Comtech Revenues Increase in Q1 2020
Comtech Telecommunications reported its First Quarter (Q1) 2019 results, in which net sales saw a 5.9 percent increase year-over-year. Net sales for Q1 2020 were reported at $170.3 million, an increase of $9.5 million from Q1 2019. Adjusted EBITDA for Q1 2020 was $20.6 million, or 12.1 percent of consolidated net sales as compared to the $18 million, or 11.2 percent of consolidated net sales achieved in Q1 2019.
In November 2019, Comtech announced that it entered into an agreement to acquire UHP Networks and its sister company, a provider of satellite ground station solutions, for a purchase price of approximately $40 million. The transaction is expected to occur late in the second half of Comtech’s fiscal 2020.
In commenting on Comtech’s performance for the first quarter of fiscal 2020, Fred Kornberg, president and CEO, said, “Fiscal 2020 is off to a great start and our first quarter results exceeded our expectations. We continue to have clear visibility, lots of optimism and are excited about our future. Our pipeline of opportunities remains strong and we are tracking a number of strategic orders that bode well for our future. Based on our current business momentum, fiscal 2020 is beginning to look like a very strong year.”