Good Afternoon
Good Afternoon

Comtech Telecommunications net sales drop 19 percent

Comtech Telecommunications Corp. Thursday reported third quarter net sales declined 19.4 percent to $71.6 million versus the year-ago period, as gains in mobile data failed to offset declines in the transmission and microwave amplifier businesses.

After the market close, the Melville company posted net income of $5 million, or 30 cents per diluted share, for the three months ended April 30 versus $5.9 million, or 32 cents per diluted share, in the prior year's period.

Stanton Sloane, who replaced longtime executive Fred Kornberg as president and CEO in January, said that the company has expanded marketing and begun a cost-cutting program. In after-hours trading, shares of Comtech fell 4.4 percent to $28.50.

More news