Comtech Telecommunications (CMTL) Distributes Letter to Shareholders
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Comtech Telecommunications Corp. (Nasdaq: CMTL) announced today that it issued the following letter to its stockholders:
Dear Fellow Stockholders,
Comtech's Board of Directors and management team are committed to building value for all stockholders and pursuing an open dialogue with our investors. This we have always done and this we will always do.
As you may be aware, MMI Investments, L.P. recently proposed nominees for election as directors at our upcoming Annual Stockholders Meeting. The Company previously met with representatives of MMI at their request on September 20 and, at that time, Comtech and MMI agreed to meet again after the release of our year-end earnings report and filing of our 10-K to continue the conversation and engage in a meaningful dialogue. MMI chose instead to issue a public letter.
On September 27, 2011, we reported better than expected earnings and made a series of positive announcements relating to our business. Despite a difficult operating environment, our core business grew; we increased our share repurchase program and we increased our dividend. Our prudent fiscal oversight and commitment to stockholder value have given the Board of Directors the flexibility to significantly increase our return of capital to stockholders. As we move forward, we intend to continue doing just that.
Since our series of announcements, the Company has met and continues to have conversations with our stockholders about our results and our long-term strategy. We have been pleased with these meetings and have received constructive and candid feedback that we are incorporating into our internal discussions among the Board and management team regarding the overall strategy for the Company.
We value all of our stockholders' points of view and remain steadfast in our commitment to an ongoing dialogue with all of our investors. We will address MMI's director nominees in due course; but for now, we wanted to share with all of our stockholders our perspective on Comtech's historical performance and future prospects.
Dear Fellow Stockholders,
Comtech's Board of Directors and management team are committed to building value for all stockholders and pursuing an open dialogue with our investors. This we have always done and this we will always do.
As you may be aware, MMI Investments, L.P. recently proposed nominees for election as directors at our upcoming Annual Stockholders Meeting. The Company previously met with representatives of MMI at their request on September 20 and, at that time, Comtech and MMI agreed to meet again after the release of our year-end earnings report and filing of our 10-K to continue the conversation and engage in a meaningful dialogue. MMI chose instead to issue a public letter.
On September 27, 2011, we reported better than expected earnings and made a series of positive announcements relating to our business. Despite a difficult operating environment, our core business grew; we increased our share repurchase program and we increased our dividend. Our prudent fiscal oversight and commitment to stockholder value have given the Board of Directors the flexibility to significantly increase our return of capital to stockholders. As we move forward, we intend to continue doing just that.
Since our series of announcements, the Company has met and continues to have conversations with our stockholders about our results and our long-term strategy. We have been pleased with these meetings and have received constructive and candid feedback that we are incorporating into our internal discussions among the Board and management team regarding the overall strategy for the Company.
We value all of our stockholders' points of view and remain steadfast in our commitment to an ongoing dialogue with all of our investors. We will address MMI's director nominees in due course; but for now, we wanted to share with all of our stockholders our perspective on Comtech's historical performance and future prospects.
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