Comtech Telecommunications reported its operating results for the fourth quarter and fiscal year ended July 31, 2015. Q4 net sales were $77.5 million compared to $89.4 million for the three months ended July 31, 2014.
Article continues below
The year-over-year decrease reflects lower net sales in the company's telecommunications transmission and mobile data communications segments, partially offset by higher net sales in its RF microwave amplifiers segment.
GAAP net income was $5.5 million, or $0.34 per diluted share, for the three months ended July 31, 2015 as compared to $8 million, or $0.48 per diluted share, for the three months ended July 31, 2014.
Net sales for the fiscal year ended July 31, 2015 were $307.3 million compared to $347.2 million for the fiscal year ended July 31, 2014. The year-over-year decrease reflects lower net sales in the company's telecommunications transmission and mobile data communications segments, partially offset by higher net sales in its RF microwave amplifiers segment.
GAAP net income was $23.2 million, or $1.42 per diluted share, for the fiscal year ended July 31, 2015 as compared to $25.2 million, or $1.37 per diluted share, for the fiscal year ended July 31, 2014.
The company also announced that it expects consolidated net sales and operating income in fiscal 2016 to be similar to the levels it achieved in fiscal 2015. The company projects that sales for fiscal 2016 will be between $300 million and $310 million.
GAAP diluted EPS is expected to be between $1.34 and $1.50. Adjusted EBITDA for fiscal 2016 is expected to be in the range of $50 million to $54 million.
The board declared a quarterly cash dividend of $0.30 per share, payable on November 20, 2015, to shareholders of record at the close of business on October 19, 2015. The dividend is the company's twenty-first consecutive quarterly dividend.
While future dividends will be subject to board approval, the board is currently targeting annual dividend payments aggregating $1.20 per share. ■