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TIK > SEC Filings for TIK > Form 8-K on 14-Jan-2014All Recent SEC Filings

Show all filings for TEL INSTRUMENT ELECTRONICS CORP

Form 8-K for TEL INSTRUMENT ELECTRONICS CORP


14-Jan-2014

Regulation FD Disclosure, Financial Statements and Exhibits


Item 7.01. Regulation FD Disclosure

On January 14, 2014, Tel-Instrument Electronics Corp ("Tel") announced that it had negotiated a $2.14 million contract modification on the ITATS program. The ITATS product ("AN/ARM-206") is a fully automated TACAN test set for use in U.S. Navy Intermediate Level repair locations. This contract modification entails the sale of certain Intellectual Property ("IP") to the U.S. Navy plus the sale of ancillary test support equipment and a modest increase in the recurring price to reflect several product enhancements. A portion of the IP sale proceeds will go to Tel's subcontractor on this program. This contract modification is expected to result in a pre-tax benefit of about $1.2 million over the next two fiscal quarters. The sale of the IP for the ITATS program should have no impact on sales of these units to the U.S. Navy or other customers. Management believes that the sale of the ITATS IP should improve Tel's balance sheet and liquidity position and help facilitate the commencement of the ITATS full rate production this summer.

A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.     Description

99.1*            Press release dated January 14, 2014, "Tel-Instrument

Electronics Corp Announces $2.14 Million Contract Modification ($1.2 Million Pre-Tax Benefit) for the ITATS Program ".


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