-----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, J/C9Y27LbuTh2Paai0vvUOoCo3M8ci6+xeqh3bGN1LR78vVcsVg+xndjMRM7DH7y 0/Bu0OkjskQeiVYFUi3Ffw== 0001157523-05-007646.txt : 20050819 0001157523-05-007646.hdr.sgml : 20050819 20050819133611 ACCESSION NUMBER: 0001157523-05-007646 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050819 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050819 DATE AS OF CHANGE: 20050819 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: 051038033 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 a4956352.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): August 19, 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)) Section 2 - Financial Information Item 2.02. Results of Operations and Financial Condition On August 19, 2005, the registrant issued a press release relating to its June 30, 2005 quarter. A copy of the press release is attached as Exhibit A and incorporated herein by reference. The Company filed its report on Form 10-Q for the period ended June 30, 2005 on August 19, 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: August 19, 2005 By /s/ Harold K. Fletcher ------------------------ /s/ Harold K. Fletcher Chairman and President EX-99.1 2 a4956352ex991.txt TEL-INSTRUMENT ELECTRONICS CORP EXHIBIT 99.1 Exhibit 99.1 Tel-Instrument Electronics Corp Announces Results For First Quarter CARLSTADT, N.J.--(BUSINESS WIRE)--Aug. 19, 2005--Tel-Instrument Electronics Corp today announced its financial results for the three months ended June 30, 2005: Three Months Ended ------------------ June 30, June 30, 2005 2004 ---- ---- Sales $ 3,150,978 $ 2,812,800 Net Income Before Taxes 57,991 87,517 Provision For Taxes 28,843 34,963 Net Income $ 29,148 $ 52,554 Net Income Per Share, Diluted $ 0.01 $ 0.02 Weighted Average Shares Outstanding, Diluted 2,337,848 2,270,496 For the first quarter ended June 30, 2005, total sales increased 12% to $3,150,978 as compared to the same quarter in the prior year, and net income decreased from $52,554 to $29,148 for the same period. The increase in sales is primarily attributed to the increase in avionics government shipments. The increase in sales was primarily offset by (a) an increase in engineering, research and development expenditures for avionics as compared to the same period last year, as a result of increased research and development efforts, including the next generation IFF technology, CRAFT, TR-401, and enhancements to the TB-2100; (b) higher commission expense in the avionics division; and (c) the loss for the marine systems division, all of which resulted in a decrease in net income. In March 2005, the Company won a competitive procurement and 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. This contract is expected to be completed in March 2010. The CRAFT combines advanced navigation, communication, IFF, and sonobuoy test capabilities in a portable test set, which will utilize a 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 continue funding the development of this product with shipments to begin in 2-3 years. 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 Mr. Joseph P. Macaluso, 201-933-1600 -----END PRIVACY-ENHANCED MESSAGE-----