[Satellite TODAY 05-14-10] CPI International, the microwave, radio frequency, power and control solutions provider set to be acquired by Comtech, reported 2010 second quarter revenues of $88 million, CPI announced May 13.
    CPI reported top line growth of 8 percent, driven by double-digit growth in four out of five of its end-market segments. CPI’s communications segment grew 15 percent from the same period in 2009, while its radar and electronic warfare division experienced a 3 percent sales decline due to order timing. The company’s EBITDA for the quarter was $13.5 million, representing a 25 percent year-over-year increase, driven by higher shipment volumes and favorable Canadian dollar exchange rates.
    Comtech announced May 11 that it would purchase CPI International for $372 million in cash and 4.4 million shares of Comtech stock in a transaction with a total enterprise value of $472.3 million. Comtech will repay all existing CPI debt upon the closing of the transaction. According to CPI, a $15 million break-up fee is associated with the agreement.