Tel-Instrument Electronics Corp. Announces Third Quarter Revenues of $6.1 Million and Receipt of $1.43 Million CRAFT 708 Order
By Business Wire News
By Business Wire News
EAST RUTHERFORD, N.J.
Tel-Instrument Electronics Corp. (“Tel”, or the “Company”) (NYSE MKT:TIK) today announced that FY 2016 third quarter unaudited revenues for the period ending December 31, 2015 increased to $6.1 million, a 21% increase over year ago levels.
The Company also reported receipt this week of a $1.43 million order from Lockheed Martin for 40 CRAFT 708 units with delivery scheduled for the first and second quarters of the 2017 fiscal year, which begins April 1, 2016. These units are to be used on the Joint Strike Fighter (“JSF”) Program. This brings total CRAFT orders for this program to $4.4 million.
Jeffrey C. O’Hara, the Company’s President and CEO, stated, “The third quarter represented a continuation of the momentum we have seen over the last year. We are also proud that our CRAFT multi-purpose test set has been chosen for the JSF program. We have also begun to receive orders for our new TR-36 navigation test set which we believe will be very competitive in the marketplace.”
About Tel-Instrument Electronics Corp.
Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets. Tel-Instrument provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. For further information please visit our website at www.telinstrument.com.
This press release includes statements that are not historical in nature and may be characterized as “forward-looking statements,” including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company’s outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially.Among the factors which could cause a difference are:changes in the general economy; changes in demand for the Company’s products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances.A number of these factors are discussed in the Company’s previous filings with the U.S. Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the “Act”) protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
Tel-Instrument Electronics Corp.
Joseph P. Macaluso, 201-933-1600
Institutional Marketing Services (IMS)
John Nesbett or Jennifer Belodeau, 203-972-9200