COMTECH TELECOMMUNICATIONS CORP /DE/ - FORM 8-K - EX-99.2 - ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA - November 13, 2009

Attached files

file filename
8-K - CURRENT REPORT - COMTECH TELECOMMUNICATIONS CORP /DE/form8-k.htm
EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - COMTECH TELECOMMUNICATIONS CORP /DE/ex23.htm
EX-99.3 - ITEM 7. MANAGEMENT?S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - COMTECH TELECOMMUNICATIONS CORP /DE/ex99-3.htm
EX-99.4 - ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - COMTECH TELECOMMUNICATIONS CORP /DE/ex99-4.htm
EX-99.1 - ITEM 1. BUSINESS - COMTECH TELECOMMUNICATIONS CORP /DE/ex99-1.htm
Exhibit 99.2

ITEM 6.  SELECTED CONSOLIDATED FINANCIAL DATA
 
The following table shows selected historical consolidated financial data for our Company adjusted for the retroactive application of Financial Accounting Standards Board Staff Position APB 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)” (“FSP APB 14-1”), adopted by us on August 1, 2009. Effective August 1, 2005, we adopted the provisions of SFAS No. 123(R), “Share-Based Payment” using the modified prospective method and, as a result, periods prior to August 1, 2005 do not reflect the recognition of stock-based compensation expense.
 
Detailed historical financial information is included in the audited consolidated financial statements for fiscal 2009, 2008 and 2007.
 
   
Fiscal Years Ended July 31,
(In thousands, except per share amounts)
(As adjusted for the retroactive application of FSP APB 14-1)
  
   
2009
    
2008
    
2007
    
2006
    
2005
  
Consolidated Statement of
                              
Operations Data:
                              
Net sales
   $ 586,372       531,627       445,684       391,511       307,890  
Cost of sales
     345,472       296,687       252,389       232,210       180,524  
Gross profit
     240,900       234,940       193,295       159,301       127,366  
                                         
Expenses:
                                        
Selling, general and administrative
     100,171       85,967       73,312       67,071       51,819  
Research and development
     50,010       40,472       32,469       25,834       21,155  
In-process research and development
     6,200       -       -       -       -  
Amortization of intangibles
     7,592       1,710       2,592       2,465       2,328  
      163,973       128,149       108,373       95,370       75,302  
                                         
Operating income
     76,927       106,791       84,922       63,931       52,064  
                                         
Other expenses (income):
                                        
Interest expense
     6,396       7,100       6,820       6,472       6,181  
Interest income and other
     (2,738 )     (14,065 )     (14,208 )     (9,243 )     (4,072 )
                                         
Income before provision for income taxes
     73,269       113,756       92,310       66,702       49,955  
                                         
Provision for income taxes
     25,744       40,106       29,673       23,818       15,506  
                                         
Net income
   $ 47,525       73,650       62,637       42,884       34,449  
                                         
Net income per share:
                                        
Basic
   $ 1.81       3.05       2.70       1.88       1.59  
Diluted
   $ 1.73       2.76       2.42       1.72       1.42  
                                         
                                         
Weighted average number of common  shares outstanding – basic
     26,321       24,138       23,178       22,753       21,673  
                                         
                                         
Weighted average number of common and common equivalent shares outstanding – diluted
     29,793       28,278       27,603       27,324       27,064  

(continued)

 
1
 

   
Fiscal Years Ended July 31,
(In thousands)
  
   
2009
    
2008
    
2007
    
2006
    
2005
  
Other Consolidated Operating Data:
                              
Backlog at period-end
   $ 549,833       201,122       129,044       186,007       153,314  
New orders
     883,750       603,705       388,721       424,204       377,655  
Research and development expenditures - internal and customer funded
     64,955       48,224       36,639       30,243       24,156  


   
As of July 31,
(In thousands)
(As adjusted for the retroactive application of FSP APB 14-1)
  
   
2009
    
2008
    
2007
    
2006
  
2005
  
Consolidated Balance Sheet Data:
                              
Total assets
   $ 938,671       652,723       555,780       454,542       381,517  
Working capital
     596,525       484,454       397,086       308,989       254,692  
Convertible senior notes
     200,000       91,946       87,367       83,116       79,169  
Other long-term obligations
     2,283       -       108       243       396  
Stockholders’ equity
     629,129       450,773       356,522       267,572       212,344  



 
2
 

COMTECH TELECOMMUNICATIONS CORP /DE/ Reports