Final Results

25 Feb 2009 16:27



MTI WIRELESS EDGE LTD

 FINANCIAL RESULTS FOR THE YEAR ENDED 

 31 DECEMBER 2008

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 audited full year results for the year ended 31 December 2008.

2008 Highlights

Revenues decreased by 6% to $17.9m (2007: $19.0m)

Gross profits down 24% to $6.4m (2007: $8.4m)

Operating profit decreased by 76% to $0.9m (2007: $3.7m)

Net Profit of $1m, representing EPS of 1.89c, a decrease 78% from previous year (2007: $4.6m, 8.63c). 

Net cash generated from continuing operations reached $1.2m; Net cash at the year end of $13.3m, equivalent to 17.9 pence per share;

2.2m shares (4.1%) of the company were bought for $0.92m as part of the buy back program announced in March 2008 - plan continues.

Proposed dividend of 1.16c per share (2007: 1.85c)

Indian facility became operational during the 4th quarter of 2008 and other cost-reduction measures in train

First pending order for short range antenna "E Band" backhaul market (operating at 60-90GHz) received.

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