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June 6, 2014
11:53 EDTLLL, CMTL, HRS, VSATComtech hits 52-week high after beating estimates, raising FY14 outlook
Shares of Comtech (CMTL), which produces and markets products, systems and services for advanced communications solutions, are rising after the company’s third quarter results surpassed expectations, and it raised its fiscal 2014 outlook. WHAT'S NEW: Last night, Comtech reported Q3 earnings per share of 32c and revenue of $88.9M, beating the consensus views of 18c and $77.5M, respectively. WHAT’S NOTABLE: Comtech raised its FY14 EPS outlook to $1.25-$1.30 from $1.14-$1.26, compared to consensus of $1.19. It also boosted its FY14 revenue view to $342M-$346M from $325M-$345M, versus consensus of $334.97M. FY14 adjusted EBITDA is expected to be in the range of $58M-$60M. The company cited its year-to-date results and anticipated fourth quarter performance for the revision. PRICE ACTION: In late morning trading, Comtech rose $4.46, or about 13.53%, to $37.45 on nearly three times its average daily trading volume. Earlier in the session, the stock hit a new 52-week high of $37.26. Including today’s advance, the stock has gained over 42% over the past twelve months. OTHERS TO WATCH: Other companies in the advanced communications space include ViaSat (VSAT), Harris Communications (HRS), and L-3 Communications (LLL).
News For CMTL;VSAT;HRS;LLL From The Last 14 Days
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November 24, 2015
14:48 EDTLLLL-3 Communications to pay $25.6M to settle fraud suit, Reuters reports
L-3 Communications has agreed to pay $25.6M to settle civil claims that the company and its EOTech unit violated the False Claims Act by concealing defects in its weapons sights, reported Reuters. Reference Link
12:24 EDTLLLU.S. sues L-3 for knowingly selling faulty weapons sights, Reuters says
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11:55 EDTLLLL-3 Communications drops 3.8% after sued by U.S. over defective weapon sights
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11:49 EDTLLLL-3 accused of defrauding DOD in new U.S. civil lawsuit, Reuters reports
06:56 EDTCMTLTeleCommunication Systems downgraded to Market Perform at Northland
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November 23, 2015
17:48 EDTLLLL-3 Communications awarded $129.66M government contract modification
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08:04 EDTCMTLComtech CEO: TCS combination 'beneficial' to investors of both companies
08:03 EDTCMTLComtech sees TeleCommunication Systems deal accretive in first year
08:02 EDTCMTLComtech to acquire TeleCommunication Systems for $430.8M
Comtech Telecommunications Corp. (CMTL) and TeleCommunication Systems, Inc. (TSYS) jointly announced the signing of a definitive merger agreement under which Comtech will purchase TCS in a cash transaction for $5.00 per TCS share, or approximately a $430.8 million enterprise value. The $5.00 price per share represents a premium of 13.9% as compared to the last closing trading price of TCS common stock, a premium of 28.6% as compared to the volume-weighted average trading price over the last ninety trading days and a premium of 35.1% as compared to the last closing trading price one day after TCS's July 6, 2015 announcement that its Board had formed a special committee to explore strategic alternatives to enhance stockholder value. The acquisition is expected to be cash accretive in the first year of the acquisition and to result in approximately $12.0 million of synergies in the second year after closing, with approximately $8.0 million achieved in the first year after closing. Synergies are expected to be achieved by reduction of duplicate public company costs, reduced spending on maintaining multiple information technology systems and obtaining increased operating efficiencies throughout the combined company. In connection with the acquisition of TCS, Comtech expects to incur transaction related expenses including certain change-in-control payments, professional fees for financial and legal advisors and debt extinguishment costs. Comtech preliminarily estimates that these expenses will approximate $27.5 million, some of which are expected to be immediately expensed upon closing, some expensed during the first year following the closing and some capitalized in accordance with purchase accounting rules. Pursuant to accounting rules, the acquisition is expected to result in a material increase in annual amortization expense related to intangibles and possible other fair value adjustments. Comtech will provide combined revenue, Adjusted EBITDA and diluted earnings per share guidance in a future announcement. All TCS debt of approximately $143.6 million is anticipated to be repaid upon the closing of the transaction. The acquisition has a transaction equity value of approximately $339.7 million and an enterprise value of approximately $430.8 million. The purchase price of $430.8 million represents an implied transaction multiple of approximately 8.9x based on the last trailing twelve months of reported TCS Adjusted EBITDA plus approximately $8.0 million of first year identified synergies. On a pro forma basis, at the time of close, the combined company is expected to have total leverage of about 3.9x trailing twelve months combined pro forma Adjusted EBITDA. This is expected to decrease over time, based on cash flows generated from the combined businesses. The transaction is subject to customary closing conditions, including the tender of at least a majority by vote of outstanding shares of TCS common stock and expiration of the applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, and the transaction is expected to close no later than March 2016. Maurice B. Tose, Chairman, CEO and President of TCS and Jon B. Kutler, Founder of Admiralty Partners, Inc. and a director of TCS, each a significant stockholder of TCS, have entered into support agreements pursuant to which they have agreed to tender their shares, subject to terms and conditions, to demonstrate their strong support of the proposed transaction.
08:01 EDTCMTLComtech to acquire TeleCommunication Systems for $430.8M
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07:57 EDTCMTLComtech trading halted, pending news
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November 19, 2015
08:07 EDTVSATViaSat and Cobham SATCOM announce strategic agreement
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November 18, 2015
08:07 EDTVSATViaSat and Rockwell Collins partner for in-flight connectivity
ViaSat (VSAT) is working with Rockwell Collins (COL) to integrate the ViaSat VMT-1500 terminal and its global Ku-band internet service with Rockwell Collins' eRouter smart cabin routers and its ARINCDirect flight support services. ViaSat's global Ku-band in-flight technology and internet service allows those on board to send and receive emails, establish VPN connections, watch streaming video and participate in video conferencing and Voice over Internet Protocol phone calls with the ADConnect VoIP app for iOS and Android.
November 16, 2015
12:30 EDTVSATViaSat management to meet with Needham
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