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.
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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Get ready for sun and fun with NewsdayTV's summer FunBook special! From celebrating America's 250th birthday to a new ride at Adventureland, NewsdayTV's Elisa DiStefano and Newsday lifestyle editor Meghan Giannotta have your inside look at Newsday's summer FunBook.
