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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -1.15% | 43.00 | 42.00 | 44.00 | 43.50 | 43.00 | 43.50 | 8,018 | 12:51:41 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Equip, Nec | 45.63M | 4.05M | 0.0458 | 9.39 | 38.01M |
From Apr 2019 to Apr 2024
TIDMMWE
RNS Number : 9840V
MTI Wireless Edge Limited
09 November 2017
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)
9 November 2017
MTI Wireless Edge Ltd
("MTI" or the "Company")
Financial results for the nine months ended 30 September 2017
MTI Wireless Edge Ltd. (AIM: MWE), a market leader in the manufacture of flat panel antennas for fixed wireless broadband and a wireless irrigation solutions provider, today announces its unaudited results for the nine months ended 30 September 2017.
Highlights:
-- Profit before tax increased 54% year-on-year to $1.2m (nine months ended 30 September 2016: $0.76m)
-- Revenues increased by 12% year-on-year to $19.6m (nine months ended 30 September 2016: $11.3m)
-- Earnings per share increased by 47% year-on-year to 1.63 US cents (nine months ended 30 September 2016: 1.11 US cents)
-- Strong cash flow from operations during the period of $1.7m (nine months ended 30 September 2016: $1.5m)
-- Shareholder's equity grew during the period to $19.6m (31 December 2016: $18.9m), equivalent to 27.9 pence per share (converted at 1.31 US dollar/1 British Pound)
-- Cash at 30 September 2017 of $5.35m (30 September 2016: $5.1m, 31 December 2016 $4.4m)
The third quarter has seen strong revenue generation from both the antenna division and the wireless irrigation division. As announced on 25 October 2017, greater than anticipated costs have been incurred and recognised in the third quarter in relation to a military antenna project which has resulted in the antenna division making an operating loss in the third quarter, although the Board expects that this military antenna project will be profitable once completed. The wireless irrigation division continued to perform strongly in the third quarter and delivered robust operating profit margins.
Dov Feiner, CEO of MTI Wireless, commented:
"During 2017, we have continued to see growth in both segments of our business. In our wireless controller segment, via Mottech, we continue to see opportunities in various geographical areas as the requirement for water management solutions is increasing world-wide. In 2017, we strengthened our position in key markets by opening new offices, extending distribution agreements and recruiting more value-added resellers. This, together with our continuous development of new solutions, should help us to continue to increase our revenues and profits.
"In the antenna segment, we have a very healthy order book in the military division and a good pipeline of opportunities, which provides us greater visibility of longer-term revenues. Furthermore, the OEM business is proceeding as planned, and RFiD and 80 GHz orders continue to gain attention, and we expect the order book to strengthen. This provides us greater visibility of longer-term revenues.
Given the current performance of the Company, the growing order book and pipeline of opportunities, the board is increasingly confident in the prospects for the Company."
For further information please contact:
MTI Wireless Edge Ltd http://www.mtiwe.com/ Dov Feiner, CEO +972 3 900 8900 Moni Borovitz, Financial Director Nomad and Joint Broker Allenby Capital Limited Nick Naylor Alex Brearley +44 20 3328 5656 Joint Broker Peterhouse Corporate Finance Limited Lucy Williams Eran Zucker +44 20 7469 0930
About MTI Wireless Edge
MTI is engaged in the development, production and marketing of high quality low cost, flat panel antennas for commercial and military applications. Commercial applications include: WiMAX, Wireless Networking, RFID readers and Broadband Wireless Access. With over 40 years' experience of supplying 100KHz to 90GHz antennas, 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 include 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.
Via its subsidiary, Mottech Water Solutions Ltd, MTI is also a leading provider of remote control solutions for water and irrigation applications based on Motorola's IRRInet state of the art control, monitoring and communication technologies. Mottech, headquartered in Israel, is the global prime distributor of Motorola for the IRRInet remote control solutions serving its customers worldwide through its subsidiaries and a global network of local distributers and representatives. It utilizes over 25 years of experience in providing its customers with remote control and management systems which ensure constant, reliable and accurate water usage, while reducing operational costs and maintenance costly expenses. Mottech's activities are focused on the market segments of agriculture, water distribution, Municipal and Commercial Landscape and Wastewater and Storm water Reuse.
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Hot Features
Premium
Year ended
Nine month period December
ended September 30, 31,
-------------------------- -------------
2017 2016 2016
------------ ------------ -------------
U.S. $ in thousands
-----------------------------------------
Unaudited
-------------------------- -------------
Revenues 19,610 17,582 23,276
Cost of sales 12,641 11,040 14,728
------------ ------------ -------------
Gross profit 6,969 6,542 8,548
Research and development expenses 675 828 1,079
Distribution expenses 2,794 2,570 3,346
General and administrative expenses 2,365 2,129 2,640
Other income 7 - -
------------ ------------ -------------
Profit from operations 1,142 1,015 1,483
Finance expense 153 307 334
Finance income 194 55 57
------------ ------------ -------------
Profit before income tax 1,183 763 1,206
Income tax expense 239 136 222
------------ ------------ -------------
Profit 944 627 984
Other comprehensive income (loss)
net of tax:
Items that will not be reclassified
to profit or loss:
Re-measurement of defined benefit
plans - - (16)
------------ ------------ -------------
- - (16)
Items that may be reclassified to
profit or loss:
Adjustment arising from translation
of financial statements of foreign
operations (10) 202 121
------------ ------------ -------------
(10) 202 121
------------ ------------ -------------
Total other comprehensive income (10) 202 105
------------ ------------ -------------
Total comprehensive income 934 829 1,089
============ ============ =============
Profit attributable to:
Owners of the parent 865 585 936
Non-controlling interest 79 42 48
------------ ------------ -------------
944 627 984
============ ============ =============
Total comprehensive income attributable
to:
Owners of the parent 855 787 1,041
Non-controlling interest 79 42 48
------------ ------------ -------------
934 829 1,089
============ ============ =============
Earnings per share (dollars)
Basic 0.0164 0.0113 0.0181
============ ============ =============
Diluted 0.0163 0.0111 0.0178
============ ============ =============
Weighted average number of shares
outstanding
Basic 52,585,939 51,657,245 51,687,853
============ ============ =============
Diluted 53,211,172 52,657,327 52,575,593
============ ============ =============
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the Nine month period ended September 30, 2017 (Unaudited):
Attributed to owners of the parent
-----------------------------------------------------------------------
Adjustment
arising
from
Capital translation
Reserve of Total
for financial attributable
Additional share-based statements to owners
Share paid-in payment of foreign Retained of the Non-controlling Total
capital capital transactions operations earnings parent interest equity
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
U.S. $ in thousands
Balance at
January 1, 2017 109 14,964 323 44 3,468 18,908 324 19,232
Changes during
the nine month
period
ended September
30, 2017:
Comprehensive
income
Profit for the
period - - - - 865 865 79 944
Other
comprehensive
income
Translation
differences - - - (10) - (10) - (10)
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Total
comprehensive
income for
the
period - - - (10) 865 855 79 934
Exercise of
options to
share capital 2 99 (*) - - 101 - 101
Dividend 3 280 - - (518) (235) - (235)
Share based
payment - - 22 - - 22 - 22
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Balance at
September
30, 2017 114 15,343 345 34 3,815 19,651 403 20,054
======== ========== ============ =========== ======== ============ =============== =========
(*) less than one thousand dollars
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY (CONT.)
For the Nine month period ended September 30, 2016 (Unaudited):
Attributed to owners of the parent
----------------------------------------------------------------------
Adjustment
arising
from
Capital translation
Reserve of Total
for financial attributable
Additional share-based statements to owners
Share paid-in payment of foreign Retained of the Non-controlling Total
capital capital transactions operations earnings parent interest equity
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
U.S. $ in thousands
Balance at January
1, 2016 109 14,945 304 (77) 3,116 18,397 266 18,663
Changes during the
nine month period
ended September 30,
2016:
Comprehensive
income
Profit for the
period - - - - 585 585 42 627
Other
comprehensive
income
Translation
differences - - - 202 - 202 - 202
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Total
comprehensive
income for the
period - - - 202 585 787 42 829
Share issuance
to
non-controlling
interest in
subsidiary - (10) - - - (10) 10 -
Exercise of
options to
share capital * 23 (1) - - 22 - 22
Dividend paid - - - - (568) (568) - (568)
Share based
payment - - 14 - - 14 - 14
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Balance at
September
30, 2016 109 14,958 317 125 3,133 18,642 318 18,960
======= ========== ============ =========== ======== ============ =============== =========
(*) less than one thousand dollars
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY (CONT.)
For the year ended December 31, 2016:
Attributable to owners of the parent
-----------------------------------------------------------------------
Adjustment
arising
from
Capital translation
Reserve of Total
from financial attributable
Additional share-based statements to owners
Share paid-in payment of foreign Retained of the Non-controlling Total
capital capital transactions operations earnings parent interest equity
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
U.S. $ in thousands
---------------------------------------------------------------------------------------------------
Balance as at January
1, 2016 109 14,945 304 (77) 3,116 18,397 266 18,663
Changes during 2016:
Comprehensive
income
Profit for the
year - - - - 936 936 48 984
Other
comprehensive
income
Re measurements on
defined benefit
plans - - - - (16) (16) - (16)
Translation
differences - - - 121 - 121 - 121
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Total
comprehensive
income for the
year - - - 121 920 1,041 48 1,089
Share issuance to
non-controlling
interest
in subsidiary - (10) - - - (10) 10 -
Exercise of
options to share
capital (*) 29 (1) - - 28 - 28
Dividend paid - - - - (568) (568) - (568)
Share based
payment - - 20 - - 20 - 20
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Balance as at
December 31,
2016 109 14,964 323 44 3,468 18,908 324 19,232
======== ========== ============ =========== ======== ============ =============== =========
(*) less than one thousand dollars
The accompanying notes form an integral part of these financial statements.
INTERIM CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
30.09.2017 30.09.2016 31.12.2016
---------- ---------- ----------
U.S. $ in thousands
----------------------------------
Unaudited
---------------------- ----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 5,349 5,100 4,428
Trade receivables 9,244 7,886 8,159
Other receivables 791 1,169 706
Current tax receivables 416 393 455
Inventories 4,689 3,943 4,910
---------- ---------- ----------
20,489 18,491 18,658
---------- ---------- ----------
NON-CURRENT ASSETS:
Long term prepaid expenses 45 52 48
Property, plant and equipment 5,237 5,545 5,453
Investment property 614 635 630
Deferred tax assets 618 564 500
Intangible assets 239 348 321
Goodwill 573 573 573
---------- ---------- ----------
7,326 7,717 7,525
---------- ---------- ----------
Total assets 27,815 26,208 26,183
========== ========== ==========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
30.09.2017 30.09.2016 31.12.2016
---------- ---------- ----------
U.S. $ In thousands
-----------------------------------
Unaudited
---------------------- -----------
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short term bank
credit and loans 919 811 802
Trade payables 2,513 2,239 2,285
Other accounts payables 2,503 1,702 1,792
Current tax payables 223 100 3
---------- ---------- -----------
6,158 4,852 4,882
---------- ---------- -----------
NON- CURRENT LIABILITIES:
Loans from banks, net of current maturities 1,139 1,870 1,664
Employee benefits, net 464 434 405
Other liabilities - 92 -
---------- ---------- -----------
1,603 2,396 2,069
---------- ---------- -----------
Total liabilities 7,761 7,248 6,951
---------- ---------- -----------
EQUITY
Equity attributable to owners of the parent
Share capital 114 109 109
Additional paid-in capital 15,343 14,958 14,964
Capital reserve from share-based payment
transactions 345 317 323
Translation differences 34 125 44
Retained earnings 3,815 3,133 3,468
---------- ---------- -----------
19,651 18,642 18,908
Non-controlling interest 403 318 324
---------- ---------- -----------
Total equity 20,054 18,960 19,232
---------- ---------- -----------
Total equity and liabilities 27,815 26,208 26,183
========== ========== ===========
November 8, 2017
------------------------- ------------------ ----------------- ------------------------
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
Nine months period December
ended September 30, 31,
------------------------ ----------
2017 2016 2016
------------ ---------- -------------
U.S. $ in thousands
-------------------------------------
Unaudited
------------------------ -------------
Cash Flows from Operating Activities:
Profit for the period 944 627 984
Adjustments for:
Depreciation and amortization 478 385 635
Loss (gain) from investments in financial
assets 126 7 (57)
Loss (gain) from sale of property, plant
and equipment (7) - -
Equity settled share-based payment expense 22 14 20
Finance expenses, net 81 79 122
Income tax expense 239 136 222
Changes in operating assets and liabilities:
Decrease (increase) in inventories 264 534 (466)
Decrease (increase) in trade receivables (1,141) 315 19
Decrease (increase) in other accounts receivables
and prepaid expenses (48) 126 572
Increase in trade and other accounts payables 4 862 9 105
Increase in employee benefits, net 59 47 2
Interest paid (81) (79) (122)
Income tax paid (94) (658) (837)
------------ ---------- -----------
Net cash provided by operating activities 1,704 1,542 1,199
------------ ---------- -----------
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS (cont.)
Year ended
Nine months period December
ended September 30, 31,
--------------------------------- -----------
2017 2016 2016
-------------------- ----------- -----------
U.S. $ in thousands
-----------------------------------------------------
Unaudited
-------------------- -----
Cash Flows From Investing Activities:
Sale of investments in financial assets,
net - 2,142 2,142
Proceeds from sale of property, plant
and equipment 31
Purchase of property, plant and equipment (170) (171) (314)
-------------------- ----------- -----------
Net cash provided by (used in) investing
activities (139) 1,971 1,828
-------------------- ----------- -----------
Cash Flows From Financing Activities:
Exercise of share options 101 22 28
Dividend paid to the owners of the
parent (235) (568) (568)
Short term loan received from banks 78 - -
Long term loan received from banks 19 27 87
Repayment of long-term loan from banks (631) (582) (793)
-------------------- ----------- -----------
Net cash used in financing activities (668) (1,101) (1,246)
-------------------- ----------- -----------
Increase in cash and
cash equivalents during the period 921 2,412 1,781
Cash and cash equivalents
at the beginning of the period 4,428 2,634 2,634
Exchange differences on balances of
cash and
cash equivalents 24 54 13
-------------------- ----------- -----------
Cash and cash equivalents
at the end of the period 5,349 5,100 4,428
==================== =========== ===========
Appendix A - Non-cash transactions:
Year ended
Nine months period December
ended September 30, 31,
---------------------- ----------
2017 2016 2016
----------- --------- ----------
U.S. $ in thousands
----------------------------------
Unaudited
----------------------- -------------
Purchase of property, plant and equipment
against trade payables 18 27 5
============ ========= ==========
Scrip dividend (Note 5 B) 283 - -
============ ========= ==========
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - General:
Corporate information:
M.T.I Wireless Edge Ltd. (hereafter - the "Company", or collectively with its subsidiaries, the "Group") is an Israeli corporation. The Company 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. Since March 2006, the Company's shares have been traded on the AIM market of the London 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.
Via its subsidiary, Mottech Water solutions Ltd. (hereafter "Mottech"), the Company is also a leading provider of remote control solutions for water and irrigation applications based on Motorola's IRRInet state of the art control, monitoring and communication technologies.
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 the 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, 2016 was approved by the board on February 15, 2017. The report of the auditors on those financial statements was unqualified.
The interim consolidated financial statements as of September 30, 2017 have not been audited.
The interim consolidated financial information should be read in conjunction with the annual financial statements as of December 31, 2016 and for the year then ended and with the notes thereto. The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2016 are applied consistently in these interim consolidated financial statements.
Note 3 - operating SEGMENTS:
The following tables present revenue and profit information regarding the Group's operating segments for the nine months period ended September 30, 2017 and 2016 respectively and for the year ended December 31, 2016.
Nine months period ended September 30,
2017 (Unaudited)
Antennas Water Solutions Total
-------- --------------- ---------
U.S. $ in thousands
------------------------------------
Revenue
External 9,984 9,626 19,610
-------- --------------- ---------
Total 9,984 9,626 19,610
======== =============== =========
Segment profit (loss) (43) 1,185 1,142
======== ===============
Finance income, net 41
---------
Profit before income tax 1,183
=========
Other
Depreciation and amortization 445 33 478
======== =============== =========
Nine months period ended September 30,
2016 (Unaudited)
Antennas Water Solutions Total
-------- --------------- ---------
U.S. $ in thousands
------------------------------------
Revenue
External 8,324 9,258 17,582
-------- --------------- ---------
Total 8,324 9,258 17,582
======== =============== =========
Segment profit (loss) (305) 1,320 1,015
======== ===============
Finance expense, net (252)
---------
Profit before income tax 763
=========
Other
Depreciation and amortization 347 38 385
======== =============== =========
Note 3- operating SEGMENTS (CONT.):
Year ended December 31, 2016
Antennas Water Solutions Total
--------- --------------- ---------
U.S. $ in thousands
-------------------------------------
Revenue
External 11,427 11,849 23,276
--------- --------------- ---------
Total 11,427 11,849 23,276
========= =============== =========
Segment profit (loss) (108) 1,591 1,483
========= ===============
Unallocated corporate expenses
Finance expense, net (277)
---------
Profit before income tax 1,206
=========
Other
Depreciation and amortization 591 44 635
========= =============== =========
Note 4-TRANSACTIONS AND BALANCES WITH RELATED PARTIES:
The following transactions occurred with the Parent Company and other related parties:
Year ended
Nine months period ended December
September 30, 31,
-------------------------- ------------------
2017 2016 2016
------------ ------------ ------------
U.S. $ in thousands
------------------------------------------------
Unaudited
-------------------------- ------------
Purchased Goods 151 221 369
Management Fee 345 320 428
Services Fee 194 187 249
Lease income (54) (54) (72)
Compensation of key management personnel of the Group:
Year ended
Nine months period ended December
September 30, 31,
-------------------------- ------------------
2017 2016 2016
------------ ------------ ------------
U.S. $ in thousands
------------------------------------------------
Unaudited
-------------------------- ------------
Short-term employee benefits *) 636 584 810
============ ============ ============
*) Including Management fees for the CEO, Directors, Executive Management and other related parties.
All Transactions were made at market value.
Note 4 -TRANSACTIONS AND BALANCES WITH RELATED PARTIES (CONT.):
Balances with related parties:
As at
----------------------------------
30.09.2017 30.09.2016 31.12.2016
---------- ---------- ----------
U.S. $ in thousands
----------------------------------
Unaudited
---------------------- ----------
Other accounts payables 335 113 207
========== ========== ==========
Note 5 - SIGNIFICANT EVENTS:
A. During January, June and September 2017, employees exercised options over 822,500 ordinary shares in exchange for a total consideration of approximately $101,000.
B. On April 4, 2017, the Company paid a dividend of 1 US cent per ordinary share totaling approximately $235,000 and in addition 1,022,328 new ordinary shares were issued to qualifying shareholders that chose the scrip dividend alternative.
C. During June 2017 Mottech agreed to establish a joint venture company in China ("Mottech China") with Omega Technologies LTD ("OTL"), which is an existing third-party sales representative for Mottech's water irrigation solutions in China. Mottech China will be 60% owned by Mottech. In addition to supporting Mottech's activities, it is intended that Mottech China will also sell additional third party products that are complementary to Mottech's equipment which are currently being sold by OTL in China.
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRTVVLFBDFFZFBZ
(END) Dow Jones Newswires
November 09, 2017 02:00 ET (07:00 GMT)
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