Tel-Instrument Electronics Corp. Reports Financial Results For First Quarter FY 2024

East Rutherford, NJ – August 11, 2023 – Tel-Instrument Electronics Corp. (“Tel-Instrument,” “TIC,” or the “Company”) (OTCQB: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, today reported a net income of $295K ($0.07 per basic and $0.06 per diluted share) on revenues of $2.9 million for the first quarter of 2024 fiscal year, ended June 30, 2023.

Notes On First Quarter:

·   Revenues for the first quarter were $2.9 million, a 27% increase from $2.3 million in the year-ago quarter.

·   The gross margin percentage increased to 45% versus 37% in the year-ago quarter.

·   Operating expenses decreased by $205K, a 19% decline versus the year ago level as a result of funded engineering projects.

·   Operating income was $420K as compared to an operating loss of $244K in the year ago quarter.

·   Net income was $295K or $0.07 per share, compared to net loss of $233K or $(0.10) per share in the year-ago quarter.

·   The Company recorded $706K in positive cash-flow from operating activities for the quarter with cash balances improving to $6.5 million.

·   Backlog decreased to $5.3 million at the end of the first quarter, a $1.2 million decrease from the prior quarter-end.