Tel Instrument Electronics Corp (TIK, Financial) filed Quarterly Report for the period ended 2008-12-31.
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. Tel Instrument Electronics Corp has a market cap of $8.45 million; its shares were traded at around $3.7299 with and P/S ratio of 0.75.
income from discontinued operations, net of taxes, of $3,317 and $70,556,
respectively, as compared to losses from discontinued operations, net of taxes,
of $29,242 and $62,736 for the three and nine months ended December 31, 2007,
primarily as a result of the reclassification of certain allocated fixed costs
to continuing operations and sales of products that were written-off in 2008,
and the termination of marketing and engineering expenses
As a result of the above, the Company recorded net income of $16,634 and
$450,296 for the three and nine months ended December 31, 2008, respectively, as
compared to net losses of $39,959 and $142,450 for the three and nine months
ended December 31, 2007.
At December 31, 2008, the Company had working capital of $3,389,266 as compared
to $2,681,511 at March 31, 2008. For the nine months ended December 31, 2008,
the Company used $400,876 in cash for operating activities as compared to using
$371,590 of cash for operating activities for the nine months ended December 31,
2007. This increase in cash used in operating activities is primarily attributed
to the increase in inventories and accounts receivable offset mostly by the
change in unbilled government receivables and the profit before taxes for the
period.
Net cash used in investing activities increased to $81,301 for the nine months
ended December 31, 2008 from $65,949 for the nine months ended December 31, 2007
due to the increase in purchases of equipment.
Net cash provided by financing activities decreased to $232,308 for the nine
months ended December 31, 2008 from $480,800 for the nine months ended December
31, 2007 due to the lower borrowings and a decrease in proceeds from the
exercise of stock options.
At December 31, 2008 the Company had an outstanding loan balance of $450,000 on
which it currently pays 3.75% interest (1/2% above the bank's prime rate). The
line of credit is collateralized by substantially all of the assets of the
Company. The credit agreement expires September 30, 2009, and the agreement now
includes an expanded borrowing base calculation tied to working capital. As of
December 31, 2008, remaining availability under this modified line was
approximately $1,300,000 based upon defined eligible receivables and inventories
at December 31, 2008.
Read the The complete Report
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. Tel Instrument Electronics Corp has a market cap of $8.45 million; its shares were traded at around $3.7299 with and P/S ratio of 0.75.
Highlight of Business Operations:
For the three and nine months ended December 31, 2008, the Company recordedincome from discontinued operations, net of taxes, of $3,317 and $70,556,
respectively, as compared to losses from discontinued operations, net of taxes,
of $29,242 and $62,736 for the three and nine months ended December 31, 2007,
primarily as a result of the reclassification of certain allocated fixed costs
to continuing operations and sales of products that were written-off in 2008,
and the termination of marketing and engineering expenses
As a result of the above, the Company recorded net income of $16,634 and
$450,296 for the three and nine months ended December 31, 2008, respectively, as
compared to net losses of $39,959 and $142,450 for the three and nine months
ended December 31, 2007.
At December 31, 2008, the Company had working capital of $3,389,266 as compared
to $2,681,511 at March 31, 2008. For the nine months ended December 31, 2008,
the Company used $400,876 in cash for operating activities as compared to using
$371,590 of cash for operating activities for the nine months ended December 31,
2007. This increase in cash used in operating activities is primarily attributed
to the increase in inventories and accounts receivable offset mostly by the
change in unbilled government receivables and the profit before taxes for the
period.
Net cash used in investing activities increased to $81,301 for the nine months
ended December 31, 2008 from $65,949 for the nine months ended December 31, 2007
due to the increase in purchases of equipment.
Net cash provided by financing activities decreased to $232,308 for the nine
months ended December 31, 2008 from $480,800 for the nine months ended December
31, 2007 due to the lower borrowings and a decrease in proceeds from the
exercise of stock options.
At December 31, 2008 the Company had an outstanding loan balance of $450,000 on
which it currently pays 3.75% interest (1/2% above the bank's prime rate). The
line of credit is collateralized by substantially all of the assets of the
Company. The credit agreement expires September 30, 2009, and the agreement now
includes an expanded borrowing base calculation tied to working capital. As of
December 31, 2008, remaining availability under this modified line was
approximately $1,300,000 based upon defined eligible receivables and inventories
at December 31, 2008.
Read the The complete Report
