Tel Instrument Electronics Corp. TIK announced today that it recorded a net
loss of $85,772 on sales of $3.2 million as compared to a net loss of $668,800
on sales of $1.2 million in the year ago quarter. This improvement is mostly
attributed to the resumption of shipments on the CRAFT program as well as
improved sales of other products including a partial production release on the
TS-4530A program. The Company is expecting continued revenue and profitability
growth for the balance of this fiscal year as a result of higher shipments on
the U.S. Army TS-4530A and U.S. Navy ITATS programs.
The Company also announced that it has retained OEM Capital as its exclusive
financial advisor to explore strategic alternatives, including debt
recapitalization, merger, sale or business combination of the Company with a
third party with a goal to enhance shareholder value. There can be no
assurance that any transaction will occur, and there is no defined timeline
for the process. The Company does not intend to comment further regarding the
process until such time, if any, as the Company determines that disclosure is
appropriate or required.
We encourage everyone to read our full results of operations contained in our
Form 10-Q filed on August 14, 2013 at sec.gov.
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