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
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