Tel Instrument Electronics Corp (TIK) filed Quarterly Report for the period ended 2010-09-30.
Tel Instrument Electronics Corp has a market cap of $17.06 million; its shares were traded at around $6.4999 with and P/S ratio of 1.9.
Highlight of Business Operations:At September 30, 2010, the Company had working capital of $4,112,687 as compared to $2,319,588 at March 31, 2010, primarily as a result of the increase in accounts receivable and inventories and the payment of the line of credit with the bank that was classified as a current liability with the long-term BCA loan, partially offset by the increase in accounts payable and other accrued expenses.
Cash used in operating activities. For the six months ended September 30, 2010, the Company used $1,026,581 in cash for operations as compared to using $808,001 in cash for operations for the six months ended September 30, 2009. This is primarily attributed to the increase in accounts receivable and inventories offset mostly by an increase in accounts payable and progress billings as well as the lower loss from operations.
Cash used in investing activities. Net cash used in investing activities was $90,290 for the six months ended September 30, 2010 from $16,108 for the six months ended September 30, 2009 due to the increase in purchases of equipment.
Cash provided by financing activities Net cash provided by financing activities for the six months ended September 30, 2010 was $1,432,129 as compared to $679,885 for the six months ended September 30, 2009. In September 2010 the Company raised $2.5 million in financing which was offset by financing costs and repayment to the bank of the line of credit. This amount was also offset partially by lower proceeds from the issuance of common stock and exercise of stock options.
At September 30, 2010 the Company s backlog was approximately $32.8 million as compared to approximately $18.3 million at September 30, 2009. The backlog at September 30, 2010 includes only the amount of currently exercised delivery orders on open IDIQ (indefinite delivery/indefinite quantity) contracts, and the Company s backlog is expected to materially increase when the large volume production orders for the AN/USM-708 and AN/ARM-206 units are received.
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