-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E8OWIZb7o8lksMWu3xwBIo957TvzoUggpkmiNlYP+M5uW6F+7TaRzpdIapbCqzkZ gbRfn2202DO/6eOo8TiEyA== 0001157523-05-006108.txt : 20050714 0001157523-05-006108.hdr.sgml : 20050714 20050714133808 ACCESSION NUMBER: 0001157523-05-006108 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050713 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050714 DATE AS OF CHANGE: 20050714 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEL INSTRUMENT ELECTRONICS CORP CENTRAL INDEX KEY: 0000096885 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS & ACCESSORIES [3670] IRS NUMBER: 221441806 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31990 FILM NUMBER: 05954081 BUSINESS ADDRESS: STREET 1: 728 GARDEN ST CITY: CARLSTADT STATE: NJ ZIP: 07072 BUSINESS PHONE: 2019331600 MAIL ADDRESS: STREET 1: 728 GARDEN ST CITY: CARLSTADT STATE: NJ ZIP: 07072 8-K 1 a4930662.txt TEL-INSTRUMENT ELECTRONICS CORP 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 13, 2005 ------------- --------------------- TEL-INSTRUMENT ELECTRONICS CORP (Exact name of registrant as specified in its charter) New Jersey 33-18978 22-1441806 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 728 Garden St Carlstadt, New Jersey 07072 (201) 933-1600 (Address of principal (Registrant's telephone number, executive offices) including area code) Not Applicable (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240. 14d-2(b)) [] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240. 14e-4(c)) 1 Section 2 - Financial Information Item 2.02. Results of Operations and Financial Condition On July 13, 2005, the registrant issued a press release announcing its results for the year ended March 31, 2005. A copy of the press release is attached as Exhibit A and incorporated herein by reference. The Company filed its report on Form 10-K for the year ended March 31, 2005 on July 13, 2005. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned there unto duly authorized. TEL-INSTRUMENT ELECTRONICS CORP Date: July 13, 2005 By /s/ Harold K. Fletcher ------------------------ /s/ Harold K. Fletcher Chairman and President 2 EX-99 2 a4930662ex.txt EXHIBIT A PRESS RELEASE Exhibit A Tel-Instrument Electronics Corp Announces Year End Results CARLSTADT, N.J.--(BUSINESS WIRE)--July 13, 2005--Tel-Instrument Electronics Corp today announced its financial results for the year ended March 31, 2005: Years Ended March 31, 2005 2004 Sales $10,511,284 $10,704,029 Net Income Before Taxes 13,717 593,793 Provision For Income Taxes 42,625 230,883 Net Income (Loss) $(28,908) $362,910 Net Income (Loss) Per Share, Diluted $(0.01) $0.16 Weighted Average Shares Outstanding, Diluted 2,157,729 2,257,575 Consolidated sales and income declined in fiscal year 2005 as compared to fiscal year 2004, primarily due to losses incurred by the Company's Marine System's division, which included a full 12 months of operations and other planned expenditures for product improvement and sales promotion, and to lower avionics commercial sales, due to the generally weak financial condition of the airline industry, and due to a unique sales promotion opportunity in fiscal 2004, which was not available in fiscal 2005. The Company is closely monitoring the Marine System's division operations. Beginning in the third quarter of fiscal 2005, the Company was awarded five government contracts aggregating over $22 million, including a multi-year program (CRAFT - discussed below). These awards substantially increased the backlog at March 31, 2005, provide a good foundation for fiscal year 2006, and the multi-year CRAFT program will give the Company a good foundation for future years. In September 2004, the Company received a $1,600,000 contract from the Army National Guard for its T-36M, and shipments under this contract were completed in fiscal year 2005. In December 2004, the Company received a $694,350 order to supply T-47NH's to the Royal Australian Air Force, which were shipped in the first quarter of fiscal year 2006. In February 2005, the Company received a $1,815,000 contract to supply the T-36M and the T-47NH to the U.S. Army. In April 2005, the Company received an additional order for $778,000 from the U.S. Army for these products. It is anticipated that shipment of the products for these orders will be completed in fiscal year 2006. In March 2005, the Company was awarded a $17,344,853 multi-year, firm-fixed-price, indefinite-delivery/indefinite-quantity contract for the systems engineering, design and integration, fabrication, testing, and production of a Communications/Navigation (COMM/NAV) Radio Frequency (RF) Avionics Flightline Tester (CRAFT) with sonobuoy simulator capabilities. The Company will begin to bill under the documentation phase of this contract in fiscal 2006 with the contract expected to be completed in March 2010. The CRAFT combines advanced navigation, communication, and sonobuoy test capabilities in a portable test set, which will utilize the Company's proprietary flexible and expandable digital-signal-processing-based architecture. The CRAFT is another significant milestone for the Company, because the development of this technology will help solidify the Company as one of the leaders in the industry, and will meet the U.S. Navy's test requirements for years to come. The Company will fund the development of this product with shipments to begin in 2-3 years. The Company continues to invest heavily in new product development in order to meet the expected needs of its customers and to remain one of the leaders in the industry. Engineering, research, and development expenditures represented 21% and 20%, respectively, for the years ended March 31, 2005 and 2004. These technical expenditures were directed to the continued development of the next generation of IFF test sets, development of a multi-function commercial bench tester (TB-2100), development of a foundation technology for future products, and incorporation of other product enhancements. 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 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. 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. Innerspace Technology, Inc. (www.innerspacetechnology.com), a division of the Company, designs, manufactures and distributes a variety of shipboard and underwater instruments to support hydrographers, oceanographers, researchers, engineers, geophysicists, and surveyors worldwide. The Company's stock is traded in the American Stock Exchange under the symbol TIK. CONTACT: Tel-Instrument Electronics Corp Joseph P. Macaluso, 201-933-1600 -----END PRIVACY-ENHANCED MESSAGE-----