secwatch.observer — SEC 8-K summary
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Issuer:     COMTECH TELECOMMUNICATIONS CORP /DE/ (CMTL)
CIK:        0000023197
Form:       8-K
Filed at:   2024-10-31T23:59:59+00:00
Accession:  0000023197-24-000111
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Comtech Q4 FY24 net sales $126.2M, adj. EBITDA $0.3M; plans pure-play satellite/space company via T&W sale
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- Net sales $126.2M (-15.2% YoY); operating loss $81.5M includes $64.5M goodwill impairment in S&S segment.
- Adjusted EBITDA $0.3M (0.2% margin) vs. $11.9M in Q3; gross margin fell 890 bps to 21.5%.
- Record funded backlog ~$800M; net bookings $271.5M (2.15x book-to-bill) with T&W booking $204.2M including MA NG-911 contract.
- CEO John Ratigan appointed; transformation to make Comtech pure-play satellite/space, pursuing sale of T&W segment.
- Secured $25M subordinated unsecured term loan to cure credit facility defaults and support transformation.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/23197/000002319724000111/0000023197-24-000111-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/23197/000002319724000111/cmtl-20241031.htm
  HTML page:      https://secwatch.observer/filing/0000023197-24-000111

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