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Tel-Instrument Electronics Corp Announces Third Quarter FY 2012 Results

Dépèche transmise le 15 février 2012 par Business Wire

CARLSTADT, N.J.--(BUSINESS WIRE)--Tel-Instrument Electronics Corp (“Tel”, “Tel-Instrument” or the “Company”) (NYSE Amex: TIK) today announced results for the three and nine months ended December 31, 2011. During the first nine months of fiscal 2012, the Company reported solid sales growth and a significant increase in net income.

For the first nine months of fiscal year 2012, revenues grew 16% to $11,337,800 as compared to revenue of $9,772,435 for the same period in the prior year. Tel reported net income of $376,596 or $0.14 per share in the first nine months of fiscal 2012 as compared to a net loss of $334,394 or a loss of $0.13 per share in the first nine months of fiscal 2011.

Tel reported revenues of $3.7 million in the third quarter ended December 31, 2011, a 13% decrease as compared to revenues of $4.3 million in the same prior year quarter. The Company achieved net income of $97,441 or $0.04 per share in the third quarter of fiscal 2012, as compared to net income of $29,012 or $0.01 per share in the third quarter of fiscal 2011. Results for the fiscal third quarter were below the Company’s expectations due to a disruption in manufacturing operations associated with the move to a new facility and ramp-up issues associated with the AN/USM-708 program. Revenue growth in the fourth quarter of the current fiscal year is expected to materially accelerate with the full rate production of the AN/USM-708 and initial production of the TS-4530 units.

Jeff O’Hara, President and Chief Executive Officer of Tel stated, “The Company did a solid job completing the facility move in the third quarter while also achieving a sixth consecutive quarter of profitability. With our backlog of approximately $45 million providing a great foundation for growth, we continue to be excited about the future. The substantial completion of three major development programs during the quarter is a significant achievement for the Company and represents the culmination of our pre-production phase, bringing us to the beginning of significant growth. The technologies developed will provide a platform for future development programs and allow the Company to extend its product line and expand into new markets. We are at the beginning of a new phase for our Company, and we look forward to continued growth and significantly improved profitability.”

We encourage everyone to read our full results of operations contained in our Form 10-Q filed at 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.