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

Aug 6, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMTECH TELECOMMUNICATIONS CORP /DE/ (cmtl)
CIK: 0000023197
Period of Report: 2003-08-04

Reporting Person: SEGUI GAIL (Secretary and Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-06	Common stock par value $.10 per share	M	3375	$2.00	Acquired	9000	Direct
2003-08-06	Common stock par value $.10 per share	M	675	$1.55	Acquired	9675	Direct
2003-08-06	Common stock par value $.10 per share	M	750	$5.37	Acquired	10425	Direct
2003-08-06	Common stock par value $.10 per share	M	2000	$7.59	Acquired	12425	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-04	Stock Option Right to Buy	$17.51	A	750	Acquired	2013-08-04	Common stock par value $.10 per share (750)	Direct
2003-08-04	Stock Option Right to Buy	$17.51	A	750	Acquired	2013-08-04	Common stock par value $.10 per share (750)	Direct
2003-08-04	Stock Option Right to Buy	$17.51	A	750	Acquired	2013-08-04	Common stock par value $.10 per share (750)	Direct
2003-08-04	Stock Option Right to Buy	$17.51	A	750	Acquired	2013-08-04	Common stock par value $.10 per share (750)	Direct
2003-08-04	Stock Option Right to Buy	$17.51	A	750	Acquired	2013-08-04	Common stock par value $.10 per share (750)	Direct
2003-08-06	Stock Option Right to Buy	$2.00	M	3375	Disposed	2008-01-14	Common stock par value $.10 per share (3375)	Direct
2003-08-06	Stock Option Right to Buy	$1.55	M	675	Disposed	2007-04-02	Common stock par value $.10 per share (675)	Direct
2003-08-06	Stock Option Right to Buy	$5.37	M	750	Disposed	2012-08-06	Common stock par value $.10 per share (750)	Direct
2003-08-06	Stock Option Right to Buy	$7.59	M	2000	Disposed	2010-12-12	Common stock par value $.10 per share (2000)	Direct

Footnotes

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

F2: Balance reflects 3-for-2 stock split in July 2003