COMTECH TELECOMMUNICATIONS CORP /DE/ — Director's Dealing 2003

Sep 29, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMTECH TELECOMMUNICATIONS CORP /DE/ (cmtl)
CIK: 0000023197
Period of Report: 2003-09-26

Reporting Person: BUGLIARELLO GEORGE (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-26	Common Stock $.10 par value per share	M	2250	$7.58	Acquired	45900	Direct
2003-09-26	Common Stock $.10 par value per share	M	2250	$9.08	Acquired	48150	Direct
2003-09-26	Common Stock $.10 par value per share	M	750	$10.00	Acquired	48900	Direct
2003-09-26	Common Stock $.10 par value per share	M	2250	$8.78	Acquired	51150	Direct
2003-09-26	Common Stock $.10 par value per share	M	7500	$5.67	Acquired	58650	Direct
2003-09-26	Common Stock $.10 par value per share	S	5000	$24.03	Disposed	53650	Direct
2003-09-26	Common Stock $.10 par value per share	S	1000	$24.00	Disposed	52650	Direct
2003-09-26	Common Stock $.10 par value per share	S	9000	$24.37	Disposed	43650	Direct
2003-09-29	Common Stock $.10 par value per share	M	4500	$10.00	Acquired	48150	Direct
2003-09-29	Common Stock $.10 par value per share	M	3000	$10.00	Acquired	51150	Direct
2003-09-29	Common Stock $.10 par value per share	S	7500	$24.00	Disposed	43650	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-26	Stock Option Right to Buy	$7.58	M	2250	Disposed	2009-08-02	Common stock par value $.10 per share (2250)	Direct
2003-09-26	Stock Option Right to Buy	$9.08	M	2250	Disposed	2010-08-01	Common stock par value $.10 per share (2250)	Direct
2003-09-26	Stock Option Right to Buy	$10.00	M	750	Disposed	2011-08-01	Common stock par value $.10 per share (750)	Direct
2003-09-26	Stock Option Right to Buy	$8.78	M	2250	Disposed	2011-11-01	Common stock par value $.10 per share (2250)	Direct
2003-09-26	Stock Option Right to Buy	$5.67	M	7500	Disposed	2012-08-01	Common stock par value $.10 per share (7500)	Direct
2003-09-29	Stock Option Right to Buy	$10.00	M	4500	Disposed	2011-08-01	Common stock par value $.10 per share (4500)	Direct
2003-09-29	Stock Option Right to Buy	$10.00	M	3000	Disposed	2010-11-06	Common stock par value $.10 per share (3000)	Direct

Footnotes

F1: Option was granted under the Company's 2000 Stock Incentive Plan