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Tel-Instrument Electronics Corp. Reports First Quarter Fiscal Year 2016 Financial Results - Condensed Balance Sheets

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Tel-Instrument Electronics Corp. Reports First Quarter Fiscal Year 2016 Financial Results
Condensed Balance Sheets
All Pages






June 30,

2015





March 31,

2015







(unaudited)









ASSETS



























Current assets:













Cash and cash equivalents



$

178,023







185,932



Accounts receivable, net





1,856,985







1,625,171



Inventories, net





4,523,832







4,032,074



Prepaid expenses and other current assets





328,720







281,002



Deferred financing costs





5,429







5,429



Deferred income tax asset





1,064,395







1,064,395



Total current assets





7,957,384







7,194,003





















Equipment and leasehold improvements, net





234,252







270,792



Deferred financing costs long-term





7,435







8,792



Deferred income tax asset non-current





2,162,405







2,377,583



Other long-term assets





32,317







32,317



Total assets





10,393,793







9,883,487





















LIABILITIES & STOCKHOLDERS EQUITY



































Current liabilities:

















Current portion of long-term debt, net of debt discount





393,846







387,839



Capital lease obligations current portion





17,345







16,758



Accounts payable and accrued liabilities





3,903,312







3,577,566



Deferred revenues current portion





8,167







18,609



Accrued payroll, vacation pay and payroll taxes





676,288







594,114



Total current liabilities





4,998,958







4,594,886





















Subordinated notes payable - related parties





250,000







250,000



Capital lease obligations long-term





-







4,561



Long-term debt





607,927







708,604



Deferred revenues long-term





133,650







133,650



Warrant liability





451,202







518,962



Other long-term liabilities





26,700







33,000



Total liabilities





6,468,437







6,243,663





















Commitments



































Stockholders' equity:

















Common stock, 4,000,000 shares authorized, par value $0.10 per share,

3,256,887 and 3,256,887 shares issued and outstanding, respectively





325,686







325,686



Additional paid-in capital





8,052,634







8,046,168



Accumulated deficit





(4,452,964

)





(4,732,030

)

Total stockholders' equity





3,925,356







3,639,824



Total liabilities and stockholders' equity



$

10,393,793





$

9,883,487










Three Months Ended







June 30, 2015





June 30, 2014

















Net sales



$

5,845,919





$

3,129,076



Cost of sales





4,030,624







2,008,859





















Gross margin





1,815,295







1,120,217





















Operating expenses:

















Selling, general and administrative





865,688







879,193



Engineering, research and development





492,132







483,896



Total operating expenses





1,357,820







1,363,089





















Income (loss) from operations





457,475







(242,872

)



















Other income (expense):

















Amortization of debt discount





-







(30,874

)

Amortization of deferred financing costs





(1,357

)





(27,080

)

Change in fair value of common stock warrants





67,760







(133,881

)

Interest expense





(29,634

)





(62,480

)

Total other income (expense)





36,769







(254,315

)



















Income (loss) before income taxes





494,244







(497,187

)



















Income tax provision (benefit)





215,178







(113,182

)



















Net income (loss)



$

279,066





$

(384,005

)



















Net income (loss) per share:

















Basic income (loss) per common share



$

0.09





$

(0.12

)

Diluted income (loss) per common share



$

0.02





$

(0.12

)



















Weighted average shares outstanding:

















Basic





3,256,887







3,251,387



Diluted





3,320,442







3,251,387






TEL-INSTRUMENT ELECTRONICS CORP.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

(Unaudited)



Three Months

Three Months



Ended

Ended



June 30,

June 30,



2015

2014







Net income (loss)

$ 279,066

$ (384,005)







Income tax provision (benefit)

215,178

(113,182)







Depreciation and amortization

42,413

45,062

Amortization of debt discount

-

30,874

Amortization of deferred financing costs

1,357

27,080

Change on fair value of common stock warrants

(67,760)

133,881

Interest, net

29,634

62,480

Non-cash stock-based compensation

6,466

12,063







Non-GAAP EBITDA

$ 506,354

$ (185,747)







Non-GAAP EBITDA per common share

$ 0.16

$ (0.06)







Basic weighted average shares outstanding

3,256,887

3,251,387




The term EBITDA consists of net income (loss) plus interest, taxes, depreciation and amortization, amortization of debt
discount and deferred financing charges, change in fair value of warrants, non-cash interest, and non-cash stock-based compensation.
EBITDA is not a measure of financial performance under generally accepted accounting principles, and should not be considered in isolation from, or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles, or as a measure of profitability or liquidity. Additionally,
EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included EBITDA
as a supplemental disclosure because its management believes that EBITDA provides useful information regarding our ability
to service debt, and to fund capital expenditures, and provides investors a helpful measure for analyzing its operating performance.
The table above sets forth a reconciliation of EBITDA to net income (loss), which is the most directly comparable measure of
financial performance, calculated under generally accepted accounting principles. Non-GAAP EBITDA per common share is calculated by dividing Non-GAAP EBITDA by basic weighted average shares outstanding.













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