Investor Relations
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.
Tel-Instrument Electronics Corp. Reports Third Quarter Fiscal Year 2016 Financial Results
Tel-Instrument Electronics Corp. Reports Third Quarter Fiscal Year 2016
Financial Results
Revenues for the Third Quarter 2016 increased 19% to $5.97 Million
Non-GAAP EBITDA Increases to $773,862 or $0.24 per Share
East Rutherford, NJ February 16, 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 third quarter of fiscal year 2016 ended December 31, 2015.
Highlights
Revenues increased to $5.97 million, a 19% increase versus the comparable period of fiscal year 2015.
Gross margins improved to 34% versus 31% in the comparable period of fiscal year 2015.
Operating income increased to $725k as compared to $226k in the third quarter of fiscal year 2015.
Non-GAAP EBITDA of $773,862 or $0.24 per share.
GAAP earnings per share of $0.07 per share, versus a loss of $0.01 per share in 2015.
Net working capital since the start of the fiscal year 2016 improved $1.6 million to $4.2 million.
Replaced our U.S. Army and U.S. Air Force outside marketing reps with internal resources to reduce commissions on the TS-4530A contract and drive future business with these key customers.
TEL-INSTRUMENT ELECTRONICS CORP. ANNOUNCES THIRD QUARTER REVENUES OF $6.1 MILLION AND RECEIPT OF $1.43 MILLION CRAFT 708 ORDER
TEL-INSTRUMENT ELECTRONICS CORP. ANNOUNCES THIRD QUARTER REVENUES OF $6.1 MILLION AND RECEIPT OF $1.43 MILLION CRAFT 708 ORDER
East Rutherford, New Jersey January 7, 2016 Tel-Instrument Electronics Corp ( Tel , or the Company ) (NYSE MKT: TIK) today announced that FY 2016 third quarter unaudited revenues for the period ending December 31, 2015 increased to $6.1 million, a 21% increase over year ago levels.
The Company also reported receipt this week of a $1.43 million order from Lockheed Martin for 40 CRAFT 708 units with delivery scheduled for the first and second quarters of the 2017 fiscal year, which begins April 1, 2016. These units are to be used on the Joint Strike Fighter ( JSF ) Program. This brings total CRAFT orders for this program to $4.4 million.
Jeffrey C. O Hara, the Company s President and CEO, stated the third quarter represented a continuation of the momentum we have seen over the last year. We are also proud that our CRAFT multi-purpose test set has been chosen for the JSF program. We have also begun to receive orders for our new TR-36 navigation test set which we believe will be very competitive in the marketplace.
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 defence 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, New Jersey January 7, 2016 Tel-Instrument Electronics Corp ( Tel , or the Company ) (NYSE MKT: TIK) today announced that FY 2016 third quarter unaudited revenues for the period ending December 31, 2015 increased to $6.1 million, a 21% increase over year ago levels.
The Company also reported receipt this week of a $1.43 million order from Lockheed Martin for 40 CRAFT 708 units with delivery scheduled for the first and second quarters of the 2017 fiscal year, which begins April 1, 2016. These units are to be used on the Joint Strike Fighter ( JSF ) Program. This brings total CRAFT orders for this program to $4.4 million.
Jeffrey C. O Hara, the Company s President and CEO, stated the third quarter represented a continuation of the momentum we have seen over the last year. We are also proud that our CRAFT multi-purpose test set has been chosen for the JSF program. We have also begun to receive orders for our new TR-36 navigation test set which we believe will be very competitive in the marketplace.
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 defence 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.
