CEO says Comtech Telecommunications is looking for acquisitions
Stanton Sloane is chief executive of Comtech Telecommunications Corp.
Comtech Telecommunications Corp. is on the prowl for acquisitions, chief executive Stanton Sloane acknowledged in an earnings conference call Tuesday.
In response to an analyst's question, Sloane said Melville-based Comtech would seek companies in the electronics and communications industries that complement its current business model.
"We're not going to buy a running shoe company," he said. The company's "objective is to not get too far outside of our comfort zone."
Shares of Comtech tumbled 17.7 percent to $21.58 in mid-afternoon trading Tuesday after the company reported weak fourth quarter earnings after the market close on Monday.
The maker of advanced communications equipment used by oil companies, government agencies and military forces attributed the weak business climate to the strong U.S. dollar and lower oil prices.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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