Tel-Instrument Electronics Corp. (NYSE American: TIK) has reported revenues of USD 2.2 million in second quarter of fiscal year 2019, the company said.
Tel-Instrument said second quarter revenues were USD 2.2 million due to delays in the receipt of in-process orders and export license approvals. The Company materially improved its bottom line with its operating loss for the quarter declining to under USD 100,000.
For the three months ended September 30, 2018, total net sales increased USD 435,776 (24.4%) to USD 2,222,941 as compared to USD 1,787,165 for the three months ended September 30, 2017.
For the three months ended September 30, 2018, total gross margin increased USD 599,343 (149.9%) to USD 999,213 as compared to USD 399,870 for the three months ended September 30, 2017 primarily as a result of the reduction in manufacturing overhead as well as manufacturing efficiencies and the increase in volume.
Selling, general and administrative expenses decreased USD 70,984 (11.3%) to USD 555,411 for the three months ended September 30, 2018 as compared to USD 626,395 for the three months ended September 30, 2017, respectively.
Tel-Instrument Electronics Corp. 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.