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Tel-Instrument Electronics Corp. Reports $639K Of Net Income for Third Quarter of FY 2019
Tel-Instrument Electronics Corp. Reports $639K Of
Net Income for Third Quarter of FY 2019
East Rutherford, NJ – February 8, 2018 – Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the “Company”) (NYSE American: TIK), a leading designer and manufacturer of avionics test and measurement solutions, today announced its financial results for the third quarter of fiscal year 2019.
Highlights for Third Quarter of Fiscal Year 2019
Net Income for Third Quarter of FY 2019
East Rutherford, NJ – February 8, 2018 – Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the “Company”) (NYSE American: TIK), a leading designer and manufacturer of avionics test and measurement solutions, today announced its financial results for the third quarter of fiscal year 2019.
Highlights for Third Quarter of Fiscal Year 2019
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Revenues increased 51% to just under $4 million from $2.6 million as compared to the same 2018 fiscal quarter. |
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Total orders for the quarter increased to $9.7 million and backlog at December 31, 2018 increased to almost $7 million. |
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Gross profit as a percentage of sales increased to 49.5% versus 35.7% as compared to the same 2018 fiscal quarter. |
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Operating profit improved to $757k as compared to an operating loss of $293k for the same 2018 fiscal quarter. |
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Net income improved to $639k as compared to a net loss of $333k for the third quarter in the same 2018 fiscal year. |
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Net income attributable to common shareholders included a one-time deemed dividend charge of $420k incurred as a result of the Series B Preferred Convertible Stock issuance. This non-cash charge had no impact on stockholders’ equity. |
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