Tel Instrument Electronics Corp (TIK) filed Quarterly Report for the period ended 2010-12-31.
Telinstrument Electronics Corp has a market cap of $23.9 million; its shares were traded at around $9.0899 with and P/S ratio of 2.7.
Highlight of Business Operations:At December 31, 2010, the Company had working capital of $4,232,123 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..
Cash used in operating activities. For the nine months ended December 31, 2010, the Company used $1,065,903 in cash for operations as compared to using $1,149,419 in cash for operations for the nine months ended December 31, 2009. This is primarily attributed to the lower loss from operations mostly offset by increases in accounts receivable and inventories.
Cash used in investing activities. Net cash used in investing activities was $102,470 for the nine months ended December 31, 2010 as compared to $36,653 for the nine months ended December 31, 2009 due to the increase in purchases of equipment.
Cash provided by financing activities Net cash provided by financing activities for the nine months ended December 31, 2010 was $1,435,411 as compared to $722,825 for the nine months ended December 31, 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 December 31, 2010 the Company s backlog was approximately $30 million as compared to approximately $20.6 million at December 31, 2009. The backlog at December 31, 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 units are received. Historically, the Company obtains a substantial volume of orders which are required to be filled in less than twelve months, and, therefore, these anticipated orders are not reflected in the backlog.
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