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TIK > SEC Filings for TIK > Form 8-K on 13-Nov-2013All Recent SEC Filings

Show all filings for TEL INSTRUMENT ELECTRONICS CORP

Form 8-K for TEL INSTRUMENT ELECTRONICS CORP


13-Nov-2013

Results of Operations and Financial Condition, Financial Statemen


Item 2.02. Results of Operations and Financial Condition.

On November 13, 2013, Tel-Instrument Electronics Corp ("TIC") (NYSE MKT: TIK) announced that second quarter revenues increased by 68% from the year ago period to $4,034,581. The Company recorded a net loss of $72,474 ($0.02 per share) compared to a net loss of $429,705 ($0.16 per share) in the year ago quarter. The Company's gross margin in the latest quarter increased to $1,275,749 (32%) compared to $602,423 (25%) in the year ago quarter. Operating expenses for the quarter declined by 9% to $1,119,982 compared to the same period last year. This resulted in the Company's operating profit increasing to $155,767. Non-operating expenses for the quarter totaled $217,381 which included a $67,345 charge for the change in the fair value of common stock warrants. As a result, the Company recorded a loss before taxes of $61,614.

The Company also announced receipt of a $755,580 order from Lockheed Martin for 21 AN/USM-708 ("CRAFT") test sets to be used on the Joint Strike Fighter program. This order is scheduled to be completed during the current fiscal year ending March 31, 2014.

On November, 2013, Tel-Instrument Electronics Corp. (the "Company") issued a press release regarding the Company's financial results for the period ended September 30, 2013 which is also disclosed in Company's Form 10-Q filed with the Securities and Exchange Commission on November 13, 2013, and that it has received an order from Lockheed Martin in the amount of $755,580 for 21 AN/USM-708 ("CRAFT") test sets to be used on the Joint Strike Fighter program. This order is scheduled to be completed during the current fiscal year ending March 31, 2014.

A copy of the Company's press release is attached hereto as Exhibit 99.1.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.     Description

99.1*            Press release dated November 13, 2013, "Tel-Instrument

Electronics Corp Announces Second Quarter Results For 2014 Fiscal Year and Receipt of $755k Craft Order."


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