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Tel Instrument Electronics Corp Reports Operating Results (10-Q)

February 16, 2010 | About:
10qk

10qk

18 followers
Tel Instrument Electronics Corp (TIK) filed Quarterly Report for the period ended 2009-12-31.

Tel Instrument Electronics Corp has a market cap of $18.15 million; its shares were traded at around $6.9799 with a P/E ratio of 116.33 and P/S ratio of 1.39.

Highlight of Business Operations:

As a result of the above, the Company recorded net losses of $572,330 and

$1,162,479 for the three and nine months ended December 31, 2009 as compared to

recording net income of $16,634 and $450,296 for the three and nine months ended

December 31, 2008.



At December 31, 2009, the Company had working capital of $2,440,511 as compared

to $3,284,115 at March 31, 2009. For the nine months ended December 31, 2009,

the Company used $1,149,419 in cash for operations as compared to $400,876 for

the nine months ended December 31, 2008. This increase in cash used in

operations is primarily attributed to the increase in the operating loss for the

period as compared to the previous year offset partially by the decrease in

accounts receivable as compared to an increase in accounts receivable for the

nine months ended December 31, 2008.



Net cash used in investing activities was $36,653 for the nine months ended

December 31, 2009 as compared to $81,301 for the nine months ended December 31,

2008 due to the decrease in purchases of equipment.



Net cash provided by financing activities increased to $722,825 for the nine

months ended December 31, 2009 from $232,308 for the nine months ended December

31, 2008 primarily due to proceeds from the sale of new common stock and the

proceeds from the exercise of stock options, discussed below.



At December 31, 2009 the Company's backlog stood at approximately $20.6 million

as compared to approximately $10.0 million at December 31 2008. The backlog at

December 31, 2009 includes only the amount of currently exercised delivery

orders on open IDIQ (indefinite delivery/indefinite quantity) contracts, and is

expected to materially increase when the volume production orders for the Navy

CRAFT AN/USM-708 and the ITATS AN/ARM-206 products 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. Approximately $14.3 million in orders is related

to the TS-4530A program, and this amount is included in the backlog at December

31, 2009.



Read the The complete Report

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