Last checked at 11 Jan 2011 07:00
11 January 2011
MTI Wireless Edge Ltd ('MTI' or the 'Company')
Trading Update
MTI Wireless Edge Ltd. (ticker: MWE), a market leader in the manufacture of flat panel antennas for fixed wireless broadband, announces a trading update for the year ending 31 December 2010, ahead of the 2010 preliminary results announcement.
Continued progress in the final three months of 2010 resulted in a good finish to the Company's financial year. Revenue in the final quarter increased to $3.8 million, which is 8% ahead of the three months to 30 September 2010 and is 20% up on the comparable period of 2009.
As it benefits from improved market demand in its commercial business sectors, the Company starts 2011 with a forward order book of over $5.5 million, most of which is scheduled for delivery in 2011. This is substantially higher than the comparable figure ($2.35m) for forward orders carried from 2009 into 2010. These orders also include expected sales from the recently launched 80GHz product line.
The strong finish to 2010 and improved order book for 2011 gives the Board confidence that revenue levels in 2011 will be maintained at the run rate of the most recent quarter, giving the Company over 10% year on year revenue growth in 2011.
Following shareholder approval at the extraordinary general meeting, held on 24 November 2010, the purchase of MTI's head office located at 11 Hamelacha St., Afek Industrial Park, Rosh-Ha'Ayin, 48091, Israel and the sub lease to MTI Computers & Software Services (1982) Ltd. was completed on 28 December 2010. The purchase has been partly funded by a $2.5 million 10 year amortising bank loan with a fixed rate of interest of approximately 4.9% per annum. The results for the year ended 31 December 2010 will be announced in February 2011, for which a date will be announced nearer the time.
MTI Wireless Edge Ltd + 972 3 900 8900
Moni Borovitz, Finance Director
Dov Feiner, CEO
Allenby Capital +44 203 328 5656
Nick Naylor
Alex Price
Threadneedle Communications +44 20 7653 9850
Graham Herring
Terry Garrett
About MTI Wireless Edge
MTI designs and manufactures flat panel antennas, largely supplied to international OEMs of fixed broadband wireless access systems. With over 30 years of technical 'know-how', flexible high volume manufacturing capabilities and low failure rates, MTI's antennas now comprise approximately 25% of the global fixed broadband wireless antenna market. In addition, the Company has successfully developed products for new commercial applications as wireless systems become increasingly prevalent in new markets.