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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mti Wireless Edge Ltd. | LSE:MWE | London | Ordinary Share | IL0010958762 | ORD ILS0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.00 | 41.00 | 43.00 | 42.00 | 42.00 | 42.00 | 28,153 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Equip, Nec | 45.63M | 4.05M | 0.0458 | 9.17 | 37.13M |
From Apr 2019 to Apr 2024
TIDMMWE
RNS Number : 9055G
MTI Wireless Edge Limited
13 May 2014
13 May 2014
MTI Wireless Edge Ltd
("MTI" or the "Company")
Financial results for the three months ended 31 March 2014
MTI Wireless Edge Ltd., (MWE) ("MTI" or the "Company"), a market leader in the manufacture of flat panel antennas for fixed wireless broadband, today announces its unaudited results for the three months ended 31 March 2014.
Highlights
-- Continued improvement in revenue, gross margin rate and operational profit. -- Revenue increased by 3% to US$3.5m (Q1 2013: US$3.4m). -- Gross profit increased by 27% to US$1.35m (Q1 2013: US$1.06m). -- Net profit of US$118,000 (Q1 2013: US$26,000).
-- Shareholder's equity of US$17.9m (at December 31, 2013: US$17.7m), equivalent to 20.5 pence per share.
Dov Feiner, Chief Executive Officer, commented:
"I am pleased to announce that during this quarter the Company improved both its margins and profits, and continued its healthy progress. We continue to see strong demand for our 80GHz line of products and current 2014 shipments and order backlog already show a substantial increase of around 40% over the entire 2013 revenue from this product line.
"We have made good progress in the first quarter and the Board is confident that this trend will continue for the rest of the year. The board is encouraged that the outlook for the Group remains positive."
For further information please contact:
MTI Wireless Edge http://www.mtiwe.com/ Dov Feiner, CEO +972 3 900 8900 Moni Borovitz, Financial Director Allenby Capital Limited Nick Naylor Alex Price +44 20 3328 5656 Newgate Threadneedle Graham Herring Robyn McConnachie +44 207 653 9850
About MTI Wireless Edge
MTI is engaged in the development, production and marketing of High Quality, Low Cost, Flat Panel Antennas for Commercial & for Military applications. Commercial applications such as: WiMAX, Wireless Networking, RFID readers &, Broadband Wireless Access. With over 40 years experience, supplying antennas 100KHz to 90GHz including directional antennas and Omni directional for outdoor and indoor deployments including Smart Antennas for WiMAX, Wi-Fi, Public Safety, RFID and for Base Stations and Terminals - Utility Market. Military applications includes a wide range of broadband, tactical and specialized communications antennas, antenna systems and DF arrays installed on numerous airborne, ground and naval, including submarine, platforms worldwide
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Hot Features
Premium
Year ended
Three months December
ended March 31, 31,
---------------------------- -------------
2014 2013 2013
------------- ------------- -------------
U.S. $ in thousands
-------------------------------------------
Unaudited Audited
---------------------------- -------------
Revenues 3,512 3,407 13,422
Cost of sales 2,162 2,343 8,624
------------- ------------- -------------
Gross profit 1,350 1,064 4,798
Research and development expenses 297 283 1,127
Distribution expenses 505 479 1,804
General and administrative expenses 461 378 1,677
------------- ------------- -------------
Profit (loss) from operations 87 (76) 190
Finance expense 60 37 162
Finance income 24 58 58
------------- ------------- -------------
Profit (loss) before income tax 51 (55) 86
Income tax (67) (81) (340)
------------- ------------- -------------
Net income 118 26 426
============= ============= =============
Other comprehensive income (net
of tax effect):
Items not to be reclassified to
profit or loss in subsequent periods:
Re-measurement of defined benefit
plans - - 18
------------- ------------- -------------
Total comprehensive income 118 26 444
============= ============= =============
Net income (loss) Attributable to:
Owners of the parent 124 11 388
Non-controlling interest (6) 15 38
------------- ------------- -------------
118 26 426
============= ============= =============
Total comprehensive income (loss)
Attributable to:
Owners of the parent 124 11 406
Non-controlling interest (6) 15 38
------------- ------------- -------------
118 26 444
============= ============= =============
Net Earnings per share
Basic and Diluted (dollars per share) 0.0024 0.0002 0.0075
============= ============= =============
Weighted average number of shares
outstanding
Basic and Diluted 51,571,990 51,571,990 51,571,990
============= ============= =============
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the three months ended March 31, 2014:
Attributed to owners of the parent
------------------------------------------------------------------
Capital
Reserve
for Total
Additional share-based attributable
paid-in payment Retained to owners Non-controlling
Share capital capital transactions earnings of the parent interest Total equity
------------- ---------- ------------- --------- ------------- --------------- ------------
U.S. $ in thousands
-------------------------------------------------------------------------------------------------
Balance at January
1, 2014 (Audited) 109 14,945 259 2,420 17,733 194 17,927
Changes during the
Three months
ended March 31,
2014 (Unaudited):
Comprehensive
income (loss)
for the period - - - 124 124 (6) 118
Share based
payment - - 6 - 6 - 6
------------- ---------- ------------- --------- ------------- --------------- ------------
Balance at
March 31,
2014
(Unaudited) 109 14,945 265 2,544 17,863 188 18,051
============= ========== ============= ========= ============= =============== ============
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the three months ended March 31, 2013:
Attributed to owners of the parent
------------------------------------------------------------------
Capital
Reserve
for Total
Additional share-based attributable
paid-in payment Retained to owners Non-controlling
Share capital capital transactions earnings of the parent interest Total equity
------------- ---------- ------------- --------- ------------- --------------- ------------
U.S. $ in thousands
-------------------------------------------------------------------------------------------------
Balance at January
1, 2013 (Audited) 109 14,945 220 2,313 17,587 156 17,743
Changes during the
Three months
ended March 31,
2013 (Unaudited):
Comprehensive
income for the
period - - - 11 11 15 26
Share based
payment - - 11 - 11 - 11
------------- ---------- ------------- --------- ------------- --------------- ------------
Balance at
March 31,
2013
(Unaudited) 109 14,945 231 2,324 17,609 171 17,780
============= ========== ============= ========= ============= =============== ============
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the year ended December 31, 2013:
Attributable to owners of the parent
--------------------------------------------------------------------
Capital Reserve Total
Additional for share-based attributable
Share paid-in payment Retained to owners Non-controlling
capital capital transactions earnings of the parent interest Total equity
-------- ---------- ---------------- --------- ----------------- --------------- ------------
U.S. $ in thousands
---------------------------------------------------------------------------------------------------
Audited
---------------------------------------------------------------------------------------------------
Balance at
January 1, 2013 109 14,945 220 2,313 17,587 156 17,743
Changes during
2013:
Income for the
year - - - 388 388 38 426
Other
comprehensive
income - - - 18 18 - 18
-------- ---------- ---------------- --------- ----------------- --------------- ------------
Total
comprehensive
income for
the year - - - 406 406 38 444
Dividend paid - - - (299) (299) - (299)
Share based
payment - - 39 - 39 - 39
-------- ---------- ---------------- --------- ----------------- --------------- ------------
Balance at
December
31, 2013 109 14,945 259 2,420 17,733 194 17,927
======== ========== ================ ========= ================= =============== ============
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
31.3.2014 31.3.2013 31.12.2013
--------- --------- ----------
U.S. $ in thousands
--------------------------------
Unaudited Audited
-------------------- ----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 687 4,673 992
Other current financial assets 5,753 2,520 5,753
Trade receivables 5,382 4,779 5,359
Other receivables 562 757 548
Current tax receivables 164 - 165
Inventories 3,139 2,939 3,091
--------- --------- ----------
15,687 15,668 15,908
--------- --------- ----------
NON-CURRENT ASSETS:
Long term prepaid expenses 32 36 39
Property, plant and equipment 5,330 5,442 5,343
Investment property 1,265 1,301 1,275
Deferred tax assets 293 220 226
Goodwill 406 406 406
--------- --------- ----------
7,326 7,405 7,289
--------- --------- ----------
Total assets 23,013 23,073 23,197
========= ========= ==========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
31.3.2014 31.3.2013 31.12.2013
--------- --------- ----------
U.S. $ In thousands
--------------------------------
Unaudited Audited
-------------------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities and short term Loans 562 250 562
Trade payables 1,682 1,763 1,936
Other accounts payables 777 813 749
Current tax payables - 270 -
--------- --------- ----------
3,021 3,096 3,247
--------- --------- ----------
NON- CURRENT LIABILITIES:
Loans from banks 1,529 1,750 1,595
Employee benefits 330 275 316
Provisions 82 172 112
--------- --------- ----------
1,941 2,197 2,023
--------- --------- ----------
Total liabilities 4,962 5,293 5,270
--------- --------- ----------
EQUITY
Equity attributable to owners of the parent
Share capital 109 109 109
Additional paid-in capital 14,945 14,945 14,945
Capital reserve from share-based payment
transactions 265 231 259
Retained earnings 2,544 2,324 2,420
--------- --------- ----------
17,863 17,609 17,733
Non-controlling interest 188 171 194
--------- --------- ----------
Total equity 18,051 17,780 17,927
--------- --------- ----------
Total equity and liabilities 23,013 23,073 23,197
========= ========= ==========
May 12, 2014
------------------------- ------------------ ----------------- ------------------------
Date of approval Moshe Borovitz Dov Feiner Zvi Borovitz
of financial statements Finance Director Chief Executive Non-executive Chairman
Officer
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Year ended
Three months December
ended March 31, 31,
----------------------- ----------
2014 2013 2013
---------- ----------- ----------
U.S. $ in thousands
-----------------------------------
Unaudited Audited
----------------------- ----------
Cash Flows from Operating Activities:
Profit for the period 118 26 426
Adjustments to reconcile net income
to
net cash provided by operating
activities:
Depreciation 112 107 436
Gain from short-term investments (22) (17) (29)
Equity settled share-based payment
expense 6 11 39
Finance expenses 23 26 98
Income tax (67) (81) (340)
Changes in operating assets and
liabilities:
Decrease (increase) in inventories (48) 8 (144)
Increase in trade receivables (23) (406) (986)
Increase in other accounts receivables
and prepaid expenses (7) (228) (22)
Increase (decrease) in trade and
other accounts payables (261) 533 682
Increase in employee benefits,
net 14 19 78
Decrease in provisions (30) - (60)
Interest paid (23) (26) (98)
Income tax received 1 142 (40)
---------- ---------- ----------
Net cash generated (used) in operating
activities (207) 114 40
========== ========== ==========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Year ended
Three months December
ended March 31, 31,
--------------------- -----------
2014 2013 2013
--------- ---------- -----------
U.S. $ in thousands
----------------------------------
Unaudited Audited
--------------------- -----------
Cash Flows From Investing Activities:
Sale of short-term investment,
net 22 - (3,221)
Purchase of property, plant and
equipment (54) (26) (270)
--------- ---------- -----------
Net cash used in investing activities (32) (26) (3,491)
--------- ---------- -----------
Cash Flows From Financing Activities:
Sort term Loan received - - 301
Long term Loan received - - 43
Dividend paid to the owners of
the parent - - (299)
Repayment of long-term loan from
banks (66) (63) (250)
--------- ---------- -----------
Net cash used in financing activities (66) (63) (205)
--------- ---------- -----------
Increase in cash and
cash equivalents (305) 25 (3,656)
Cash and cash equivalents
at the beginning of the period 992 4,648 4,648
--------- ---------- -----------
Cash and cash equivalents
at the end of the period 687 4,673 992
========= ========== ===========
Appendix A - Non-cash activities:
Year ended
Three months December
ended March 31, 31,
--------------------- ----------
2014 2013 2013
--------- ---------- ----------
U.S. $ in thousands
---------------------------------
Unaudited Audited
--------------------- ----------
Purchase of property and equipment
against trade payables 40 45 5
========= ========== ==========
The accompanying notes form an integral part of the financial statements.
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - General:
A. Corporate information:
M.T.I Wireless Edge Ltd. (hereafter - the Company) is an Israeli corporation. It was incorporated under the Companies Act in Israel on December 30, 1998 as a wholly- owned subsidiary of M.T.I Computers and Software Services (1982) Ltd. (hereafter - the Parent Company) and commenced operations on July 1, 2000 and since March 2006, the Company's shares have been traded on the AIM Stock Exchange.
The formal address of the company is 11 Hamelacha Street, Afek industrial Park, Rosh-Ha'Ayin, Israel.
The Company is engaged in the development, design, manufacture and marketing of antennas and accessories.
B. Assets and Liabilities in foreign currencies
Henceforth are the details of the foreign currencies of the main currencies and the changes percentage in the reporting period:
March 31, December 31,
------------ ------------
2014 2013 2013
----- ----- ------------
NIS (in Dollar per 1 NIS) 0.287 0.274 0.288
Three months ended Year ended
March 31, December 31,
-------------------- -------------
2014 2013 2013
----------- ------- -------------
% % %
----------- ------- -------------
NIS (0.45) 2.33 7.55
Note 2 - Significant Accounting Policies:
The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in International Accounting Standard No. 34 ("Interim Financial Reporting").
The interim consolidated financial information set out above does not constitute full year end accounts within the meaning of Israeli Companies Law. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of the International Financial Reporting Standards (IFRS). Statutory financial information for the financial year ended December 31, 2013 was approved by the board on February 19, 2014. The report of the auditors on those financial statements was unqualified. The interim consolidated financial statements as of March 31, 2014 have not been audited.
The interim consolidated financial information should be read in conjunction with the annual financial statements as of 31 December, 2013 and for the year ended on that date and with the notes thereto,
The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2013 are applied consistently in these interim consolidated financial statements.
Note 3 - SEGMENTS:
The following table's present revenue and profit information regarding the Group's operating segments for the Three months ended March 31,2014 and 2013, respectively and for the year ended December 31, 2013.
Three months ended March 31, 2014 (Unaudited)
Commercial Military Total
---------- -------- --------
$'000
------------------------------
Revenue
External 2,662 850 3,512
---------- -------- --------
Total 2,662 850 3,512
========== ======== --------
Segment income (loss) 24 63 87
========== ======== ========
Unallocated corporate expenses
Finance expense, net (36)
--------
Profit before income tax 51
========
Other
Depreciation and other non-cash expenses 99 8 112
========== ======== ========
Three months ended March 31, 2013 (Unaudited)
Commercial Military Total
---------- -------- --------
$'000
------------------------------
Revenue
External 3,007 400 3,407
---------- -------- --------
Total 3,007 400 3,407
========== ======== --------
Segment income (loss) 129 (205) (76)
========== ======== ========
Unallocated corporate expenses
Finance income, net 21
--------
Loss before income tax (55)
========
Other
Depreciation and other non-cash expenses 99 8 107
========== ======== ========
Year ended December 31, 2013 (audited)
Commercial Military Total
---------- -------- ---------
$'000
-------------------------------
Revenue
External 10,069 3,353 13,422
---------- -------- ---------
Total 10,069 3,353 13,422
========== ======== =========
Segment income (loss) (32) 240 208
========== ======== =========
Unallocated corporate expenses
Unallocated expenses (18)
Finance expense, net (104)
---------
Profit before income tax 86
=========
Other
Depreciation and other non-cash expenses 368 68 436
========== ======== =========
(*) The Group cannot distinguish between Commercial and Military assets and liabilities, due to the fact that some of the assets and liabilities are used by both segments.
Note 4 -TRANSACTIONS WITH RELATED PARTIES:
The Parent Company and other related parties provide certain services to the Group as follows:
Year ended
Three months ended December
March 31, 31,
--------------------- ----------
2014 2013 2013
--------- ---------- ----------
U.S. $ in thousands
---------------------------------
Unaudited Audited
--------------------- ----------
Purchased Goods 95 120 322
Management Fee 99 75 334
Services Fee 52 48 190
Lease income (30) (30) (120)
Compensation of key management personnel of the Group:
Year ended
Three months ended December
March 31, 31,
--------------------- ----------
2014 2013 2013
--------- ---------- ----------
U.S. $ in thousands
---------------------------------
Unaudited Audited
--------------------- ----------
Short-term employee benefits *) 173 149 673
========= ========== ==========
*) Including Management fees for the CEO, Directors Executive Management and other related parties
All Transactions are made at market value.
As of March 31, 2014, March 31, 2013 and December 31, 2013 the parent company and related parties owe to the Group US $32,000, US $30,000 and US $37,000 respectively.
Note 5 - SIGNIFICANT EVENTS:
On April 4, 2014 the company paid a dividend of 0.68 cents per share totaling approximately $351,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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