Comtech earnings jump to $8 million
Comtech Telecommunications Corp., a Melville maker of advanced communications equipment, Thursday reported a 55 percent increase in fourth quarter net income to $8 million as business rebounded after a period of "significant U.S. and foreign government budget constraints."
Net sales climbed $5 million to $89.4 million from the year-ago quarter and diluted earnings per share were 48 cents versus 28 cents in 2013.
Strength in telecommunications transmission and microwave amplifier sales were partly offset by a decline in mobile data equipment. The U.S. government accounted for 28 percent of sales in 2014, down from 34.7 percent the previous year.
The company projected fiscal 2015 diluted earnings per share of $1.70 to $1.86 and sales of $355 million to $370 million.
Comtech shares fell $1.01 to $36.24 in Thursday trading, but added back 30 cents in after-hours trading.
The company, which is exploring a possible sale or merger, scheduled a conference call Friday morning.
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.
LI's highest-paid CEOs ... LI bars adapt to less drinking ... Flag football on rise ... Out East: Jamesport Farm Brewery
LI's highest-paid CEOs ... LI bars adapt to less drinking ... Flag football on rise ... Out East: Jamesport Farm Brewery
