TINE earnings:
Tel-Instrument Electronics Corp Announces Results For First Quarter
CARLSTADT, N.J.--(BUSINESS WIRE)--Aug. 14, 2002--Tel-Instrument Electronics Corp today announced its financial results for the three months ended June 30, 2002:
Three Months Ended
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June 30, June 30,
2002 2001
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Sales $ 2,849,733 2,561,689
Net Income Before Taxes 428,723 419,850
Provision For Taxes 171,276 170,880
Net Income $ 257,447 248,700
Net Income Per Share, Diluted $ 0.12 0.12
Weighted Average Shares
Outstanding, Diluted 2,161,770 2,162,197
For the first quarter ended June 30, 2002, sales increased 11.2% to $2,849,733 and net income before taxes increased 2.2% to $428,723. Deliveries of the AN/APM-480 IFF (Identification, Friend or Foe) Transponder Set Test Set (TSTS) to the U.S. Navy continue and accounted for 65% of sales for the quarter ended June 30, 2002 as compared to 42% of sales for the quarter ended June 30, 2001. While government sales remain strong as a result of deliveries of the AN/APM-480, the commercial market remains weak. The AN/APM-480 program established the Company as one of the leading suppliers in the avionics test equipment industry, and improved its market position.
Net income before taxes grew more slowly than sales because of expenditures for sales and marketing and new product development. The Company continues to invest heavily in new product development to meet the expected needs of its customers and remain as one of the leaders in the industry. In addition to developing the next generation of IFF test sets in anticipation of U.S. and NATO requirements for more sophisticated IFF testing, the Company recently introduced the T-36C Nav/Comm ramp test set into the commercial market and the T-47S Multi-Function ramp tester into the military market. New products soon to be introduced include the TR-220, a commercial Multi-Function ramp test set, and the T-462, the Company's multi-function bench test set.
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 instruments to test a wide range of avionic navigation and communication equipment. For further information please visit our 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
Mr. Joseph P. Macaluso, 201/933-1600 |
