Comtech Announces Third Quarter Fiscal 2024 Results and Entered into New $222.0 Million Credit Facility

6/18/24 8:06:00 AM ET

Radio And Television Broadcasting And Communications Equipment

Technology

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June 18, 2024 -- Comtech (NASDAQ:CMTL) ("the Company") today announced its third quarter fiscal 2024 financial results in a letter to shareholders which is now posted to the Investor Relations section of Comtech's website. Investors are invited to access the third quarter fiscal 2024 shareholder letter at comtech.com/investors/. A copy of the letter will also be filed with the Securities and Exchange Commission in a Form 8-K.

Comtech also announced that on June 17, 2024, the Company entered into a $222.0 million credit facility with a new syndicate of lenders which is expected to be funded on or around June 18, 2024. The New Credit Facility matures on July 31, 2028, consists of a committed $162.0 million term loan facility and $60.0 million revolver loan facility and is expected to have outstanding borrowings at close of approximately $187.0 million, reflecting $25.0 million drawn on the revolver. A copy of the credit agreement will be filed with the Securities and Exchange Commission in a Form 8-K.

Comtech also intends to host an earnings conference call at 8:30AM ET today, Tuesday, June 18, 2024. Individuals can access the conference call by dialing (800) 267-6316 (domestic) or (203) 518-9783 (international) and using the conference I.D. of "Comtech." A replay of the conference call will be available for two weeks by dialing (888) 566-0152 or (402) 220-9186. A live webcast of the call is also available at comtech.com/investors/.

About Comtech

Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world's most innovative communications solutions. For more information, please visit www.comtech.com.

Forward-Looking Statements

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company's Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20240617172671/en/

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Recent Analyst Ratings for

$CMTL

Date	Price Target	Rating	Analyst
6/25/2024	$3.50	Underperform → Hold	Jefferies
12/15/2023	$18.25	Buy	B. Riley Securities
12/8/2023	$10.00 → $7.50	Hold → Underperform	Jefferies
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6/13/2022	$12.00	Market Perform → Outperform	Noble Capital Markets
12/13/2021	$24.00 → $27.00	Neutral	Citigroup
10/5/2021	$26.00 → $24.00	Neutral	Citigroup
10/5/2021		Outperform → Market Perform	Noble Capital Markets

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Comtech Announces Third Quarter Fiscal 2024 Results and Entered into New $222.0 Million Credit Facility

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