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Tel-Instrument Electronics Corp. Reports Financial Results For Fiscal Year 2024

EAST RUTHERFORD, N.J.--(BUSINESS WIRE)-- Tel-Instrument Electronics Corp. (鈥淭el-Instrument,鈥� 鈥淭IC,鈥� or the 鈥淐ompany鈥�) (OTCQB: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, today reported a net income of $342K on revenues of $8.8 million for the 2024 fiscal year ended March 31, 2024.

Highlights include:

• Revenues for the fiscal year ended March 31, 2024, increased $178K, or 2%, versus the prior fiscal year.
• Gross margin for the 2024 fiscal year was 46.6%, or 11.3 percentage points increase over the prior fiscal year.
• Operating expenses decreased by $666K, or 17% year-over-year, due primarily to client funded engineering projects.
• Operating income was $737K as compared to an operating loss of $898K in the prior fiscal year.
• Net income was $342K, compared to a net loss of $388K in the prior fiscal year.
• Working capital increased $1.2 million or 39% to $4.3 million as compared to the prior fiscal year.
• Backlog increased $640K from the prior year end to $7.2 million as of March 31, 2024.
• Recent receipt of Airbus order for SDR/OMNI.

Mr. Jeffrey O鈥橦ara, Tel-Instrument鈥檚 President and CEO commented, 鈥淭he 2024 fiscal year was very difficult due to parts shortages that significantly impacted production. This parts procurement issues are gradually easing, and we expect strong growth in fiscal year 2025. We are extremely excited by the prospects of the SDR-OMNI and the SDR-OMNI/MIL. We were pleased that Airbus selected our SDR-OMNI test set for use in its world-wide manufacturing operations after an extensive technical evaluation. We are even more excited about the prospects for the SDR-OMNI/MIL which has the potential to replace thousands of obsolete test sets currently in use by the U.S. military. The SDR-OMNI and SDR-OMNI/MIL are the only multi-purpose avionic test set in the market that meets Class 1 military environmental specification. We are confident that these two multi-purpose test sets provide market leading capabilities. We are also introducing a GPS simulator software application this summer.

The CRAFT ECP contract will be critical for the Company as this is expected to generate five million dollars of annual production revenues, starting when the engineering work is completed. TIC successfully completed the Test Readiness Review (鈥淭RR鈥�) in April 2024. The next major milestone is the Production Readiness Review that is scheduled for later this year. We expect to start shipping upgraded Navy production units in the fourth quarter of FY 2025.

The Lockheed Martin F-35 MADL Test Set development program has been completed. We are currently in negotiations to supply up to 119 MADL test sets this year.

About Tel-Instrument Electronics Corp.

Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets. Tel-Instrument provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. For further information please visit our website at .

This press release includes statements that are not historical in nature and may be characterized as 鈥渇orward-looking statements,鈥� including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company鈥檚 outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are: changes in the general economy; changes in demand for the Company鈥檚 products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company鈥檚 previous filings with the U.S. Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the 鈥淎ct鈥�) protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

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View source version on businesswire.com:

Pauline Romeo

Tel-Instrument Electronics Corp.

(201) 933-1600 (Ext 309)

Source: Tel-Instrument Electronics Corp.