Comtech Telecommunications Corp. (CMTL) Earnings Call Transcript & Summary

Good day, and welcome to the Comtech Telecommunications Corp. Fiscal 2020 Virtual Annual Stockholders Meeting. I would now like to turn the conference over to Fred Kornberg, Chairman and CEO of Comtech Telecommunications Corp. Please go ahead.

Good morning, ladies and gentlemen, and welcome to the Annual Meeting of Stockholders of Comtech Telecommunications Corp. My name is Fred Kornberg, Chairman and CEO of Comtech Telecommunications Corp. It is my pleasure to welcome you here today, and I would like to thank you for taking the time to attend this meeting. We are excited to be hosting this virtual meeting, which allows us to be more inclusive and reach a great number -- greater number of stockholders. All stockholders who are in attendance are in attendance via the web portal. We will conduct the business portion of our meeting first and answer questions at the end of the meeting. Though we may not be able to answer every question, we will do our best to provide a response to as many as possible. Because our annual report contains a message from me and our first quarter call is scheduled for tomorrow, Wednesday, December 9, 2020, I'm not going to make any comments about our business performance other than to say that fiscal 2020 was anything but business as usual, with COVID-19 presenting many extraordinary challenges globally. However, we had a strong finish to a very challenging year, and I am optimistic that as we continue to slowly rebound, fiscal 2021 will continue to demonstrate our strength and resilience. Now on to the formal part of the meeting. This meeting is officially called to order. And now I'd like to introduce the other members of our Board who are present today: Mr. Edwin Kantor, Mr. Ira Kaplan, Ms. Lisa Lesavoy, Mr. Robert Paul, Dr. Yacov Shamash and Mr. Lawrence Waldman. Also present are Mr. Michael Porcelain, who's President and Chief Operating Officer of the company; and Mr. Michael Bondi, who is Chief Financial Officer of the company; Ms. Nancy Stallone, who is Vice President of Finance and Secretary of the company and who will act as a secretary for this meeting; and Mr. Joseph LoScalzo, who is a representative of Deloitte & Touche LLP, the current independent registered public accounting firm for the company. This meeting has been called for the purposes set out in the Notice of Annual Meeting of Stockholders dated November 18, 2020. As the independent inspector of elections for this meeting, the secretary has signed an oath to faithfully execute the duties of inspector with strict impartiality and according to the best of her ability. That oath will be filed with the minutes of this meeting. Timely notice of this meeting has been given and copies of the notice of meeting and an affidavit of mailing will be filed with the records of this meeting. The secretary has advised me that a quorum is present. We will now proceed to the business of the meeting. With the purposes of conducting the meeting, we will waive any requirement for motions from the audience and will consider the following three items of business as duly presented at this meeting. Nancy?

The first item of business is the election of Ira Kaplan, Lisa Lesavoy and Dr. Yacov Shamash to serve as directors until the 2023 annual meeting. The second item of business is an advisory vote on the compensation of the company's named executive officers. And the third item of business is the ratification of the selection of Deloitte & Touche LLP as the company's independent registered public accounting firm for fiscal 2021.

Thank you. Before these matters are voted on, if there are any questions or comments relating to the proposal presented, please submit them through the web portal. As there are no questions and there's no further comments, we will proceed to voting. At this time, the polls are now open. Any stockholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or internet and do not want to change their vote do not need to take any further action. Anyone voting, please vote now. It looks like there are no votes. So now that everyone had the opportunity to vote, I now declare the polls of the fiscal 2020 annual stockholders meeting closed. Nancy, can you provide the results?

Based on the tabulation provided, the stockholders have approved the three proposals presented.

Thank you, Nancy. We will promptly file the results of the final tabulation with the Securities and Exchange Commission as required. That concludes the formal part of the meeting. At this point, I would like to open things up for stockholder questions and comments. Please note, we will attempt to answer as many questions as time allows, but only questions that are germane to the meeting will be addressed. It looks like there are no questions. So if there is no further business to come before this meeting, I will recognize a motion to adjourn.

Mr. Chairman, I move that the meeting be adjourned.

Mr. Chairman, I second the motion.

A motion has been made and seconded that the meeting be adjourned. All those in favor, say aye. Those opposed, say no. [Voting]

The motion is carried, and I declare the meeting adjourned. We thank you for your interest and appreciate you joining us today and wish everybody, our shareholders, our employees a happy holiday. Thank you very much.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.