COMTECH TELECOMMUNICATIONS CORP /DE/ — Director's Dealing 2004

Jan 26, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMTECH TELECOMMUNICATIONS CORP /DE/ (CMTL)
CIK: 0000023197
Period of Report: 2004-01-23

Reporting Person: MCCOLLUM ROBERT L (Sr. Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-23	Common Stock par value $.10 per share	M	37500	$2.00	Acquired	84750	Direct
2004-01-23	Common Stock par value $.10 per share	M	9000	$9.50	Acquired	93750	Direct
2004-01-23	Common Stock par value $.10 per share	M	6000	$5.37	Acquired	99750	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-23	Stock Option Right to Buy	$2.00	M	37500	Disposed	2008-01-14	Common stock par value $.10 per share (37500)	Direct
2004-01-23	Stock Option Right to Buy	$9.50	M	9000	Disposed	2011-08-07	Common stock par value $.10 per share (9000)	Direct
2004-01-23	Stock Option Right to Buy	$5.37	M	6000	Disposed	2012-08-06	Common stock par value $.10 per share (6000)	Direct

Footnotes

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