Tel-Instrument Electronics Corp. Reports Net Income of $142,000 or $0.04 per Basic Share for the Third Quarter of Fiscal 2017
Tel-Instrument Electronics Corp. Reports Net Income of $142,000 or $0.04 per Basic Share for the Third Quarter of Fiscal 2017
East Rutherford, NJ – February 14, 2017 – Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the “Company”) (NYSE MKT: TIK), a leading designer and manufacturer of avionics test and measurement solutions, today reported its financial results for the third quarter ended December 31, 2016.
Highlights for Third Quarter of Fiscal Year 2017
· Revenues decreased 29% to $4.24 million from $5.97 million in the third quarter of fiscal year 2016.
· Gross margin percentage improved to 38.6% versus 34.1% for the comparable quarter in the previous year.
· Legal expenses for the quarter increased to $287k versus $150k for the same quarter last year.
· Operating income decreased to $154k as compared to $725k in the third quarter of fiscal year 2016.
· Pre-tax income was $178k for the third quarter this year versus $454k last year.
· Net income was $142k, or $0.04 per basic share versus $227k, or $0.07 in the third quarter of 2016.
· $1.6 million reduction in liabilities since March 31, 2016.
· Stockholders’ equity increased to $5.5 million as compared to $4.7 million at March 31, 2016.
· Significantly increased quote activity for many of the Mode 5 international markets.
East Rutherford, NJ – February 14, 2017 – Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the “Company”) (NYSE MKT: TIK), a leading designer and manufacturer of avionics test and measurement solutions, today reported its financial results for the third quarter ended December 31, 2016.
Highlights for Third Quarter of Fiscal Year 2017
· Revenues decreased 29% to $4.24 million from $5.97 million in the third quarter of fiscal year 2016.
· Gross margin percentage improved to 38.6% versus 34.1% for the comparable quarter in the previous year.
· Legal expenses for the quarter increased to $287k versus $150k for the same quarter last year.
· Operating income decreased to $154k as compared to $725k in the third quarter of fiscal year 2016.
· Pre-tax income was $178k for the third quarter this year versus $454k last year.
· Net income was $142k, or $0.04 per basic share versus $227k, or $0.07 in the third quarter of 2016.
· $1.6 million reduction in liabilities since March 31, 2016.
· Stockholders’ equity increased to $5.5 million as compared to $4.7 million at March 31, 2016.
· Significantly increased quote activity for many of the Mode 5 international markets.
Tel-Instrument Electronics Corp. Reports Net Income of $272,000 or $0.08 per Basic Share for the Second Quarter of Fiscal 2017
Tel-Instrument Electronics Corp. Reports Net Income of $272,000 or $0.08 per Basic Share for the Second Quarter of Fiscal 2017
East Rutherford, NJ November 9, 2016 Tel-Instrument Electronics Corp. ( Tel , Tel-Instrument or the Company ) (NYSE MKT: TIK), a leading designer and manufacturer of avionics test and measurement solutions, today reported its financial results for the second quarter ended September 30, 2016.
Highlights for Second Quarter of Fiscal Year 2017
Revenues decreased 25.6% to $5.08 million from $6.82 million in the second quarter of fiscal year 2016.
Gross margin percentage improved to 36.0% versus 32.9% for the comparable quarter in the previous year.
Legal expenses increased to $188k versus $108k in the year ago quarter.
Operating income decreased to $367k as compared to $916k in the second quarter of fiscal year 2016.
Non-GAAP Adjusted EBITDA was $411k as compared to $964k in the second quarter last year.
Pre-tax income in the second quarter of $382k versus $370k in the 2016 comparable period.
Net Income was $272k, or $0.08 per basic share versus $199k or $0.06 in the second quarter of 2016.
$1.8 million reduction in liabilities since March 31, 2016 including the satisfaction of the $720k BCA Mezzanine Fund LLP ( BCA ) warrant liability.
East Rutherford, NJ November 9, 2016 Tel-Instrument Electronics Corp. ( Tel , Tel-Instrument or the Company ) (NYSE MKT: TIK), a leading designer and manufacturer of avionics test and measurement solutions, today reported its financial results for the second quarter ended September 30, 2016.
Highlights for Second Quarter of Fiscal Year 2017
Revenues decreased 25.6% to $5.08 million from $6.82 million in the second quarter of fiscal year 2016.
Gross margin percentage improved to 36.0% versus 32.9% for the comparable quarter in the previous year.
Legal expenses increased to $188k versus $108k in the year ago quarter.
Operating income decreased to $367k as compared to $916k in the second quarter of fiscal year 2016.
Non-GAAP Adjusted EBITDA was $411k as compared to $964k in the second quarter last year.
Pre-tax income in the second quarter of $382k versus $370k in the 2016 comparable period.
Net Income was $272k, or $0.08 per basic share versus $199k or $0.06 in the second quarter of 2016.
$1.8 million reduction in liabilities since March 31, 2016 including the satisfaction of the $720k BCA Mezzanine Fund LLP ( BCA ) warrant liability.
Tel-Instrument Electronics Corp. Reports Net Income of $410,000 or $0.13 per Share for the First Quarter of Fiscal 2017
Tel-Instrument Electronics Corp. Reports Net Income of $410,000 or $0.13 per Share for the First Quarter of Fiscal 2017
East Rutherford, NJ August 18, 2016 Tel-Instrument Electronics Corp. ( Tel , Tel-Instrument or the Company ) (NYSE MKT: TIK), a leading designer and manufacturer of avionics test and measurement solutions, today reported its financial results for the first quarter ended June 30, 2016.
Highlights for First Quarter of Fiscal Year 2017
Revenues decreased 8.6% to $5.34 million from $5.85 million in the first quarter of FY 2017.
Gross margin percentage improved to 35.1% versus 31.1% for the same quarter last year.
Gross margin increased to $1.88 million, a $61k improvement over the first quarter of 2016.
Operating income decreased to $380k as compared to $457k in the first quarter of FY 2016.
East Rutherford, NJ August 18, 2016 Tel-Instrument Electronics Corp. ( Tel , Tel-Instrument or the Company ) (NYSE MKT: TIK), a leading designer and manufacturer of avionics test and measurement solutions, today reported its financial results for the first quarter ended June 30, 2016.
Highlights for First Quarter of Fiscal Year 2017
Revenues decreased 8.6% to $5.34 million from $5.85 million in the first quarter of FY 2017.
Gross margin percentage improved to 35.1% versus 31.1% for the same quarter last year.
Gross margin increased to $1.88 million, a $61k improvement over the first quarter of 2016.
Operating income decreased to $380k as compared to $457k in the first quarter of FY 2016.
