Tel Instrument Electronics Corp (TIK, Financial) filed Quarterly Report for the period ended 2012-06-30.
Tel-instrument Electronics Corp. has a market cap of $9 million; its shares were traded at around $3.36 with a P/E ratio of 28 and P/S ratio of 0.6.
Avionics Government sales decreased $ 2,595,626 (82.5%) to $ 549,966 for the three months ended June 30, 2012, as compared to $3,145,592 for the same period last year. This decrease in Avionics Government sales is due mainly to a temporary hold in CRAFT 708 production shipments to correct issues discovered in prior CRAFT 719 deliveries and incorporate the final AIMS approved software configuration which includes several product enhancements. TIC has also continues to experience delays in securing a production release on the TS-4530A program from the Army. The Company continues to work closely with the Navy and the Army to secure production releases on the CRAFT and TS-4530A programs and is optimistic that this will occur in the near term.
Commercial sales decreased $217,297 (25.7%) to $ 627,322 for the three months ended June 30, 2012, as compared to $ 844,619 in the same period in the prior year. This decrease is due to lower sales of the TR-220 and from overhaul and repairs. This decrease is due to economic conditions in the commercial market which remains depressed.
Gross margin decreased $1,577,937 (84.8%) to $283,694 for the three months ended June 30, 2012 as compared to $1,861,631 for the same three months in the prior fiscal year. Gross profit was affected by the lower sales volume due to the temporary hold in CRAFT 708 production shipments and the delay in securing a production release on the TS-4530A program. The gross margin percentage for the three months ended June 30, 2012, was 24.1%, as compared to 46.7%, for the three months ended June 30, 2011.
At June 30, 2012, the Company had working capital of $3,487,331, as compared to $4,522,111 at March 31, 2012. This change is primarily the result of the reduction in accounts receivable as a result of the lower sales.
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Tel-instrument Electronics Corp. has a market cap of $9 million; its shares were traded at around $3.36 with a P/E ratio of 28 and P/S ratio of 0.6.
Highlight of Business Operations:
For the three months ended June 30, 2012, sales decreased $ 2,812,923 (70.5%) to $ 1,177,288, as compared to $ 3,990,211 for the same period in the prior year.Avionics Government sales decreased $ 2,595,626 (82.5%) to $ 549,966 for the three months ended June 30, 2012, as compared to $3,145,592 for the same period last year. This decrease in Avionics Government sales is due mainly to a temporary hold in CRAFT 708 production shipments to correct issues discovered in prior CRAFT 719 deliveries and incorporate the final AIMS approved software configuration which includes several product enhancements. TIC has also continues to experience delays in securing a production release on the TS-4530A program from the Army. The Company continues to work closely with the Navy and the Army to secure production releases on the CRAFT and TS-4530A programs and is optimistic that this will occur in the near term.
Commercial sales decreased $217,297 (25.7%) to $ 627,322 for the three months ended June 30, 2012, as compared to $ 844,619 in the same period in the prior year. This decrease is due to lower sales of the TR-220 and from overhaul and repairs. This decrease is due to economic conditions in the commercial market which remains depressed.
Gross margin decreased $1,577,937 (84.8%) to $283,694 for the three months ended June 30, 2012 as compared to $1,861,631 for the same three months in the prior fiscal year. Gross profit was affected by the lower sales volume due to the temporary hold in CRAFT 708 production shipments and the delay in securing a production release on the TS-4530A program. The gross margin percentage for the three months ended June 30, 2012, was 24.1%, as compared to 46.7%, for the three months ended June 30, 2011.
At June 30, 2012, the Company had working capital of $3,487,331, as compared to $4,522,111 at March 31, 2012. This change is primarily the result of the reduction in accounts receivable as a result of the lower sales.
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