[Satellite TODAY 09-25-09] Comtech Telecommunications Corp. profits dropped 64 percent in its financial fourth quarter to $6.2 million, down from $17 million in 2008, the company announced in its financial results, released Sept. 24.
    The plunge in profits primarily was caused by mobile data communications equipment order delays and a $2 million charge related to Comtech’s exit from the Tiernan product line. Comtech’s revenue dropped 3.5 percent to $122 million. The company’s bookings also fell to $80.8 million, a 43 percent drop from the previous year.
    Despite the decline, Comtech CEO Fred Kornberg said he expects the company to post record revenue and strong earnings growth between $820 to $840 million for the fiscal year, well above the $795.8 million mark expected by analysts.
    Kornberg added that the company has $485.5 million in cash on hand to use for acquisitions. The strong outlook triggered a 3 percent jump in the company’s stock performance.

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