Missing out, lads17 May 2013 10:08
Financial results for the three months ended 31st March 2013
MTI Wireless Edge Ltd., (ticker: MWE) ("MTI" or the "Company"), a market leader in the manufacture of flat panel antennas for fixed wireless broadband, today announces its unaudited results for the three months ended 31st March 2013.
Highlights
· Return to profitability
· Increase in revenues - revenue for the 3 months US$3.4m (2012: US$3.2m)
· Major contract awarded in the military sector
· Net profit of US$26,000 (2012: loss of US$246,000)
· Cash, cash equivalents and marketable securities remains strong at US$7.2m
Dov Feiner, Chief Executive Officer, commented:
"I am pleased to announce that during this quarter the Company returned to profitability, generating a net profit of US$26,000 compared to a loss ofUS$246,000 for the same period last year. Revenue, too, increased by 6% to US$3.4m. Cash generation was also good during the period at US$X0.1m (compared to use of US$0.4m in Q1 2012) and the Company's balance sheet remains strong. Gross margins were slightly lower than last year and the Board is addressing this issue.
"Whilst our commercial activities remain the dominant contributor to our business, during the quarter we won a number of important orders in the military segment. These totaled over US$2m and included a major new contract worth US$1.45m. This gives us confidence in the long term prospects of this segment, which we are well positioned to fulfil.
"Overall, we have made good, solid progress in the first quarter and the Board believes this trend will continue for the rest of the year. We remain optimistic that, despite the current economic climate, the outlook for the Group remains positive"
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