0001571049-16-015855.txt : 20160608 0001571049-16-015855.hdr.sgml : 20160608 20160608170621 ACCESSION NUMBER: 0001571049-16-015855 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160608 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160608 DATE AS OF CHANGE: 20160608 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMTECH TELECOMMUNICATIONS CORP /DE/ CENTRAL INDEX KEY: 0000023197 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 112139466 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07928 FILM NUMBER: 161704172 BUSINESS ADDRESS: STREET 1: 68 SOUTH SERVICE ROAD STREET 2: SUITE 230 CITY: MELVILLE STATE: NY ZIP: 11747 BUSINESS PHONE: 6319627000 MAIL ADDRESS: STREET 1: 68 SOUTH SERVICE ROAD STREET 2: SUITE 230 CITY: MELVILLE STATE: NY ZIP: 11747 FORMER COMPANY: FORMER CONFORMED NAME: COMTECH INC DATE OF NAME CHANGE: 19870503 FORMER COMPANY: FORMER CONFORMED NAME: COMTECH TELECOMMUNICATIONS CORP DATE OF NAME CHANGE: 19831215 FORMER COMPANY: FORMER CONFORMED NAME: COMTECH LABORATORIES INC DATE OF NAME CHANGE: 19780425 8-K 1 t1601488_8k.htm FORM 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

June 8, 2016   0-7928

Date of Report

(Date of earliest event reported)

   Commission File Number

 

(Exact name of registrant as specified in its charter)

 

Delaware   11-2139466

(State or other jurisdiction of

incorporation or organization)

   (I.R.S. Employer Identification Number)

 

  68 South Service Road, Suite 230
Melville, New York  11747		  
  (Address of Principal Executive Offices) (Zip Code)  
     
  (631) 962-7000  
  (Registrant’s telephone number, including area code)  

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

 

  

Item 7.01Regulation FD Disclosure.

 

As previously announced on March 10, 2016, Comtech Telecommunications Corp. (the "Company") completed its acquisition of TeleCommunication Systems, Inc. on February 23, 2016, and beginning with its third quarter of fiscal 2016, reorganized its business into two reportable operating segments: Commercial Solutions and Government Solutions.

 

Exhibit 99.1 sets forth an unaudited recast of historical annual and quarterly segment information, which was previously reported in the Company’s public filings with the Securities and Exchange Commission, to correspond with the Company’s new reportable segments.

 

Such unaudited historical annual and quarterly segment information is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The information in this Item 7.01 (including the exhibit hereto) relating to such unaudited historical annual and quarterly segment information shall not be deemed filed under the Securities and Exchange Commission’s rules and regulations and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

 

Information presented in this Current Report on Form 8-K does not reflect events occurring after the filing of the Company’s Quarterly Report on Form 10-Q for the three and nine months ended April 30, 2016, and should be read in conjunction with the Company’s previously filed Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and the Company’s subsequent filings with the Securities and Exchange Commission.

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit Number Description
99.1

Recast Segment Financial Information (unaudited) 

 

 

 

  

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, Comtech Telecommunications Corp. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  COMTECH TELECOMMUNICATIONS CORP.
       
Dated:    June 8, 2016      
       
  By: /s/ Michael D. Porcelain
    Name: Michael D. Porcelain
    Title: Senior Vice President and
      Chief Financial Officer

 

 

 

  

EXHIBIT INDEX

 

Exhibit Number   Description
     
99.1   Recast Segment Financial Information (unaudited)

 

 

 

 EX-99.1 2 t1601488_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

COMTECH TELECOMMUNICATIONS CORP. AND SUBSIDIARIES

RECAST SEGMENT FINANCIAL INFORMATION

(unaudited)

 

Table of Contents

 

  Page
   
Basis of Presentation 2
   
Recast segment financial information for the:  
   
Three Months Ended January 31, 2016 2
   
Six Months Ended January 31, 2016 3
   
Three Months Ended October 31, 2015 3
   
Fiscal Year Ended July 31, 2015 4
   
Three Months Ended January 31, 2015 4
   
Six Months Ended January 31, 2015 5
   
Three Months Ended October 31, 2014 5
   
Fiscal Year Ended July 31, 2014 6

 

 1 

 

  

COMTECH TELECOMMUNICATIONS CORP. AND SUBSIDIARIES

RECAST SEGMENT FINANCIAL INFORMATION

(unaudited)

 

Basis of Presentation

 

Beginning with its third quarter of fiscal 2016, Comtech Telecommunications Corp. (the “Company”) reorganized its business into two reportable operating segments: Commercial Solutions and Government Solutions.

 

Our CODM primarily uses a metric that we refer to as Adjusted EBITDA to measure an operating segment’s performance and to make decisions about resources to be allocated. Our Adjusted EBITDA metric does not consider any allocation of the following: income taxes, interest income and other expense, interest expense, amortization of stock-based compensation, amortization of intangibles, depreciation expense, acquisition plan expenses or strategic alternatives analysis expenses and other. These items, while periodically affecting our results, may vary significantly from period to period and may have a disproportionate effect in a given period, thereby affecting the comparability of results. Adjusted EBITDA is used by management in assessing the Company's operating results. The Company's definition of Adjusted EBITDA may differ from the definition of EBITDA used by other companies (including TCS prior to our acquisition) and may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is also a measure frequently requested by the Company's investors and analysts. The Company believes that investors and analysts may use Adjusted EBITDA, along with other information contained in its SEC filings, in assessing its ability to generate cash flow and service debt.

 

The following schedules present the Company's unaudited historical annual and quarterly segment information, which was recast to correspond with the Company’s current reporting structure, along with a reconciliation of segment net income and consolidated net income to Adjusted EBITDA:

 

   Three Months Ended January 31, 2016 
   Commercial   Government         
   Solutions   Solutions   Unallocated   Total 
Net sales  $50,722,000    19,601,000    —   $70,323,000 
Operating income (loss)  $5,241,000    4,679,000    (6,731,000)  $3,189,000 
                     
Net Income  $5,023,000    4,688,000    (7,235,000)  $2,476,000 
Income taxes   116,000    —    634,000    750,000 
Interest (income) and other expense   29,000    (9,000)   (130,000)   (110,000)
Interest expense   73,000    —    —    73,000 
Amortization of stock-based compensation   —    —    1,074,000    1,074,000 
Amortization of intangibles   1,196,000    —    —    1,196,000 
Depreciation   1,186,000    272,000    8,000    1,466,000 
Acquisition plan expenses   —    —    2,337,000    2,337,000 
Adjusted EBITDA  $7,623,000    4,951,000    (3,312,000)  $9,262,000 
                     
Purchases of property, plant and equipment  $467,000    347,000    13,000   $827,000 
Total assets at January 31, 2016  $227,963,000    77,733,000    156,474,000   $462,170,000 

 

 2 

 

 

COMTECH TELECOMMUNICATIONS CORP. AND SUBSIDIARIES

RECAST SEGMENT FINANCIAL INFORMATION

(unaudited)

 

   Six  Months Ended January 31, 2016 
   Commercial   Government         
   Solutions   Solutions   Unallocated   Total 
Net sales  $93,672,000    40,768,000    —   $134,440,000 
Operating income (loss)  $7,489,000    9,759,000    (11,891,000)  $5,357,000 
                     
Net Income  $7,200,000    9,775,000    (13,060,000)  $3,915,000 
Income taxes   92,000    —    1,424,000    1,516,000 
Interest (income) and other expense   50,000    (16,000)   (256,000)   (222,000)
Interest expense   148,000    —    —    148,000 
Amortization of stock-based compensation   —    —    2,125,000    2,125,000 
Amortization of intangibles   2,572,000    —    —    2,572,000 
Depreciation   2,439,000    541,000    16,000    2,996,000 
Acquisition plan expenses   —    —    3,729,000    3,729,000 
Adjusted EBITDA  $12,501,000    10,300,000    (6,022,000)  $16,779,000 
                     
Purchases of property, plant and equipment  $948,000    500,000    15,000   $1,463,000 
Total assets at January 31, 2016  $227,963,000    77,733,000    156,474,000   $462,170,000 

 

   Three  Months Ended October 31, 2015 
   Commercial   Government         
   Solutions   Solutions   Unallocated   Total 
Net sales  $42,950,000    21,167,000    —   $64,117,000 
Operating income (loss)  $2,248,000    5,080,000    (5,160,000)  $2,168,000 
                     
Net Income  $2,177,000    5,087,000    (5,825,000)  $1,439,000 
Income taxes   (24,000)   —    790,000    766,000 
Interest (income) and other expense   21,000    (7,000)   (126,000)   (112,000)
Interest expense   75,000    —    —    75,000 
Amortization of stock-based compensation   —    —    1,051,000    1,051,000 
Amortization of intangibles   1,376,000    —    —    1,376,000 
Depreciation   1,253,000    269,000    8,000    1,530,000 
Acquisition plan expenses   —    —    1,392,000    1,392,000 
Adjusted EBITDA  $4,878,000    5,349,000    (2,710,000)  $7,517,000 
                     
Purchases of property, plant and equipment  $481,000    153,000    2,000   $636,000 
Total assets at October 31, 2015  $228,554,000    87,340,000    143,148,000   $459,042,000 

 

 3 

 

  

COMTECH TELECOMMUNICATIONS CORP. AND SUBSIDIARIES

RECAST SEGMENT FINANCIAL INFORMATION

(unaudited)

 

 

   Fiscal Year Ended July 31, 2015 
   Commercial   Government         
   Solutions   Solutions   Unallocated   Total 
Net sales  $203,674,000    103,615,000    —   $307,289,000 
Operating income (loss)  $20,733,000    30,004,000    (16,660,000)  $34,077,000 
                     
Net Income  $20,502,000    30,033,000    (27,290,000)  $23,245,000 
Income taxes   (142,000)   —    10,900,000    10,758,000 
Interest (income) and other expense   92,000    (30,000)   (467,000)   (405,000)
Interest expense   281,000    —    198,000    479,000 
Amortization of stock-based compensation   —    —    4,363,000    4,363,000 
Amortization of intangibles   6,211,000    —    —    6,211,000 
Depreciation   5,250,000    1,242,000    33,000    6,525,000 
Strategic alternatives analysis expenses and other   —    —    585,000    585,000 
Adjusted EBITDA  $32,194,000    31,245,000    (11,678,000)  $51,761,000 
                     
Purchases of property, plant and equipment  $2,233,000    1,063,000    66,000   $3,362,000 
Total assets at July 31, 2015  $233,965,000    95,314,000    144,598,000   $473,877,000 

 


   Three Months Ended January 31, 2015 
   Commercial   Government         
   Solutions   Solutions   Unallocated   Total 
Net sales  $52,564,000    29,238,000    —   $81,802,000 
Operating income (loss)  $6,148,000    8,579,000    (4,104,000)  $10,623,000 
                     
Net Income  $6,152,000    8,584,000    (7,151,000)  $7,585,000 
Income taxes   (108,000)   —    3,167,000    3,059,000 
Interest (income) and other expense   36,000    (6,000)   (120,000)   (90,000)
Interest expense   69,000    —    —    69,000 
Amortization of stock-based compensation   —    —    1,061,000    1,061,000 
Amortization of intangibles   1,560,000    —    —    1,560,000 
Depreciation   1,310,000    304,000    8,000    1,622,000 
Adjusted EBITDA  $9,019,000    8,882,000    (3,035,000)  $14,866,000 
                     
Purchases of property, plant and equipment  $1,087,000    297,000    14,000   $1,398,000 
Total assets at January 31, 2015  $246,321,000    93,012,000    132,154,000   $471,487,000 

  

 4 

 

  

COMTECH TELECOMMUNICATIONS CORP. AND SUBSIDIARIES

RECAST SEGMENT FINANCIAL INFORMATION

(unaudited)

 

 

   Six Months Ended January 31, 2015 
   Commercial   Government         
   Solutions   Solutions   Unallocated   Total 
Net sales  $104,574,000    53,619,000    —   $158,193,000 
Operating income (loss)  $11,259,000    15,564,000    (7,981,000)  $18,842,000 
                     
Net Income  $11,131,000    15,577,000    (13,898,000)  $12,810,000 
Income taxes   (95,000)   —    5,967,000    5,872,000 
Interest (income) and other expense   87,000    (13,000)   (248,000)   (174,000)
Interest expense   136,000    —    198,000    334,000 
Amortization of stock-based compensation   —    —    2,398,000    2,398,000 
Amortization of intangibles   3,121,000    —    —    3,121,000 
Depreciation   2,619,000    596,000    15,000    3,230,000 
Strategic alternatives analysis expenses and other   —    —    585,000    585,000 
Adjusted EBITDA  $16,999,000    16,160,000    (4,983,000)  $28,176,000 
                     
Purchases of property, plant and equipment  $1,586,000    512,000    47,000   $2,145,000 
Total assets at January 31, 2015  $246,321,000    93,012,000    132,154,000   $471,487,000 

 

   Three Months Ended October 31, 2014 
   Commercial   Government         
   Solutions   Solutions   Unallocated   Total 
Net sales  $52,010,000    24,381,000    —   $76,391,000 
Operating income (loss)  $5,111,000    6,985,000    (3,877,000)  $8,219,000 
                     
Net Income  $4,979,000    6,993,000    (6,747,000)  $5,225,000 
Income taxes   13,000    —    2,800,000    2,813,000 
Interest (income) and other expense   51,000    (7,000)   (128,000)   (84,000)
Interest expense   67,000    —    198,000    265,000 
Amortization of stock-based compensation   —    —    1,337,000    1,337,000 
Amortization of intangibles   1,561,000    —    —    1,561,000 
Depreciation   1,309,000    292,000    7,000    1,608,000 
Strategic alternatives analysis expenses and other   —    —    585,000    585,000 
Adjusted EBITDA  $7,980,000    7,278,000    (1,948,000)  $13,310,000 
                     
Purchases of property, plant and equipment  $499,000    215,000    33,000   $747,000 
Total assets at October 31, 2014  $243,746,000    87,984,000    137,509,000   $469,239,000 

  

 

 5 

 

  

COMTECH TELECOMMUNICATIONS CORP. AND SUBSIDIARIES

RECAST SEGMENT FINANCIAL INFORMATION

(unaudited)

 

   Fiscal Year Ended July 31, 2014 
   Commercial   Government         
   Solutions   Solutions   Unallocated   Total 
Net sales  $228,745,000    118,405,000    —   $347,150,000 
Operating income (loss)  $25,756,000    32,687,000    (14,545,000)  $43,898,000 
                     
Net Income  $24,974,000    32,729,000    (32,552,000)  $25,151,000 
Income taxes   531,000    —    12,825,000    13,356,000 
Interest (income) and other expense   4,000    (39,000)   (878,000)   (913,000)
Interest expense   247,000    (3,000)   6,060,000    6,304,000 
Amortization of stock-based compensation   —    —    4,263,000    4,263,000 
Amortization of intangibles   6,285,000    —    —    6,285,000 
Depreciation   5,333,000    1,327,000    61,000    6,721,000 
Strategic alternatives analysis expenses and other   —    (56,000)   225,000    169,000 
Adjusted EBITDA  $37,374,000    33,958,000    (9,996,000)  $61,336,000 
                     
Purchases of property, plant and equipment  $3,831,000    1,089,000    17,000   $4,937,000 
Total assets at July 31, 2014  $246,822,000    77,116,000    149,914,000   $473,852,000 

 

 6 

 

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