TINE...kicking butt once you remove the taxes...and growing...1.75...unreal:
Press Release
Tel-Instrument Electronics Corp Announces Third Quarter Results
CARLSTADT, N.J.--(BUSINESS WIRE)--Feb. 14, 2001--Tel-Instrument Electronics Corp today announced its financial results for the three and nine months ended December 31, 2000:
Three Months Ended Nine Months Ended
December 31, December 31,
2000 1999 2000 1999
---- ---- ---- ----
Sales $2,276,156 1,409,990 $5,518,413 3,858,613
Net income before taxes 358,272 63,057 708,130 237,130
(Benefit) provision for
taxes, net (7,908) (359,810) 133,042 (290,267)
Net income $ 366,180 422,867 $ 575,088 527,397
Net income per share,
diluted $0.17 $0.20 $0.27 $0.25
Weighted average shares
outstanding, diluted 2,141,061 2,127,883 2,140,941 2,127,383
For the first nine months of the current fiscal year sales totaled more than $5,500,000 already surpassing the total for all of the prior fiscal year.
Income before taxes was $708,130 for the nine months ended December 31, 2000, a 199% increase as compared to income before taxes of $237,130 for the nine months ended December 31, 1999. For the three months ended December 31,2000 the Company had income before taxes of $358,272, as compared to $63,057 for the three months ended December 31, 1999. After tax results are affected by the varying amounts tax benefit recorded in the different periods, pursuant to FASB109.
The Company's sales continue to grow as a result of the increase in both government and commercial sales. The Company continues to actively pursue opportunities in both the commercial and government markets, both domestically and internationally, and assess new product development efforts based upon its evaluation of these markets.
This press release should be read in conjunction with the Company's Quarterly Report on Form 10-Q to the Securities and Exchange Commission for the quarter ended December 31, 1999.
Tel-Instrument is a leading designer and manufacturer of avionics test equipment for the general aviation, commercial aviation and government/military markets, both domestically and internationally. Tel-Instrument provides equipment to test a wide range of avionics, including VHF/UHF Communication, VOR, ILS, Marker Beacon, DME, TCAS, TACAN, and Transponders/Interrogators (Modes 1, 2, 3/A, 4, C and S). For further information please visit the website at www.telinstrument.com.
The Company's stock is traded in the NASDAQ System under the symbol TINE.
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Contact:
Tel-Instrument Electronics Corp, Carlstadt
Mr. Joseph P. Macaluso, 201/933-1600
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