Date of Report (Date of Earliest Event Reported):
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March 6, 2018
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Nevada
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001-32644
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59-3486297
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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7100 Technology Drive, West Melbourne, FL
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32904
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number,
including area code:
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(321) 984-1414
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RELM
WIRELESS CORPORATION
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Date: March 6,
2018
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By:
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/s/
William
P. Kelly
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William P.
Kelly
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Chief
Financial Officer
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RELM WIRELESS CORPORATION
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Condensed Consolidated Statements of Operations
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(In Thousands, Except Per Share Amounts)
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Three Months Ended
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Twelve Months Ended
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(Unaudited)
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12/31/2017
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12/31/2016
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12/31/2017
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12/31/2016
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Sales,
net
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$9,422
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$7,226
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$39,395
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$50,689
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Expenses:
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Cost
of products
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10,420
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4,200
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29,845
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33,612
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Selling,
general and administrative expenses
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3,953
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2,683
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14,577
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12,792
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Total
expenses
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14,373
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6,883
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44,422
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46,404
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Operating
(loss) income
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(4,951)
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343
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(5,027)
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4,285
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Other income (expense):
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Interest
income
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14
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5
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46
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9
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Gain
on sale of available-for-sale securities
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546
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-
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1,833
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-
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Legal
settlement
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(1,436)
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-
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(1,436)
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-
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Gain
(loss) on disposal of property, plant and equipment
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(1)
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-
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(95)
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-
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Other
(expense) income
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41
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(30)
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(106)
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(22)
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(Loss)
income before income taxes
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(5,787)
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318
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(4,785)
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4,272
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Discrete
tax item (expense) - impact of tax reform
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(665)
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-
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(665)
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-
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Income
tax benefit (expense)
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2,177
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(226)
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1,824
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(1,583)
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Net
(loss) income
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$(4,275)
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$92
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$(3,626)
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$2,689
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Net
(loss) earnings per share - basic
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$(0.31)
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$0.01
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$(0.27)
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$0.20
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Net
(loss) earnings per share - diluted
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$(0.31)
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$0.01
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$(0.27)
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$0.19
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Weighted
average common shares outstanding, basic
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13,691
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13,733
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13,625
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13,735
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Weighted
average common shares outstanding, diluted
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13,691
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13,816
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13,625
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13,823
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RELM WIRELESS CORPORATION
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Condensed Consolidated Balance Sheets
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(In Thousands, Except Share Data)
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December 31,
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December 31,
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2017
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2016
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ASSETS
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Current
assets:
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Cash
and cash equivalents
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$7,147
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$10,910
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Available-for-sale
securities
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9,184
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-
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Trade
accounts receivable, net
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5,524
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3,448
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Inventories,
net
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14,358
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13,999
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Prepaid
expenses and other current assets
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772
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1,410
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Total
current assets
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36,985
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29,767
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Property,
plant and equipment, net
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2,201
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2,486
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Available-for-sale
securities
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-
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6,472
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Deferred
tax assets, net
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3,317
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3,418
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Other
assets
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298
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401
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Total assets
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$42,801
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$42,544
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current
liabilities:
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Accounts
payable
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$5,971
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$1,973
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Accrued
compensation and related taxes
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1,364
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2,193
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Accrued
warranty expense
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1,389
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650
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Accrued
other expenses and other current liabilities
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1,159
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169
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Dividends
payable
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273
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1,235
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Deferred
revenue
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157
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142
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Total
current liabilities
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10,313
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6,362
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Deferred
revenue
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481
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408
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Total
liabilities
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10,794
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6,770
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Commitments
and contingencies
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Stockholders'
equity:
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Preferred
stock; $1.00 par value; 1,000,000 authorized shares,
none issued or outstanding.
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-
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-
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Common
stock; $0.60 par value; 20,000,000 authorized shares;
13,844,584 and 13,754,749 issued and outstanding shares
at
December 31, 2017 and 2016, respectively.
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8,307
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8,253
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Additional
paid-in capital
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25,642
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25,382
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Accumumulated
(deficit) earnings
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(5,450)
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240
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Accumulated
other comprehensive income
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4,318
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2,061
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Treasury
Stock, at cost 192,094 and 30,422 shares at December 31, 2017 and
2016, respectively
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(810)
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(162)
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Total
stockholders' equity
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32,007
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35,774
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Total liabilities and stockholders' equity
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$42,801
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$42,544
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