Army exercises Comtech contract extension

Army extends Comtech contractLoud and clear: Despite a sizeable drop in net income, once-and-future CEO Fred Kornberg likes what he sees (and hears) at Comtech Telecommunications Corp.

The U.S. Army re-upped for another year of services from Melville’s Comtech Telecommunications Corp., exercising almost $20 million in contracts covering engineering and satellite communications and use of hush-hush Comtech intellectual property.

The full contract, which began last year, has a not-to-exceed value of $68.5 million. The work, unfortunately, will be performed by Comtech’s Maryland subsidiary, Comtech Mobile Datacom Corp.

Comtech trades on the Nasdaq under the symbol CMTL. Shares are currently around $30, off the company’s 52-week high of about $40.