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. |
Tel-Instrument Electronics Corp. Receives Initial $520,000 Mode 5 Test Set Order for the German Military
Tel-Instrument Electronics Corp. Receives Initial $520,000
Mode 5 Test Set Order for the German Military
East Rutherford, NJ – February 7, 2019 – 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 reported that it received an initial purchase order totaling $520,000 from its European Distributor, Muirhead Avionics (“Muirhead”) for Mode 5 test sets from the contract awarded by the German military. This is a seven-year procurement contract with anticipated orders for the 2019 calendar year of approximately $3.5 million in total.
Mode 5 Test Set Order for the German Military
East Rutherford, NJ – February 7, 2019 – 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 reported that it received an initial purchase order totaling $520,000 from its European Distributor, Muirhead Avionics (“Muirhead”) for Mode 5 test sets from the contract awarded by the German military. This is a seven-year procurement contract with anticipated orders for the 2019 calendar year of approximately $3.5 million in total.
Tel-Instrument Electronics Corp. Announces $615,000 International Order For The T-47/M5 Mode 5 Test Set
East Rutherford, NJ – December 13, 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 reported the receipt of a $615,000 order for the T-47/M5 Mode 5 test set from a major military customer in the Asia-Pacific region. This order will be shipped in the third quarter of our next fiscal year.
Jeff O’Hara, Tel’s President and CEO said, “We are pleased to report the receipt of a $615,000 follow-on order from the Asia-Pacific region for our T-47/M5 integrated dual crypto Mode 5 test set. This brings the cumulative T-47/M5 orders from this customer to over $1 million. This customer had been waiting for AIMS certification before releasing this follow-on order. The T-47/M5 Mode 5 test set has been sold to eight different countries thus far, and we believe this test set will be the test set of choice for many international customers due its dual crypto capability, and ability to perform detailed Mode 5 platform integration testing. The U.S. Army has begun purchasing these test sets for their Mode 5 platform integration testing. These most recent orders, and other pending contracts, continue to strengthen our position as the world-wide leader for Mode 5 flight-line test equipment. The Company anticipates continued revenue growth and a return to solid profitability starting in the current fiscal quarter.”
Jeff O’Hara, Tel’s President and CEO said, “We are pleased to report the receipt of a $615,000 follow-on order from the Asia-Pacific region for our T-47/M5 integrated dual crypto Mode 5 test set. This brings the cumulative T-47/M5 orders from this customer to over $1 million. This customer had been waiting for AIMS certification before releasing this follow-on order. The T-47/M5 Mode 5 test set has been sold to eight different countries thus far, and we believe this test set will be the test set of choice for many international customers due its dual crypto capability, and ability to perform detailed Mode 5 platform integration testing. The U.S. Army has begun purchasing these test sets for their Mode 5 platform integration testing. These most recent orders, and other pending contracts, continue to strengthen our position as the world-wide leader for Mode 5 flight-line test equipment. The Company anticipates continued revenue growth and a return to solid profitability starting in the current fiscal quarter.”
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