trading 2.25-2.50:
(COMTEX) B: Tel-Instrument Electronics Corp Announces Year End Result
B: Tel-Instrument Electronics Corp Announces Year End Results
CARLSTADT, NJ, Jun 29, 2000 (BUSINESS WIRE) -- Tel-Instrument Electronics Corp
today announced its financial results for the year ended March 31, 2000:
Years Ended March 31,
2000 1999
---- ----
Sales $ 5,130,782 3,484,499
Net Income (Loss) Before Taxes 358,958 (244,266)
Benefit From Income Taxes 241,595 97,585
Net Income (Loss) $ 600,553 (146,681)
Net Income (Loss) Per Share, Diluted $ 0.28 (0.07)
Weighted Average Shares
Outstanding, Diluted 2,146,402 2,101,264
For the year ended March 31, 2000 sales increased 47% to $5,130,782 as compared
to $3,484,499 in the previous fiscal year. Net income before taxes was $358,958
for fiscal year 2000 as compared to a loss of $244,266 for the prior year.
In the first quarter of fiscal year 2001, the Company began shipping AN/APM
480's to the U.S. Navy and also shipped all of the T-76 Ramp Test Sets under the
contract with M.P.G. Instruments for Marconi Communications.
The Company also has received an order for commercial avionics test sets
exceeding $900,000 from a major freight carrier through a domestic distributor.
Management continues to be positive about the future as a result of the dollar
value of the backlog, which currently exceeds $16,000,000, the increase in
commercial sales, the progress on the U.S. Navy contract, and the efforts of its
U.S. and international distributors.
Tel-Instrument Electronics Corp designs, manufactures and sells test equipment
to the general aviation, commercial aviation, and government/military aviation
markets, both domestically and internationally. The Company's stock is traded in
the NASDAQ System under the symbol TINE.
CONTACT: Tel-Instrument Electronics Corp
Mr. Joseph P. Macaluso
201/933-1600
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KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
EARNINGS
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