Investor Relations
Tel-Instrument Electronics Corp. Reports $1.87 Million Mode 5 Test Set Order for the United Kingdom
Tel-Instrument Electronics Corp. Reports
$1.87 Million Mode 5 Test Set Order for the United Kingdom
East Rutherford, NJ - January 15, 2020 – Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the “Company”) (OTCQB: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, today reported the receipt of a $1.87 million T-47/M5 Mode 5 test set order for the United Kingdom. These test sets will be sold through our European distributor, Muirhead Avionics, to Leonardo MW Ltd., which is handling the Mode 5 upgrade effort for the United Kingdom Ministry of Defense.
$1.87 Million Mode 5 Test Set Order for the United Kingdom
East Rutherford, NJ - January 15, 2020 – Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the “Company”) (OTCQB: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, today reported the receipt of a $1.87 million T-47/M5 Mode 5 test set order for the United Kingdom. These test sets will be sold through our European distributor, Muirhead Avionics, to Leonardo MW Ltd., which is handling the Mode 5 upgrade effort for the United Kingdom Ministry of Defense.
Tel-Instrument Electronics Corp. Reports 76% Revenue Increase and Net Income of $536k for Second Quarter 2020
Tel-Instrument Electronics Corp. Reports 76% Revenue Increase and Net Income of $536k for Second Quarter 2020
East Rutherford, NJ – November 13, 2019 – Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the “Company”) (OTCQB: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, today reported net income of $536k on revenues of $3.9 million for the second quarter of fiscal year 2020 ending September 30, 2019.
Highlights include:
· Revenues increased 76% from last year’s second quarter and have improved to $15.3 million over the last 12 months
· Gross margins remain strong at 47.9% due to manufacturing efficiencies, tight cost controls, and product mix
· Operating income increased to $631k for the current quarter as compared to an operating loss of $95k last year
· Net income increased to $536k or eleven cents ($0.11) per share compared to a loss of $191k for the same quarter last year
· Trailing 12-month EBITDA improved to $2.5 million
· Bookings for the second quarter improved to $5.1 million and backlog increased to $6.0 million at September 30, 2019
· Operating cash flow increased to $1.8 million in the first half of the year and cash balances improved to $4.25 million
· The Company extinguished its last remaining warrant liability in October 2019 by making a payment of $117k
The Company reported net income of $536,000 for the quarter ended September 30, 2019 on sales of $3,912,168. This is the fourth consecutive quarter of profitability for the Company. This turnaround is the result of increased shipments of our Mode 5 test sets, including our T-47/M5, which recently received AIMS (Air Traffic Control Radar Beacon System, Identification Friend or Foe) approval. The Company also received volume orders from the U.S. military for our other Mode 5 test sets. In August 2018 the German government issued our U.K. distributor Muirhead Avionics (“Muirhead”) a multi-year contract for Mode 5 test sets. In February 2019, the Company received an initial purchase order totaling $520,000 for the contract with the German government and the Company shipped $450,000 of Mode 5 test sets to Germany in July 2019. In August 2019, the Company received a $1.5 million follow-on order, most of which is expected to ship in the third quarter of this fiscal year.
Mr. Jeffrey O’Hara, Tel-Instrument’s President and CEO commented “With our improved backlog and strong business prospects from the international Mode 5 test set market, we believe that we will deliver improved revenues and profitability for the remainder of the 2020 fiscal year and beyond. Bookings improved in the second quarter to $5.1 million which included the German follow-on order. We are working on several large international contracts and expect an additional substantial German order in early 2020. We expect the international Mode 5 test set business and orders for the F-35 program to remain strong for several years. Our near-term goal is to continue strengthening our balance sheet and set-aside sufficient cash reserves to fully discharge the Aeroflex damage award in the event that we are unsuccessful with our pending legal appeal. We are well on our way to achieving this milestone with cash balances hitting $4.25 million at September 30, 2019. We also continue to work with the U.S. Military and the major prime contractors on new programs, and we are in discussions with the U.S. military on an upgrade program that could generate revenues starting as early as the next fiscal year.
To meet the standards for the next generation of military applications, we are upgrading the design of our 4.5-pound SDR/OMNI hand-held test set. The change will improve speed and increase processing capabilities to meet the demands of upcoming military requirements. This change will likely move the initial product introduction for the commercial avionics market into next calendar year, but we expect it will better position the Company for high dollar military contracts which will be critical to our long-term growth in revenues and profitability. The goal of this new test set is to expand our currently relatively narrow avionics test market niche and enter the much larger secure communications radio test market.
With respect to the Aeroflex litigation, the Company has appealed the $4.9 million judgement and has set aside $2 million to support an appeal bond. The appeal submissions are now complete. We continue to believe that the trial judge erred in his legal ruling on standing and other issues during the trial and that we have strong grounds for the award to be vacated or reduced. Our attorneys estimate that it will take over a year from now for this appeal to work its way through the Kansas court system.
From an investor relations standpoint, the Company moved to the OTCQB exchange last quarter. We have restarted our investor relations program with IMS Investor Relations and participated in a September investment conference in NYC,” Mr. O’Hara concluded.
Conference Call Information
The Company will host an earnings conference call today, Wednesday November 13, 2019 at 10:00 a.m. to discuss its second quarter results. To access the live webcast, log on to the Tel-Instrument Electronics website at www.telinstrument.com and click on “Investor Relations”. To participate in the call by phone, dial (877) 407-8035 approximately five minutes prior to the scheduled start time. International callers please dial (201) 689-8035.
A replay of the teleconference will be available until December 13, 2019 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 56786.
The Company encourages investors to read its full results of operations as contained in our Annual Report on Form 10-Q filed with the Securities and Exchange Commission on November 13, 2019 at www.sec.gov.
About Tel-Instrument Electronics Corp.
Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets. Tel-Instrument provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. For further information please visit our website at www.telinstrument.com.
# # #
This press release includes statements that are not historical in nature and may be characterized as “forward-looking statements,” including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company’s outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are: changes in the general economy; changes in demand for the Company’s products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company’s previous filings with the U.S. Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the “Act”) protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
East Rutherford, NJ – November 13, 2019 – Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the “Company”) (OTCQB: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, today reported net income of $536k on revenues of $3.9 million for the second quarter of fiscal year 2020 ending September 30, 2019.
Highlights include:
· Revenues increased 76% from last year’s second quarter and have improved to $15.3 million over the last 12 months
· Gross margins remain strong at 47.9% due to manufacturing efficiencies, tight cost controls, and product mix
· Operating income increased to $631k for the current quarter as compared to an operating loss of $95k last year
· Net income increased to $536k or eleven cents ($0.11) per share compared to a loss of $191k for the same quarter last year
· Trailing 12-month EBITDA improved to $2.5 million
· Bookings for the second quarter improved to $5.1 million and backlog increased to $6.0 million at September 30, 2019
· Operating cash flow increased to $1.8 million in the first half of the year and cash balances improved to $4.25 million
· The Company extinguished its last remaining warrant liability in October 2019 by making a payment of $117k
The Company reported net income of $536,000 for the quarter ended September 30, 2019 on sales of $3,912,168. This is the fourth consecutive quarter of profitability for the Company. This turnaround is the result of increased shipments of our Mode 5 test sets, including our T-47/M5, which recently received AIMS (Air Traffic Control Radar Beacon System, Identification Friend or Foe) approval. The Company also received volume orders from the U.S. military for our other Mode 5 test sets. In August 2018 the German government issued our U.K. distributor Muirhead Avionics (“Muirhead”) a multi-year contract for Mode 5 test sets. In February 2019, the Company received an initial purchase order totaling $520,000 for the contract with the German government and the Company shipped $450,000 of Mode 5 test sets to Germany in July 2019. In August 2019, the Company received a $1.5 million follow-on order, most of which is expected to ship in the third quarter of this fiscal year.
Mr. Jeffrey O’Hara, Tel-Instrument’s President and CEO commented “With our improved backlog and strong business prospects from the international Mode 5 test set market, we believe that we will deliver improved revenues and profitability for the remainder of the 2020 fiscal year and beyond. Bookings improved in the second quarter to $5.1 million which included the German follow-on order. We are working on several large international contracts and expect an additional substantial German order in early 2020. We expect the international Mode 5 test set business and orders for the F-35 program to remain strong for several years. Our near-term goal is to continue strengthening our balance sheet and set-aside sufficient cash reserves to fully discharge the Aeroflex damage award in the event that we are unsuccessful with our pending legal appeal. We are well on our way to achieving this milestone with cash balances hitting $4.25 million at September 30, 2019. We also continue to work with the U.S. Military and the major prime contractors on new programs, and we are in discussions with the U.S. military on an upgrade program that could generate revenues starting as early as the next fiscal year.
To meet the standards for the next generation of military applications, we are upgrading the design of our 4.5-pound SDR/OMNI hand-held test set. The change will improve speed and increase processing capabilities to meet the demands of upcoming military requirements. This change will likely move the initial product introduction for the commercial avionics market into next calendar year, but we expect it will better position the Company for high dollar military contracts which will be critical to our long-term growth in revenues and profitability. The goal of this new test set is to expand our currently relatively narrow avionics test market niche and enter the much larger secure communications radio test market.
With respect to the Aeroflex litigation, the Company has appealed the $4.9 million judgement and has set aside $2 million to support an appeal bond. The appeal submissions are now complete. We continue to believe that the trial judge erred in his legal ruling on standing and other issues during the trial and that we have strong grounds for the award to be vacated or reduced. Our attorneys estimate that it will take over a year from now for this appeal to work its way through the Kansas court system.
From an investor relations standpoint, the Company moved to the OTCQB exchange last quarter. We have restarted our investor relations program with IMS Investor Relations and participated in a September investment conference in NYC,” Mr. O’Hara concluded.
Conference Call Information
The Company will host an earnings conference call today, Wednesday November 13, 2019 at 10:00 a.m. to discuss its second quarter results. To access the live webcast, log on to the Tel-Instrument Electronics website at www.telinstrument.com and click on “Investor Relations”. To participate in the call by phone, dial (877) 407-8035 approximately five minutes prior to the scheduled start time. International callers please dial (201) 689-8035.
A replay of the teleconference will be available until December 13, 2019 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 56786.
The Company encourages investors to read its full results of operations as contained in our Annual Report on Form 10-Q filed with the Securities and Exchange Commission on November 13, 2019 at www.sec.gov.
About Tel-Instrument Electronics Corp.
Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets. Tel-Instrument provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. For further information please visit our website at www.telinstrument.com.
# # #
This press release includes statements that are not historical in nature and may be characterized as “forward-looking statements,” including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company’s outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are: changes in the general economy; changes in demand for the Company’s products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company’s previous filings with the U.S. Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the “Act”) protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
| Contact: |
Joseph P. Macaluso |
| Tel-Instrument Electronics Corp. | |
| (201) 933-1600 John Nesbett/Jennifer Belodeau IMS Investor Relations 203.972.9200 This e-mail address is being protected from spambots. You need JavaScript enabled to view it |
Tel-Instrument to Host Conference Call to Discuss Second Quarter 2020 Results
Tel-Instrument to Host Conference Call to Discuss Second Quarter 2020 Results
East Rutherford, NJ – November 6, 2019 – Tel-Instrument Electronics Corp. (OTCQB: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, announced today that it will host a conference call and webcast on Wednesday, November 13, 2019 at 10:00 a.m. Eastern Time to discuss the Company’s second quarter 2020 results.
To access the live webcast, log onto the Tel Instrument Electronics website at www.telinstrument.com, and click on “Investor Relations” or you may access here.
To participate in the call by phone, dial (877) 407-8035 approximately five minutes prior to the scheduled start time. International callers please dial (201) 689-8035.
A replay of the teleconference will be available until December 13, 2019 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 56786.
To view and register for the Earnings call select Register now:
About Tel-Instrument Electronics Corp.
Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets. Tel-Instrument provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. For further information please visit our website at www.telinstrument.com.
Company Contact:
Joseph P. Macaluso
Tel-Instrument Electronics Corp.
201.933.1600
Agency Contact:
John Nesbett/Jennifer Belodeau
IMS Investor Relations
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
203.972.9200
East Rutherford, NJ – November 6, 2019 – Tel-Instrument Electronics Corp. (OTCQB: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, announced today that it will host a conference call and webcast on Wednesday, November 13, 2019 at 10:00 a.m. Eastern Time to discuss the Company’s second quarter 2020 results.
To access the live webcast, log onto the Tel Instrument Electronics website at www.telinstrument.com, and click on “Investor Relations” or you may access here.
To participate in the call by phone, dial (877) 407-8035 approximately five minutes prior to the scheduled start time. International callers please dial (201) 689-8035.
A replay of the teleconference will be available until December 13, 2019 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 56786.
To view and register for the Earnings call select Register now:
About Tel-Instrument Electronics Corp.
Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets. Tel-Instrument provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. For further information please visit our website at www.telinstrument.com.
Company Contact:
Joseph P. Macaluso
Tel-Instrument Electronics Corp.
201.933.1600
Agency Contact:
John Nesbett/Jennifer Belodeau
IMS Investor Relations
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
203.972.9200
Tel-Instrument Electronics Corp. Reports $535k Test Set Order And Bookings of $19.4 Million for the Last 12 Months
Tel-Instrument Electronics Corp. Reports $535k Test Set Order
And Bookings of $19.4 Million for the Last 12 Months
East Rutherford, NJ – September 19, 2019 – Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the “Company”) (OTC: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, today reported a Mode 5 test set order of $535k from the U.S. military which brings bookings to date for the second quarter to $4.6 million and orders for the last 12 months to $19.4 million.
And Bookings of $19.4 Million for the Last 12 Months
East Rutherford, NJ – September 19, 2019 – Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the “Company”) (OTC: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, today reported a Mode 5 test set order of $535k from the U.S. military which brings bookings to date for the second quarter to $4.6 million and orders for the last 12 months to $19.4 million.
Tel-Instrument Electronics Corp. Receives $1.48 Million Follow-On Mode 5 Test Set Order for the German Military
East Rutherford, NJ – August 26, 2019 – Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the “Company”) (OTC: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, today reported that it received a follow-on purchase order totaling $1.48 million from its European Distributor, Muirhead Avionics (“Muirhead”) for Mode 5 test sets from the contract awarded by the German military. This order is part of a seven-year procurement contract with anticipated orders for the 2019 calendar year estimated at $3.5 million.
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- Tel-Instrument Electronics Corp. Reports Improved Financial Results for First Quarter 2020
- Tel-Instrument Electronics Corp. Reports $639K Of Net Income for Third Quarter of FY 2019
- Tel-Instrument Electronics Corp. Receives Initial $520,000 Mode 5 Test Set Order for the German Military
- Tel-Instrument Electronics Corp. Announces $615,000 International Order For The T-47/M5 Mode 5 Test Set
