TINE trades around 2 3/8...should be a very good year in my opinion...2.1m shares outstanding:
Tel-Instrument Electronics Corp Announces Results For First Quarter
CARLSTADT, N.J.--(BUSINESS WIRE)--Aug. 15, 2000--Tel-Instrument Electronics Corp today announced its financial results for the three months ended June 30, 2000:
Three Months Ended
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June 30, June 30,
2000 1999
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Sales $ 1,490,003 1,111,829
Net Income Before Taxes 140,694 65,430
Provision For Taxes 56,207 26,140
Net Income $ 84,487 39,290
Net Income Per Share, Diluted $ 0.04 0.02
Weighted Average Shares
Outstanding, Diluted 2,146,183 2,119,452
For the first quarter of fiscal year 2001 sales increased 34% to $1,490,003, and net income before taxes more than doubled to $140,694, as compared to the first quarter of the prior fiscal year.
In June 2000, deliveries of the AN/APM 480 IFF (Identification, Friend or Foe) Transponder Set Test Set (TSTS) to the U.S. Navy began. The Company has received orders for more than 960 units, totaling over $12.5 million to be delivered over the next three to four fiscal years. The AN/APM-480 is a militarized avionics ramp tester used to simulate IFF Transponder/ Interrogator and TCAS (collision avoidance) functions to provide accurate go, no-go testing of avionics equipment installed in U.S. military aircraft on the flightline and aircraft carrier deck.
In the first quarter, the Company also received an order for commercial avionics test sets exceeding $900,000 from a major freight carrier through a domestic distributor; and the Company expects to ship this order during the current fiscal year. In addition, the Company shipped all of the T-76 Precision DME Ramp Test Sets under the contract with Marconi Communications through its Italian intermediary, M.P.G. Instruments s.r.l. in the first quarter.
The Company's backlog at June 30, 2000, including the production order from the U.S. Navy, exceeds $16,500,000.
Tel-Instrument Electronics Corp designs, manufactures and sells avionics 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.
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Contact:
Tel-Instrument Electronics Corp
Mr. Joseph P. Macaluso, 201/933-1600 |
