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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Solitron Devices Inc (PK) | USOTC:SODI | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.10 | 18.10 | 18.49 | 1 | 14:55:38 |
SOLITRON DEVICES,
INC.
|
||
(Exact Name of Registrant as Specified in Its
Charter)
|
||
Delaware
|
|
22-1684144
|
(State or Other
Jurisdiction of Incorporation or Organization)(I.R.S. Employer
Identification No.)
|
|
(I.R.S. Employer
Identification No.)
|
3301 Electronics
Way, West Palm Beach, Florida
|
|
33407
|
(Address of
Principal Executive Offices)
|
|
(Zip Code)
|
Registrant’s
Telephone Number, Including Area
Code:
|
|
(561)
848-4311
|
|
|
|
|
|
|
|
|
|
Title of Each
Class
|
Trading
Symbol(s)
|
Name of Each
Exchange on Which Registered
|
None
|
N/A
|
N/A
|
Common Stock, $0.01
par value
|
||
(Title
of Class)
|
|
|
Page
|
PART
I
|
|
|
16
|
||
|
|
|
Part
II
|
|
|
|
|
|
Part
III
|
|
|
|
|
|
|
|
|
|
Percentage
of Sales
|
|
|
FY
2021
|
FY
2020
|
Power
Transistors
|
10%
|
14%
|
Power
MOSFETS
|
23%
|
23%
|
Hybrids
|
48%
|
51%
|
Field
Effect Transistors
|
15%
|
12%
|
Other
|
4%
|
0%
|
|
100%
|
100%
|
Fiscal Year Ended February 28, 2021
|
HIGH PRICE
|
LOW PRICE
|
Fourth
Quarter
|
$7.50
|
$4.15
|
Third
Quarter
|
$4.20
|
$2.18
|
Second
Quarter
|
$2.60
|
$2.21
|
First
Quarter
|
$2.90
|
$2.00
|
|
|
|
Fiscal Year Ended February 29,
2020
|
|
|
Fourth
Quarter
|
$3.93
|
$2.20
|
Third
Quarter
|
$2.38
|
$1.95
|
Second
Quarter
|
$2.70
|
$1.50
|
First
Quarter
|
$2.35
|
$1.30
|
|
2/28/2021
|
2/29/2020
|
Net
Sales
|
10,534
|
9,237
|
Cost
of Sales
|
7,257
|
7,762
|
Gross
Profit
|
3,277
|
1,475
|
Selling,
General and Administrative Expenses
|
2,108
|
2,104
|
Operating
Income (Loss)
|
1,169
|
(629)
|
Total
other income (loss)
|
212
|
23
|
Net
Income (Loss)
|
1,381
|
(606)
|
|
2/28/2021
|
2/29/2020
|
Net
Sales
|
100%
|
100%
|
Cost
of Sales
|
69%
|
84%
|
Gross
Profit
|
31%
|
16%
|
Selling,
General and Administrative Expenses
|
20%
|
23%
|
Operating
Income (Loss)
|
11%
|
-7%
|
Total
other income (loss)
|
2%
|
0%
|
Net
Income (Loss)
|
13%
|
-7%
|
|
Page
|
SOLITRON DEVICES, INC.
|
||
BALANCE SHEETS
|
||
AS OF FEBRUARY 28, 2021 AND FEBRUARY 29, 2020
|
||
(in
thousands)
|
||
|
February
28, 2021
|
February
29, 2020
|
|
|
|
ASSETS
|
|
|
CURRENT
ASSETS
|
|
|
Cash
and cash equivalents
|
$3,785
|
$1,332
|
Marketable
securities
|
248
|
164
|
Accounts
receivable
|
1,306
|
1,379
|
Inventories,
net
|
2,721
|
2,870
|
Prepaid
expenses and other current assets
|
372
|
118
|
TOTAL
CURRENT ASSETS
|
8,432
|
5,863
|
|
|
|
Property,
plant and equipment, net
|
281
|
405
|
Operating
lease - right-of-use asset
|
340
|
723
|
Other
assets
|
40
|
45
|
TOTAL
ASSETS
|
$9,093
|
$7,036
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
CURRENT
LIABILITIES
|
|
|
Accounts
payable
|
$165
|
$269
|
Customer
deposits
|
49
|
53
|
Operating
lease liability
|
377
|
417
|
Finance
lease liability
|
9
|
-
|
Notes
payable (PPP loan)
|
43
|
-
|
Accrued
expenses and other current liabilities
|
740
|
437
|
TOTAL
CURRENT LIABILITIES
|
1,383
|
1,176
|
|
|
|
Notes
payable (PPP loan), net of current
|
764
|
-
|
Operating lease liability, net of current
|
-
|
377
|
Finance lease liability, net of current
|
13
|
-
|
TOTAL
LIABILITIES
|
2,160
|
1,553
|
|
|
|
STOCKHOLDERS’
EQUITY
|
|
|
Preferred
stock, $.01 par value, authorized 500,000 shares, none
issued
|
-
|
-
|
Common
stock, $.01 par value, authorized 10,000,000 shares,
|
|
|
2,083,462
shares outstanding, net of 487,801 treasury shares
|
|
|
at
February 28, 2021; 2,062,949 shares outstanding, net
of
|
|
|
508,314
treasury shares at February 29, 2020, respectively
|
21
|
21
|
Additional
paid-in capital
|
1,834
|
1,834
|
Retained
Earnings
|
6,490
|
5,109
|
Less
treasury stock
|
(1,412)
|
(1,481)
|
TOTAL
STOCKHOLDERS’ EQUITY
|
6,933
|
5,483
|
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$9,093
|
$7,036
|
SOLITRON DEVICES, INC.
|
||
STATEMENTS OF OPERATIONS
|
||
FOR THE YEARS ENDED FEBRUARY 28, 2021 AND FEBRUARY 29,
2020
|
||
(in
thousands except for share and per share amounts)
|
||
|
|
|
|
2021
|
2020
|
|
|
|
Net
sales
|
$10,534
|
$9,237
|
Cost
of sales
|
7,257
|
7,762
|
|
|
|
Gross
profit
|
3,277
|
1,475
|
|
|
|
Selling,
general and administrative expenses
|
2,108
|
2,104
|
|
|
|
Operating
income (loss)
|
1,169
|
(629)
|
|
|
|
Other
income (loss)
|
|
|
Interest
income
|
-
|
1
|
Interest
expense
|
(5)
|
-
|
Dividend
income
|
7
|
9
|
Realized
gain (loss) on investments
|
98
|
(28)
|
Unrealized
gain (loss) on investments
|
36
|
41
|
Other,
net
|
76
|
-
|
Total
other income (loss)
|
212
|
23
|
|
|
|
Net
income (loss)
|
$1,381
|
$(606)
|
|
|
|
Net
income (loss) per common share - basic and diluted
|
$0.67
|
$(0.30)
|
|
|
|
Weighted
average common shares outstanding - basic and diluted
|
2,067,829
|
2,010,168
|
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
|
|||||||
FOR THE YEARS ENDED FEBRUARY 28, 2021 AND FEBRUARY 29,
2020
|
|||||||
(In thousands, except for number of shares)
|
|||||||
|
|
|
|
|
|
|
|
|
Common
Stock
|
Additional
|
Treasury
|
|
|
||
|
Number
|
Treasury
|
|
Paid-in
|
Stock
|
Retained
|
|
|
of
Shares
|
Shares
|
Amount
|
Capital
|
Amount
|
Earnings
|
Total
|
|
|
|
|
|
|
|
|
Balance,
February 28, 2019
|
2,571,263
|
(669,304)
|
$19
|
$1,834
|
$(1,761)
|
$5,806
|
$5,898
|
|
|
|
|
|
|
|
|
Adjustment
for Adoption of ASC 842
|
-
|
-
|
-
|
-
|
-
|
(91)
|
(91)
|
Stock
based compensation
|
-
|
161,000
|
2
|
-
|
280
|
-
|
282
|
Repurchase
of shares
|
-
|
(10)
|
-
|
-
|
-
|
-
|
-
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(606)
|
(606)
|
Balance,
February 29, 2020
|
2,571,263
|
(508,314)
|
$21
|
$1,834
|
$(1,481)
|
$5,109
|
$5,483
|
|
|
|
|
|
|
|
|
Repurchase
of shares
|
-
|
(2,493)
|
-
|
-
|
(6)
|
-
|
(6)
|
Stock
based compensation
|
-
|
23,006
|
-
|
-
|
75
|
-
|
75
|
Net
income
|
-
|
-
|
-
|
-
|
-
|
1,381
|
1,381
|
Balance,
February 28, 2021
|
2,571,263
|
(487,801)
|
$21
|
$1,834
|
$(1,412)
|
$6,490
|
$6,933
|
SOLITRON DEVICES, INC.
|
||
STATEMENTS OF CASH FLOWS
|
||
FOR THE YEARS ENDED FEBRUARY 28, 2021 AND FEBRUARY 29,
2020
|
||
(in thousands)
|
||
|
2021
|
2020
|
|
|
|
Net income
(loss)
|
$1,381
|
$( 606)
|
Adjustments to
reconcile net income (loss)
|
|
|
to net cash used in
operating activities:
|
|
|
Depreciation
and amortization
|
225
|
220
|
Operating
lease expense
|
383
|
358
|
Net
realized and unrealized (gains) on investments
|
(134)
|
(13)
|
Stock
based compensation
|
75
|
282
|
Changes
in Operating Assets and Liabilities:
|
|
|
Accounts
receivable
|
73
|
450
|
Inventories
|
149
|
1,088
|
Prepaid
expenses and other current assets
|
(254)
|
38
|
Other
assets
|
5
|
2
|
Payments
on operating lease liabilities
|
(417)
|
(379)
|
Accounts
payable
|
(104)
|
(364)
|
Customer
deposits
|
(4)
|
48
|
Accrued expenses,
other current and non-current liabilities
|
296
|
(6)
|
Net
cash provided by operating activities
|
1,674
|
1,118
|
|
|
|
Investing
activities
|
|
|
Proceeds
from sale of marketable securities
|
530
|
73
|
Purchases
of marketable securities
|
(477)
|
(145)
|
Purchases
of property and equipment
|
(75)
|
(108)
|
Net
cash (used in) investing activities
|
(22)
|
(180)
|
|
|
|
Financing
activities
|
|
|
Proceeds
from SBA Paycheck Protection Program loan
|
807
|
-
|
Purchase
of treasury stock
|
(6)
|
-
|
Net
cash provided by financing activities
|
801
|
-
|
|
|
|
Net increase in
cash and cash equivalents
|
2,453
|
938
|
Cash and cash
equivalents - beginning of the year
|
1,332
|
394
|
Cash and cash
equivalents - end of period
|
$3,785
|
$1,332
|
|
|
|
Non-cash
transactions
|
|
|
Non
cash increase in plant, property and equipment
|
$26
|
$-
|
Adjustment
for Adoption of ASC 842
|
$-
|
$(91)
|
Capitalization
of ROU asset and liability
|
$-
|
$1,081
|
February 28,
2021
|
|
Gross
|
Gross
|
|
Marketable
Securities:
|
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair
Value
|
Common
Stocks
|
$224
|
$46
|
$(22)
|
$248
|
February 29,
2020
|
|
Gross
|
Gross
|
|
Marketable
Securities:
|
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair
Value
|
Common
Stocks
|
$155
|
$16
|
$(7)
|
$164
|
|
February
28, 2021
|
February
29, 2020
|
Beginning
Balance
|
$126,000
|
$88,000
|
Accrued
Allowances
|
228,000
|
38,000
|
Ending
Balance
|
$354,000
|
$126,000
|
|
February
28, 2021
|
February
29, 2020
|
Raw
Materials
|
$842,000
|
$766,000
|
Work-In-Process
|
1,830,000
|
2,058,000
|
Finished
Goods
|
49,000
|
46,000
|
Totals
|
$2,721,000
|
$2,870,000
|
|
February
28, 2021
|
February
29, 2020
|
Leasehold
Improvements
|
$287,000
|
$287,000
|
Motor
Vehicles
|
70,000
|
70,000
|
Computer
Equipment
|
27,000
|
27,000
|
Machinery
and Equipment
|
4,011,000
|
3,910,000
|
Subtotal
|
4,395,000
|
4,294,000
|
Less:
Accumulated Depreciation and Amortization
|
(4,114,000)
|
(3,889,000)
|
Net
Property, Plant and Equipment
|
$281,000
|
$405,000
|
|
February
28, 2021
|
February
29, 2020
|
Payroll
and related employee benefits
|
$293,000
|
$303,000
|
Legal
fees
|
3,000
|
-
|
Property,
Sales and Franchise taxes
|
15,000
|
8,000
|
Return
Allowance
|
354,000
|
126,000
|
Bonus
Accrual
|
70,000
|
-
|
Accrued
Interest on PPP loan
|
5,000
|
-
|
Totals
|
$740,000
|
$437,000
|
Deferred
Tax Asset (Liability):
|
2021
|
2020
|
Accrued
Liabilities
|
$56,736
|
$44,177
|
Inventory
Allowance
|
1,406,453
|
1,339,208
|
Section
263A Capitalized Costs
|
53,799
|
59,095
|
Net
Operating Loss Carryforwards
|
2,456,278
|
2,865,302
|
Other
|
14,902
|
32,972
|
Depreciation
|
(6,058)
|
(18,952)
|
Total
Deferred Tax Assets (Liabilities)
|
3,982,110
|
4,321,802
|
Valuation
allowance
|
(3,982,110)
|
(4,321,802)
|
Total Net Deferred Tax Assets
(Liabilities)
|
$-
|
$-
|
Fiscal Year Ending
February 28/29
|
Amount
|
2023
|
$837,000
|
2029
|
7,514,000
|
2037
|
322,000
|
2038
|
187,000
|
2039
|
986,000
|
2040
|
285,000
|
Total
|
$10,131,000
|
Geographic
Region
|
February
28, 2021
|
February
29, 2020
|
Europe
and Australia
|
$-
|
$-
|
Canada
and Latin America
|
14,000
|
21,000
|
Far
East and Middle East
|
12,000
|
1,000
|
United
States
|
10,508,000
|
9,215,000
|
Totals
|
$10,534,000
|
$9,237,000
|
Fiscal
Year Ending February 28
|
Amount
|
2022
|
388,000
|
Total
Future Undiscounted Cash Flows
|
$388,000
|
Less
Imputed Interest to be recognized in lease expense
|
11,000
|
Operating
Lease Liabilities, as reported
|
$377,000
|
Name
|
|
Age
|
|
Positions
with the Company
|
|
Class
|
|
Year
Term
Expires
and Class(4)
|
Tim
Eriksen
|
|
52
|
|
Chief
Executive Officer, Interim Chief Financial Officer and
Director
|
|
Class
II
|
|
2018
|
Dwight
P. Aubrey(1)(2)
|
|
74
|
|
Director
|
|
Class
I
|
|
2017
|
John F.
Chiste(1)(3)
|
|
65
|
|
Director
|
|
Class
I
|
|
2017
|
David
W. Pointer(2)(3)
|
|
51
|
|
Chairman
|
|
Class
II
|
|
2018
|
Charles
Gillman(2)(3)
|
|
50
|
|
Director
|
|
Class
III
|
|
2019
|
Name
and Principal Position
|
Year
|
Salary
|
Bonus
|
Stock
Awards
|
All
Other Compensation
|
Total
|
Tim Eriksen, CEO, Interim CFO (1)
|
2021
|
$80,000
|
$50,000
|
-
|
-
|
$130,000
|
|
2020
|
77,736
|
10,000
|
26,250
|
-
|
113,986
|
|
|
|
|
|
|
|
Mark Matson, President, COO (2)
|
2021
|
200,000
|
100,000
|
-
|
36,159(3)
|
336,159
|
|
2020
|
200,000
|
20,000
|
210,000
|
35,756(3)
|
465,756
|
Name
and Principal Position
|
Year
|
Fees
earned or paid in cash (1)
|
Stock
awards (2)
|
Total
|
David
W. Pointer, Chairman
|
2021
|
$48,000
|
$-
|
$48,000
|
|
2020
|
$41,000
|
$14,000
|
$55,000
|
|
|
|
|
|
Dwight
P. Aubrey, Director
|
2021
|
36,000
|
-
|
36,000
|
|
2020
|
29,000
|
10,500
|
39,500
|
|
|
|
|
|
John
F. Chiste, Director
|
2021
|
38,000
|
-
|
38,000
|
|
2020
|
31,000
|
10,500
|
41,500
|
|
|
|
|
|
Charles
Gillman
|
2021
|
32,000
|
-
|
32,000
|
|
2020
|
25,000
|
10,500
|
35,500
|
Name
and Address
|
Number
of
Shares
Beneficially
Owned(1)
|
|
Percentage
of
Outstanding
Shares(1)
|
Tim
Eriksen
|
282,706
|
(2)
|
13.6%
|
|
|
|
|
Mark
Matson
|
157,091
|
|
7.5%
|
|
|
|
|
Dwight P.
Aubrey
|
6,000
|
|
0.3%
|
|
|
|
|
John F.
Chiste
|
6,000
|
|
0.3%
|
|
|
|
|
Charles
Gillman
|
6,000
|
|
0.3%
|
|
|
|
|
David W.
Pointer
|
90,054
|
(3)
|
4.3%
|
|
|
|
|
All
Executive Officers and Directors as a Group (6
persons)
|
524,845
|
|
26.3%
|
|
|
|
|
Olesen Value Fund
L.P.
60 W. Broad Street,
Suite 304
Bethlehem,
Pennsylvania 18018
|
281,190
|
(4)
|
13.5%
|
|
|
|
|
|
|
|
|
John
Stayduhar
3597 Birdie
Dr.
Lake Worth, Florida
33467
|
185,000
|
(5)
|
8.9%
|
|
|
|
|
Bossert
Capital
729 N Washington
Ave Suite 600
Minneapolis,
Minnesota 55401
|
154,747
|
(6)
|
7.4%
|
|
|
|
|
|
|
|
|
Plan
Category
|
Number
of securities to be issued upon exercise of outstanding options,
warrants and rights
|
Weighted-average
exercise price of outstanding options, warrants and
rights
|
Number
of securities remaining available for equity compensation plans
(excluding securities reflected in column (a))
|
|
(a)
|
(b)
|
(c)
|
Equity
compensation plans approved by security holders
|
-
|
-
|
-
|
Equity
compensation plans not approved by security holders
|
-
|
-
|
40,994(1)
|
Total
|
-
|
-
|
40,994
|
|
2021
|
2020
|
Audit
Fees
|
$95,000
|
$55,000(1)
|
Audit-Related
Fees
|
-
|
-
|
Tax
Fees
|
-
|
-
|
All
Other Fees
|
-
|
-
|
Totals
|
$95,000
|
$55,000
|
|
SOLITRON DEVICES,
INC.
|
|
|
|
|
|
|
Date: June 21,
2021
|
By:
|
/s/
Tim
Eriksen
|
|
|
|
Tim
Eriksen
|
|
|
|
Chief Executive
Officer and
Interim Chief
Financial Officer
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/
Tim
Eriksen
|
|
Chief Executive
Officer and
Interim Chief Financial
Officer.
|
|
June 21,
2021
|
Tim
Eriksen
|
|
|
|
|
|
|
|
|
|
/s/
Dwight
Aubrey
|
|
Director
|
|
June 21,
2021
|
Dwight
Aubrey
|
|
|
|
|
|
|
|
|
|
/s/
John F.
Chiste
|
|
Director
|
|
June 21,
2021
|
John F.
Chiste
|
|
|
|
|
|
|
|
|
|
/s/
Charles
Gillman
|
|
Director
|
|
June 21,
2021
|
Charles
Gillman
|
|
|
|
|
|
|
|
|
|
/s/
David
W. Pointer
|
|
Chairman
|
|
June 21,
2021
|
David W.
Pointer
|
|
|
|
|
|
|
|
|
|
1 Year Solitron Devices (PK) Chart |
1 Month Solitron Devices (PK) Chart |
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