Tag: CMTL

Release – Comtech to Report Second Quarter Fiscal 2024 Results on March 18, 2024

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CMTL

BY THE COMTECH EDITORIAL TEAM – MAR 13, 2024 | < 1 MIN READ

MELVILLE, N.Y. – March 13, 2024– Comtech (NASDAQ: CMTL) today announced that it plans to release its second quarter fiscal 2024 results after the market closes on Monday, March 18, 2024.

At 5:00 p.m. ET that day, the Company will hold a conference call to discuss its second quarter fiscal 2024 results, operations, and business trends. A webcast of the call will be available to the public at the investor relations section of the Comtech web site at www.comtech.com. Alternatively, investors can access the conference call by dialing (800) 225-9448 (domestic) or (203) 518-9708 (international) and using the conference I.D. of “Comtech.” A replay of the call will also be available by dialing (888) 566-0825 or (402) 220-0427 through Monday, April 1, 2024.

About Comtech

Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions.For more information, please visit www.comtech.com.

Forward-Looking Statements

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.

PCMTL

View source version on businesswire.com: https://www.businesswire.com/news/home/20240313308920/en/

Comtech Investor Relations

Maria Ceriello

631-962-7102

investors@comtech.com

Comtech Telecommunications (CMTL) – A CEO Change

Posted on by cpereira@noblefcm.com


Thursday, March 14, 2024

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

CEO Change. Yesterday, in a surprise move, Comtech’s Board of Directors terminated Ken Peterman as President and CEO. Mr. Peterman also will cease to serve on the Board. Mr. Peterman’s termination was for conduct unrelated to Comtech’s business strategy, financial results, or previously filed financial statements, according to the Company. The Board appointed John Ratigan, Chief Corporate Development Officer (CCDO), as interim Chief Executive Officer, effective immediately.

Ratigan Background. Mr. Ratigan, a former Chief Executive Officer, is an accomplished executive who brings over three decades of experience and senior leadership expertise across the global satellite technology sector. He has an extensive background in satellite communications, as well as a deep familiarity with Comtech, having spent ten years at EF Data Corp. prior to its acquisition by Comtech in July 2000. Mr. Ratigan was named CCDO in November 2023.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Comtech Appoints John Ratigan as Interim Chief Executive Officer

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CMTL

BY THE COMTECH EDITORIAL TEAM – MAR 13, 2024 | 5 MIN READ

Mark Quinlan Named Chair of the Board

MELVILLE, N.Y. – Comtech (NASDAQ: CMTL) (the “Company”) today announced that its Board of Directors has appointed John Ratigan, Chief Corporate Development Officer (“CCDO”), as interim Chief Executive Officer, effective immediately. Mr. Ratigan succeeds Ken Peterman, who has been terminated as President and CEO and will cease to serve on the Board. Mr. Peterman’s termination was for conduct unrelated to Comtech’s business strategy, financial results or previously filed financial statements.

Mr. Ratigan, a former Chief Executive Officer, is an accomplished executive who brings over three decades of experience and senior leadership expertise across the global satellite technology sector. He has an extensive background in satellite communications, as well as a deep familiarity with Comtech, having spent ten years at EF Data Corp. prior to its acquisition by Comtech in July 2000, driving significant revenue growth over the course of his tenure. As CCDO at Comtech, Mr. Ratigan has proven himself an instrumental member of the executive team, identifying and optimizing market shifts currently underway and executing on the Company’s One Comtech strategy.

In addition, the Board has elected current Board member Mark Quinlan as Chair of the Board.

“The Board is committed to upholding the highest standards of ethical and professional conduct,” said Mark Quinlan, Chair of the Comtech Board. “The Comtech Board remains committed to our strategy and mission of serving the complex and secure connectivity needs of the government and commercial sectors. We are fortunate to have a leader of John’s caliber leading Comtech’s talented organization at this important moment as we continue to deliver mission-critical solutions to our global customer base. With our commitment to innovation and competitive market position, Comtech is well positioned to capitalize on the significant growth opportunities ahead.”

“As a leading global provider of next-generation 911 systems, secure wireless technologies and satellite communications, Comtech is at the forefront of innovative trusted connectivity solutions,” said Mr. Ratigan. “I look forward to working closely with the leadership team and the Board as we continue successfully executing on One Comtech, building on the Company’s recent momentum and creating value for shareholders, customers, partners, employees and other stakeholders.”

The Board will initiate a search for a permanent successor and intends to retain a leading executive search firm to assist in the process.

The Company expects to report its financial results and file its Form 10-Q for the quarter ended January 31, 2024, on March 18, 2024.

About John Ratigan

Before joining Comtech in November 2023 as the Company’s first Chief Corporate Development Officer, Mr. Ratigan served as CEO and President of iDirect Government, LLC and as an Executive Committee Member of ST Engineering iDirect, Inc. During his tenure, he grew iDirect Government to over $100 million in annual revenue and spearheaded the acquisition of GlowLink Communications Technologies, Inc. and its unique interference mitigation technology (CSIR), which helped the company become the largest provider of Time Division Multiple Access (TDMA) SATCOM capabilities. Earlier in his career, Mr. Ratigan ran East Coast operations for Fairchild Data Corporation and EF Data Corp., which is now a part of Comtech. During his time at EF Data, he was instrumental in helping the company grow from $20 million to $120 million in revenue in under eight years. Prior to that, Mr. Ratigan held the position of Senior Vice President of North and South American sales for the start-up BroadLogic Network Technologies, Inc. He began his career in the United States Senate working for Senator Bill Armstrong (R-Colorado) and held multiple sales positions with the Xerox Corporation as a member of the legal sales team.

Mr. Ratigan holds a Bachelor of Science in Marketing from the University of Maryland.

About Comtech

Comtech Telecommunications Corp. (Comtech) is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions. For more information, please visit www.comtech.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain information presented herein contains, and oral statements made by our representatives from time to time may contain, forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “goal,” “outlook,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our future performance and financial condition, plans to address our ability to continue as a going concern, plans and objectives of our management and our 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 our control which may cause our actual results, future performance and financial condition, and achievement of our plans and objectives of our management to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, among other things: our ability to access capital and liquidity so that we are able to continue as a going concern; our ability to successfully implement changes in our executive leadership; the possibility that the expected synergies and benefits from acquisitions and or restructuring activities will not be fully realized, or will not be realized within the anticipated time periods; the risk that acquired businesses will not be integrated successfully; the possibility of disruption from acquisitions or dispositions, making it more difficult to maintain business and operational relationships or retain key personnel; the risk that we will be unsuccessful in implementing our “One Comtech” transformation and integration of individual businesses into two segments; the risk that we will be unsuccessful in implementing a tactical shift in our Satellite and Space Communications segment away from bidding on large commodity service contracts and toward pursuing contracts for our niche products and solutions with higher margins; the nature and timing of our receipt of, and our 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; changing customer demands and or procurement strategies; changes in prevailing economic and political conditions, including as a result of Russia’s military incursion into Ukraine, the Israel-Hamas war and escalating attacks in the Red Sea region; changes in the price of oil in global markets; changes in prevailing interest rates and foreign currency exchange rates; risks associated with our legal proceedings, customer claims for indemnification, and other similar matters; risks associated with our obligations under our Credit Facility and our ability to refinance our Credit Facility; risks associated with our large contracts; risks associated with supply chain disruptions; and other factors described in this and our other filings with the Securities and Exchange Commission (“SEC”).

View source version on businesswire.com: https://www.businesswire.com/news/home/20240313012380/en/

Investor Relations

Maria Ceriello

631-962-7102

investors@comtech.com

Media Contact

Jamie Clegg

480-532-2523

jamie.clegg@comtech.com

Comtech Telecommunications (CMTL) – A Key Extension

Posted on by cpereira@noblefcm.com


Tuesday, February 06, 2024

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Washington Extension. The State of Washington awarded Comtech a $48 million contract extension to continue providing Next Generation 911 (NG911) services over the next five years, with the option to extend through 2034. This is a key extension, in our view, with a number of other NG911 state contracts up, or coming up, for renewal.

A Key Partnership. Washington State is a national leader in the application of NG911 services and, beginning in 2016, Comtech designed, deployed, and operated next generation public safety technologies for the state. Under Comtech, Washington has one of the most robust and advanced NG911 systems in the country.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Washington State Awards Comtech $48 Million Multi-Year Contract Extension for Next Generation 911 Services

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CMTL

BY THE COMTECH EDITORIAL TEAM – FEB 5, 2024 | 3 MIN READ

MELVILLE, N.Y. – February 5, 2024– Comtech (NASDAQ: CMTL) announced today that Washington State recently awarded the company a $48 million contract extension to continue providing Next Generation 911 (NG911) services over the next five years, with the option to extend through 2034.

Washington State initially contracted Comtech to design, deploy and operate next generation public safety technologies and secure and reliable communications capabilities in 2016, making Washington a national leader in the application of NG911 services.

“We value our continued partnership with Washington State and have worked collaboratively over the past eight years to deploy one of the most robust and advanced NG911 systems in the United States,” said Ken Peterman, President and CEO, Comtech. “This contract extension award further demonstrates the state of Washington’s trust of our NG911 capabilities to support the state’s public safety mission. As we continue to support the state of Washington, we look forward to exploring emerging capabilities like artificial intelligence to equip first responders with life-saving insights at the speed of relevance.”

“The Washington State NG911 enterprise system provides people in crisis with a more effective 911 service and has saved countless lives in the eight years since we initially partnered with Comtech,” said Adam Wasserman, Assistant Director for Emergency Communications, Washington State Emergency Management Division. “Our NG911 system keeps pace with the ever-evolving communications technologies used by the citizens in our state. In addition, due to the increased reliability, resilience and security, as well as the designed interoperability with other 911 centers – intrastate, interstate, and international (Canada) – the Washington State NG911 enterprise system is more effective at collecting and disseminating initial situational awareness during major emergencies and disasters.”

As one of the most trusted providers of public safety technologies, Comtech is continuing to expand its NG911 offerings for governments and emergency response providers around the world. The company’s NG911 systems are designed to adapt and continuously evolve over time to meet the needs of emerging use cases as well as future applications.

About the State of Washington 911 Coordination Office

The 911 Unit of the Emergency Management Division works to ensure the seamless operation of the statewide 911 communications system, ensuring uniform, prompt, and efficient access to public safety services for the citizens and visitors to the state of Washington.

Washington has 86 Public Safety Answering Points (911 centers) that cover all 39 counties within the state. The PSAPs are connected to the statewide Emergency Services IP Network (ESInet), which delivers location information of the 911 caller as well as other data needed.

In addition to contracting for the statewide 911 network, the 911 Unit provides fiscal and technical assistance to counties and PSAPs to support 911 operations. The 911 Unit continues to drive the evolution of the 911 network to accommodate the advances in communication technologies such as wireless, VoIP-based communications and the myriad of upcoming non-traditional technologies.

About Comtech

Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 911 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions.For more information, please visit www.comtech.com.

Forward-Looking Statements

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results and performance 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.

PCMTL

Investor Relations

Maria Ceriello

631-962-7115

investors@comtech.com

Media Contact

Jamie Clegg

480-532-2523

jamie.clegg@comtech.com

Comtech Telecommunications (CMTL) – More Good News: GFSR to Move Forward

Posted on by cpereira@noblefcm.com


Monday, February 05, 2024

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

GFSR. Late last week, Comtech received notice from the U.S. Army Contracting Command to move forward on the Company’s previously announced $544 million Global Field Service Representative (GFSR) contract. Recall, this award had been under protest. With the notice, Comtech can now begin to fulfill the contract. Comtech was originally awarded the $544 million contract in October 2023.

Contract Details. The GFSR program provides ongoing communications and IT infrastructure support for the Army, Air Force, Navy, Marine Corps, and NATO-enabling U.S. and coalition forces to maintain robust, resilient, and secure connectivity for global all-domain operations in all environments. Under this contract, Comtech will provide onsite professional engineering services, as well as supply and support the Company’s market leading satellite and terrestrial networking communications technologies for the Project Manager Tactical Network (PM TN) in the GFSR support program.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Comtech Telecommunications (CMTL) – A First Step

Posted on by cpereira@noblefcm.com


Tuesday, January 23, 2024

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Strategic Investment. In the first step in the ultimate refinancing of its credit facility, Comtech announced a new $45 million investment from existing investors White Hat Capital Partners and Magnetar Capital. The new investment provides Comtech with financial flexibility in its refinancing as well as supports its strategic initiatives in satellite ground station infrastructure and next generation terrestrial wireless and wireless solutions.

Details. White Hat and Magnetar purchased $45.0 million of a new series of convertible preferred stock and exchanged all outstanding shares of Comtech’s existing convertible preferred stock for shares of the new series of convertible preferred stock. The preferred stock will be convertible into shares of Comtech common stock at a conversion price of $7.99 per share; carries a 9.00% dividend, payable in kind, or a 7.75% dividend, payable in cash, at Comtech’s election; and contains an optional redemption date of October 31, 2028. We expect additional details to be included in an 8-k filing in the next couple of days.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Comtech Announces $45 Million Strategic Investment and Exchange of Convertible Preferred Stock

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CMTL

BY THE COMTECH EDITORIAL TEAM – JAN 22, 2024 | 4 MIN READ

Investment Enhances Comtech’s Financial Flexibility and Supports Its Strategic Initiatives in Satellite Ground Station Infrastructure and Next-Generation Terrestrial and Wireless Solutions

MELVILLE, N.Y. – January 22, 2024 — Comtech Telecommunications Corp. (NASDAQ: CMTL) (“Comtech” or the “Company”), a leading global technology company providing terrestrial and wireless network solutions, next-generation 911 emergency services, satellite and space communications technologies, and cloud native capabilities, today announced a $45.0 million investment by current shareholders White Hat Capital Partners LP (“White Hat”), an investment firm focused on sustainable value creation in technology companies serving mission-critical applications, and funds affiliated with Magnetar, a leading alternative investment manager with over $14 billion of assets under management. In connection with the investment, the Company exchanged all outstanding shares of Comtech’s existing convertible preferred stock for a new series of convertible preferred stock.

This strategic investment enhances Comtech’s financial flexibility and strengthens the Company’s ability to capitalize on its recent large contract awards and growing customer demand for its satellite communications technologies and next-generation terrestrial and wireless solutions. Comtech expects to apply the proceeds of this investment across a range of initiatives which not only support near-term working capital needs and general corporate purposes, including the repayment of certain outstanding indebtedness, but also its growth prospects. The issuance of the new series of convertible preferred stock demonstrates the continued commitment of White Hat and Magnetar, and is an important step towards the completion of the Company’s previously announced process to refinance its existing Credit Facility and further increase its financial and operational strength.

Mark Quinlan, who currently serves as an appointee of White Hat and Magnetar on the Company’s Board of Directors, will retain his position on the Board. Mr. Quinlan is White Hat’s Co-Founder and Managing Partner and has more than 20 years of experience in the technology sector. He has provided valuable insight and experience to the Board of Directors since January 2022.

“We are grateful for this investment and endorsement of our strategy and team by two of our existing long-term shareholders,” said Comtech’s Chairman and CEO, Ken Peterman. “Magnetar and White Hat understand our Company, our end markets, and the potential of our One Comtech vision. With White Hat’s investment experience within the technology sector and Magnetar’s breadth of investment experience in both private and public markets and across asset classes and capital structures, we value their continued support and are excited to strengthen our relationship with them at this key inflection point for the Company.”

“Under CEO Ken Peterman’s leadership, the entire Comtech team has made incredible progress on its One Comtech transformation,” said Mr. Quinlan. “We recognize Comtech’s potential and believe this investment further supports the Company’s commitment to developing and delivering mission-critical solutions for its customers.”

Summary of Investment Terms

White Hat and Magnetar purchased $45.0 million of a new series of convertible preferred stock and exchanged all outstanding shares of Comtech’s existing convertible preferred stock for shares of the new series of convertible preferred stock. The preferred stock will be convertible into shares of Comtech common stock at a conversion price of $7.99 per share; carries a 9.00% dividend, payable in kind, or a 7.75% dividend, payable in cash, at Comtech’s election; and contains an optional redemption date of October 31, 2028. Further details will be included in the Company’s Current Report on Form 8-K to be filed with the Securities and Exchange Commission. That report will describe the investment in additional detail, including exhibits with copies of associated transaction documentation.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor to Comtech and Sidley Austin LLP is serving as legal advisor to the Special Committee of the Board of Directors of Comtech. Willkie Farr & Gallagher LLP is serving as legal advisor to Magnetar and Schulte Roth + Zabel LLP is serving as legal advisor to White Hat.

About Comtech

Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Comtech’s unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages its global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions. For more information, please visit www.comtech.com.

Forward-Looking Statements

This press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties, including with respect to the offering of securities, the intended use of proceeds and our current expectations, initiatives, strategies or future plans. No assurance can be given that the transaction will be completed, or that the proceeds from the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, risks, and uncertainties, many of which are beyond the control of the Company, including those identified in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements are also based on assumptions that may not be realized and involve risks and uncertainties that could cause actual results or other events to differ materially from the expectations and beliefs contained herein. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in Securities and Exchange Commission filings. The Company undertakes no obligation to release publicly any updates or revisions to any forward-looking statements contained herein except as required by law.

PCMTL

View source version on businesswire.com: https://www.businesswire.com/news/home/20240122671989/en/

Investor Relations

Maria Ceriello

Investors@comtech.com

Comtech Telecommunications (CMTL) – Changing Preferred Terms to Enhance Flexibility

Posted on by cpereira@noblefcm.com


Monday, December 18, 2023

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Enhancing Flexibility. Last week, Comtech filed a form 8-K revealing changes in the terms of its Series A Convertible Preferred Stock to enhance the Company’s financial flexibility. Essentially, Comtech is exchanging on a one-for-one basis the existing Series A Convertible Preferred shares for a new class of Series A-1 Convertible Preferred. With Comtech deep in negotiations to refinance its credit facility, any additional flexibility is a positive, in our view.

Ability to Raise $50 Million. For Comtech, the key change is the ability to issue up to $50 million of shares of common stock without the consent of the preferred holders, anytime through October 31, 2024. We would anticipate any funds raised through the issuance of new equity to be used to de-lever the Company.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Comtech Telecommunications (CMTL) – Momentum Continues to Build

Posted on by cpatches


Monday, December 11, 2023

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Momentum. The first quarter of fiscal 2024 was Comtech’s eighth consecutive quarter of sequential revenue increase and the second quarter of positive operating income, a substantial improvement, in our view. Net bookings were $185.6 million for a book-to-bill of 1.22x. Revenue visibility is now $1.7 billion, up from a prior $1.1 billion.

1Q24 Results. Revenue totaled $151.9 million, up 2.1% sequentially, within guidance. Y-o-Y revenue was up 15.8%. We were at $151 million. Adjusted EBITDA totaled $18.4 million, versus $10.7 million in 1Q23. We were at $17.1 million. Comtech reported a net loss of $3.3 million, or a loss of $0.11 per share, compared to a net loss of $12.8 million, or $0.46 per share last year. Adjusted EPS was $0.24 versus $0.16. We had forecast a net loss of $2.1 million, or a loss of $0.07 per share and adjusted EPS of $0.22.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Comtech Announces Results for its First Quarter of Fiscal 2024 and Provides Second Quarter Fiscal 2024 Financial Targets

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CMTL

BY THE COMTECH EDITORIAL TEAM – DEC 7, 2023 | 2 MIN READ

Q1 Consolidated Net Sales Up 2.1% Sequentially to $151.9 Million

Q1 Consolidated Operating Income Up 86.2% Sequentially to $2.1 Million

Q1 Consolidated Adjusted EBITDA of $18.4 Million, or 12.1% of Consolidated Net Sales

MELVILLE, N.Y. – December 7, 2023– Comtech (NASDAQ: CMTL) today announced its first quarter fiscal 2024 financial results and provided its second quarter fiscal 2024 financial targets in a letter to shareholders which is now posted to the Investor Relations section of Comtech’s website.

Investors are invited to access the first quarter fiscal 2024 shareholder letter at its web site at comtech.com/investors/. A copy of the letter will also be filed with the Securities and Exchange Commission in a Form 8-K.

Comtech also intends to host a previously scheduled earnings conference call at 5:00PM ET today. Individuals can access the conference call by dialing (800) 579-2543 (domestic) or (785) 424-1789 (international) and using the conference I.D. of “Comtech.” A replay of the conference call will be available for two weeks by dialing (888) 219-1269 or (402) 220-4945. A live webcast of the call is also available at comtech.com/investors/.

About Comtech

Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions.For more information, please visit www.comtech.com.

Forward-Looking Statements

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.

PCMTL

Investor Relations

Maria Ceriello

investors@comtech.com

Release – Comtech Names Satellite and Defense Industry Leader John Ratigan as Chief Corporate Development Officer

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CMTL

BY THE COMTECH EDITORIAL TEAM – DEC 6, 2023 | 3 MIN READ

MELVILLE, N.Y. – Dec. 6, 2023– Comtech (NASDAQ: CMTL), a global technology leader, today announced the appointment of satellite communications (SATCOM) and defense technology industry leader John Ratigan as the company’s first Chief Corporate Development Officer (CCDO).

With differentiated expertise across the global satellite technology sector, Ratigan brings over three decades of leadership experience to his position as Comtech’s CCDO. Ratigan’s experience is uniquely well aligned with Comtech’s strategic business priorities and continued expansion into new growth markets.

Prior to joining Comtech, Ratigan served as CEO and President of iDirect Government as well as holding a position as an Executive Committee Member of ST Engineering iDirect. As its first employee, Ratigan established iDirect Government and grew the company to over $100 million in annual revenue. During his tenure as CEO and President, Ratigan assembled a team of over 200 outstanding professionals and was responsible for taking iDirect Government from a startup to a well-known technology leader that deployed thousands of innovative modem solutions and satellite technologies supporting U.S. government and Department of Defense (DoD) customers across the globe. Ratigan was also responsible for acquiring GlowLink and its unique interference mitigation technology (CSIR) and fused it with iDirect’s own Evolution technology, which helped the company become the largest provider of Time Division Multiple Access (TDMA) SATCOM capabilities for the U.S. DoD.

“As a renowned leader in the satellite and defense industry, John’s deep expertise and unique experience will help enhance our strategic positioning, accelerate Comtech’s new technology trajectories, and further improve our ability to accomplish our near and long-term strategic priorities,” said Ken Peterman, President and CEO, Comtech. “John will be instrumental in identifying new opportunities, strategic partnerships, and technology synergies that will help Comtech democratize access to communications technologies, bridge the digital divide, and empower a truly connected planet. We are thrilled to have him on board as we enter our next chapter as One Comtech.”

In his position as CCDO, Ratigan will oversee new business initiatives aligned with Comtech’s strategic pursuits as the company continues its One Comtech journey.

“I’m excited to be part of Comtech’s transformational growth and it’s an honor to help lead a company where I spent 10 years earlier in my career,” said Ratigan. “I’m thrilled to be working with Ken Peterman and this incredible Comtech team where we’re bringing some of the best and brightest minds together to push the limits of innovation and make a lasting, positive impact in the world. As CCDO, I’m looking forward to helping the company identify and secure new opportunities that can unleash the full potential of the One Comtech transformation.”

Earlier in his career, Ratigan ran east coast operations for Fairchild Data, and EF DATA (now Comtech). As a company leader, Ratigan was instrumental in helping EF DATA grow from $20 million to $120 million in revenue in under eight years. During his tenure, Ratigan played a key role helping EFDATA become the preeminent leader in Single Channel Per Carrier (SCPC) satellite technology, which provided him with valuable insights related to technology migration and leadership experience that has continued to serve him well in subsequent roles. In addition to starting his own company, Ratigan held the position of Senior Vice President of North and South American sales for the start-up Broadlogic, just as companies started to run IP directly over satellite.

Ratigan began his career in the United States Senate working for Senator Bill Armstrong (R-Colorado) and held multiple sales positions with the Xerox Corporation as a member of the legal sales team.

Ratigan holds a Bachelor of Science degree in Marketing from the University of Maryland.

About Comtech

Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions.For more information, please visit www.comtech.com.

Forward-Looking Statements

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results and performance 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.

PCMTL

Investor Relations

Maria Ceriello

631-962-7115

investors@comtech.com

Media Contact

Jamie Clegg

480-532-2523

jamie.clegg@comtech.com

Comtech Telecommunications (CMTL) – New Contract; Completed Sale

Posted on by cpereira@noblefcm.com


Monday, November 13, 2023

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New Order. Comtech announced a $20.0 million order from the Company’s UK-based partner, Spectra Group. The order will allow Spectra Group, the appointed regional distributor of Comtech’s Compact Over-the-Horizon Transportable Terminal (COMET), to service multiple orders already received, and several expected follow-on orders from undisclosed customers in the NATO and European regions. In September 2023, Spectra Group announced the receipt of a $8.0 million order from UK MoD to equip 3 (UK) Division with Comtech’s COMET systems.

COMET. The COMET system is designed to be easily integrated with other Department of Defense (DoD) and coalition tactical, mobile, and fixed communications systems to provide resilient, secure beyond-line-of-sight (BLOS) capabilities in some of the world’s most challenging environments.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.