- Revenues decreased 25.6% to $5.08 million from $6.82 million in the second quarter of fiscal year 2016.
- Gross margin percentage improved to 36.0% versus 32.9% for the comparable quarter in the previous year.
- Legal expenses increased to $188k versus $108k in the year ago quarter.
- Operating income decreased to $367k as compared to $916k in the second quarter of fiscal year 2016.
- Non-GAAP Adjusted EBITDA was $411k as compared to $964k in the second quarter last year.
- Pre-tax income in the second quarter of $382k versus $370k in the 2016 comparable period.
- Net Income was $272k, or $0.08 per basic share versus $199k or $0.06 in the second quarter of 2016.
- $1.8 million reduction in liabilities since March 31, 2016 including the satisfaction of the $720k BCA Mezzanine Fund LLP ("BCA") warrant liability.
Tel-Instrument Electronics Corp. ("Tel", "Tel-Instrument" or the "Company") (NYSE MKT:TIK), a leading designer and manufacturer of avionics test and measurement solutions, today reported its financial results for the second quarter ended September 30, 2016. Highlights for Second Quarter of Fiscal Year 2017