our currently projected expenses), futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim results, which are not necessarily indicative of the final results of the Company’s ongoing clinical trials; any Company statements about its understanding of product candidates mechanisms of action and interpretation of preclinical and early clinical results from its clinical development programs and any collaboration studies; the acceptance by the market of the Company’s product candidates, if approved; the timing of and the Company’s ability to obtain and maintain U.S. Food and Drug Administration or other regulatory authority approval of, or other action with respect to, the Company’s product candidates; and other factors, including legislative, regulatory, political and economic developments not within the Company’s control, including unforeseen circumstances or other disruptions to normal business operations arising from or related to COVID-19. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s annual and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Media & Investor Relations Contact:

Deanne Randolph
PDS Biotech
Phone: +1 (908) 517-3613
Email: drandolph@pdsbiotech.com

Rich Cockrell
CG Capital
Phone: +1 (404) 736-3838
Email: rich@cg.capital

Release – Flotek Welcomes Lisa Mayr To Board Of Directors

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Flotek Welcomes Lisa Mayr To Board Of Directors

 

HOUSTON, June 7, 2021 – Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) welcomes Lisa Mayr to its Board of Directors (“Board”), increasing its directors from six to seven. Mayr was appointed a member of the audit committee and has been designated an “audit committee financial expert” by the Board as a result of her accounting and financial management experience. She will also serve as a member of the corporate governance and nominating committee.

Mayr brings more than 25 years of financial and accounting experience to the Board. She is currently the Chief Financial Officer (CFO) of digital infrastructure provider Internap Holding LLC, a position she has held since July 2020. Prior to joining Internap, Mayr served as CFO of multiple software and technology companies, including MicroStrategy Incorporated, a data analytics software company, and educational technology companies Blackboard and EverFi. She has also held financial leadership roles at both public and private companies such as LivingSocial, GeoEye and Sunrise Senior Living.  Early in her career, she served at Ernst & Young LLP in the transaction and advisory services practice.

John W. Gibson, Jr., Chairman, President, and Chief Executive Officer of Flotek stated: “After an extensive search prioritizing gender diversity, financial acumen, digital transformation and executive experience, we have found a highly qualified director in Lisa. She brings strong financial leadership from both public and private companies and a passion for maximizing her impact based on her experience. I know she will immediately and positively contribute to our board and Company.”

Mayr said, “I am excited to join the Flotek team and be a part of a high-performing, high-quality board. I look forward to working with the team during such an important time in the Company’s history.”

Mayr currently serves as a board observer and on the audit committee of WorldStrides, an educational travel company, and is the board chair of STEM for Her, a non-profit that encourages girls and young women to pursue careers in STEM. She has a bachelor’s degree in International Studies and Economics from American University and a Master of Business Administration from Georgetown University.

The Board search was conducted by Heidrick & Struggles.

Board Committee Assignments Announced

Following its Annual Meeting on June 3, 2021, the Company announces the following Board roles and Committee assignments.

Chairman of the Board

John W. Gibson, Jr.

Lead Independent Director

David Nierenberg

Audit Committee

David Nierenberg, Chair

Harsha Agadi

Lisa Mayr

Compensation Committee

Harsha Agadi, Chair

Ted Brown

Michael Fucci

Paul Hobby

Corporate Governance & Nominating Committee

Paul Hobby, Chair

Ted Brown

Lisa Mayr

David Nierenberg

 Risk & Sustainability Committee

Michael Fucci, Chair

Harsha Agadi

John W. Gibson, Jr.

Paul Hobby

David Nierenberg

 About Flotek

Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty chemistry and data company, Flotek helps customers across industrial, commercial and consumer markets improve their Environmental, Social and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit Flotek’s web site at www.flotekind.com.

Forward-Looking Statements

Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release.  Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents.  Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

 

Contact:

Danielle Allen

Senior Vice President, Chief of Staff

E: DAllen@flotekind.com

P: (713) 726-5322

Release – Kratos Completes Major Milestone in Build-Out of Advanced Space Radio Monitoring System

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Kratos Completes Major Milestone in Build-Out of Advanced Space Radio Monitoring System for the Communications Regulatory Authority (CRA) of the State of Qatar

 

Successful Critical Design Review Accelerates Path to Production and Testing of System

SAN DIEGO, 
June 08, 2021 (GLOBE NEWSWIRE) — 
Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a leading National Security Solutions provider, announced today that it has successfully completed the Critical Design Review (CDR) for the build out of the advanced space radio monitoring system for the 
Communications Regulatory Authority (CRA) of the 
State of Qatar.

Kratos is providing turnkey services from the design, installation, and integration of the advanced space radio monitoring system to help the CRA regulate and protect the satellite spectrum. As part of the contract, awarded in 2020, the scope of work includes implementing the core satellite technology and associated hardware and software.

The advanced space radio monitoring system includes a fixed site and mobile unit to monitor satellite downlinks to manage and protect the spectrum. The comprehensive system includes Kratos’ antennas, satellite monitoring and geolocation products, and an Unmanned Aerial Vehicle (UAV) spectrum analysis solution to detect and mitigate any potential interference events.

“The rapid rise in the number of wireless networks and devices increases the potential for unauthorized usage, interference, and illegal transmissions,” said  Bruno Dupas, President of Kratos’ operation in 
France. “We are designing and building this one-of-a-kind satellite radio monitoring station for the 
State of Qatar to support the delivery of reliable licensed satellite services and interference-free operations.”

Kratos is uniquely positioned to help government agencies protect the spectrum and has worked with numerous regulators across the globe to implement successful spectrum monitoring solutions. Kratos offers extensive turnkey capabilities and a range of advanced products that spans the full range of ground operations including networks, RF management, and Space Domain Awareness (SDA).

About Kratos Defense & Security Solutions

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms and systems for United States National Security related customers, allies and commercial enterprises. Kratos is changing the way breakthrough technology for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research and streamlined development processes. At Kratos, affordability is a technology and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training, combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended 
December 27, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the 
SEC by Kratos.

Press Contact:
Yolanda White
858-812-7302 Direct

Investor Information:
877-934-4687
investor@kratosdefense.com

Source: Kratos Defense & Security Solutions, Inc.