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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 | 42.50 | 42.00 | 42.00 | 59,113 | 08:10:11 |
| 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 : 1205N
MTI Wireless Edge Limited
18 May 2020
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)
18 May 2020
MTI Wireless Edge Ltd
("MTI" or the "Company")
Q1 2020 Financial Results
MTI Wireless Edge Ltd (AIM: MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, is pleased today to announce its financial results for the three month period ended 31 March 2020.
Financial highlights
-- Solid revenue growth delivered, up by 5% to $9.56m (Q1 2019: $9.08m)
-- Increasing scale and improved profit margins, led to a 40% increase in profit from operations to $0.84m (Q1 2019: $0.6m)
-- Finance expenses in Q1 were higher than typical, as a result of certain significant currency exchange fluctuations due to the COVID-19 pandemic, with some of this effect having reversed to date
-- Earnings per share increased by 4% to 0.67 US cents (Q1 2019: 0.64 US cents)
-- Solid generation of cash from operations of $1.3m (Q1 2019: $1.3m), increasing net cash to $8.6m at 31 March 2020 (31 March 2019: $5.25m, 31 December 2019: $7.7m)
-- 2019 dividend of $0.02 per share (2018 dividend: $0.015 per share) paid on 10 April 2020
Operational highlights
-- Good order book and pipeline of opportunities across all three of the Company's divisions
-- New customers for Mottech's water management solutions from China, a key market for future expansion
-- Substantial demand for mobile usage and connectivity bodes well for MTI's 5G backhaul antenna solution
-- MTI Summit continued to perform well as we continue seeing increased demand for our solutions from the Israeli market and from our St Petersburg office
Moni Borovitz, Chief Executive Officer of MTI Wireless Edge, said:
"I am extremely pleased to report that during Q1 we delivered growth consistent with previous years. We believe that technology companies will be at the forefront of the recovery from the COVID-19 pandemic, particularly those such as our antenna division, as our end customers look to new technology, such as 5G, to increase their network data capacity to meet the demands of flexible and remote working. However, it is hard to predict the speed of the recovery as travel and health restrictions are impacting on our supply chain as well as our customers' ability to upgrade their data networks and installations. Our management team are very focused on: i) mitigating these risks as we seek to duplicate suppliers so that we are not reliant on one particular company or country; and ii) working closely with our customers to understand their plans.
Overall, the combination of our strong balance sheet and the market outlook for our industry, makes us confident we will weather the COVID-19 storm and be well placed to participate in the economic recovery. In terms of 2020, we remain cautious as we navigate these short term economic challenges and whilst currently our results and the order book supports our budget planning for 2020, we will carefully monitor our financial progress throughout the year, and update the market accordingly.
As of the date of this report, we have resumed working in most of our facilities (whilst adhering to the new health requirements and regulations) and we are seeing the majority of our markets recover although there are still significant challenges. Most importantly, none of our employees or their families were infected by COVID-19.
With these factors in mind, below is a short review of each of our three divisions:
The antenna division, which sells antennas and custom developed antenna solutions, has exciting opportunities in the future sales of its 5G backhaul antenna solutions to support mobile phone operators roll-out their 5G networks. While COVID-19 has generally had a negative impact on businesses this has not been the case for the telecom industry. Mobile operators are experiencing the highest ever demand for bandwidth as the western world switches to working and learning from home. The change in telecom usage that was expected to occur over a period of years has occurred in just weeks and provided 5G with significant impetus.
The wireless water management division continued to see good demand in markets coming out from lockdowns and we are confident that the need for better control over water and power resources, food production traceability, lower costs and better yields hasn't gone away. We announced in April 2020 a collection of new contracts won in China and it is encouraging to see this key market for Mottech re-open.
The distribution business continued to make good progress as the bigger part of this operation is based in Israel and can be managed and processed remotely. We continue seeing increased demand for our products and solutions in Israel and in our St Petersburg office, where we had a strong start for 2020 with a US$1.5 million contract. We are now waiting for the Russian market to resume and enable MTI Summit to capitalise on the strong start it made in this market.
Overall, we are cautiously optimistic for MTI's prospects in 2020. Looking further ahead, we confidently believe the Company's clear focus on providing radio frequency solutions coupled to being diversified across several markets and geographies positions us well to continue to grow and expand through a mix of acquisition led and organic growth."
For further information please contact:
MTI Wireless Edge Ltd +972 3 900 8900
Moni Borovitz, CEO http://www.mtiwirelessedge.com
Allenby Capital Limited (Nomad and Joint Broker) +44 20 3328 5656
Nick Naylor
Alex Brearley
Peterhouse Capital Limited (Joint Broker) +44 20 7469 0930
Lucy Williams
Eran Zucker
Novella (Financial PR) +44 20 3151 7008
Tim Robertson
Fergus Young
About MTI Wireless Edge Ltd. ("MTI")
Headquartered in Israel, MTI is a technology group focused on comprehensive communication and radio frequency solutions across multiple sectors through three core divisions:
Antenna Division
MTI is a world leader in the design, development and production of high quality, state-of-the-art, and cost-effective antenna solutions including Smart Antennas, MIMO Antennas and Dual Polarity Antennas for wireless applications. MTI supplies antennas for both military and commercial markets from 100 KHz to 90 GHz.
Internationally recognized as a producer of commercial off-the-Shelf and custom-developed antenna solutions in a broad frequency range, MTI addresses both commercial and military applications.
MTI supplies directional and omnidirectional antennas for outdoor and indoor deployments, including smart antennas for WiMAX, Broadband access, public safety, RFID, base stations and terminals for the utility market.
Military applications include a wide range of broadband, tactical and specialized communication antennas, antenna systems and DF arrays installed on numerous airborne, ground and naval, including submarine, platforms worldwide.
Water Control & Management Division
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI provides high-end remote control solutions for water and irrigation applications based on Motorola's IRRInet state-of-the-art control, monitoring and communication technologies.
As Motorola's global prime-distributor Mottech serves its customers worldwide through its international subsidiaries and a global network of local distributors and representatives. With over 25 years of experience in providing customers with irrigation remote control and management, Mottech's solutions ensure constant, reliable and accurate water usage, while reducing operational and maintenance costs. Mottech's activities are focused in the market segments of agriculture, water distribution, municipal and commercial landscape as well as wastewater and storm-water reuse.
Distribution & Professional Consulting Services Division
Via its subsidiary, MTI Summit Electronics Ltd., MTI offers consulting, representation and marketing services to foreign companies in the field of RF and Microwave solutions and applications including engineering services (including design and integration) in the field of aerostat systems and the ongoing operation of Platform subsystems, SIGINT, RADAR, communication and observation systems which is performed by the Company.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
Hot Features
Premium
Year ended
Three month period ended December
March 31, 31,
-------------------------- ----------
2020 2019 2019
------------ ------------ ----------
U.S. $ in thousands
--------------------------------------
Unaudited
--------------------------
Revenues 9,556 9,076 40,043
Cost of sales 6,441 6,155 27,247
------------ ------------ ----------
Gross profit 3,115 2,921 12,796
Research and development expenses 250 290 1,185
Distribution expenses 907 1,089 4,229
General and administrative expenses 1,108 941 3,931
Loss (profit) from sale of property,
plant and equipment 8 - (8)
------------ ------------ ----------
Profit from operations 842 601 3,459
Finance expenses 140 68 211
Finance income (15) (29) (161)
------------ ------------ ----------
Profit before income tax 717 562 3,409
Tax expenses 124 12 454
------------ ------------ ----------
Profit 593 550 2,955
------------ ------------ ----------
Other comprehensive income (loss)
net of tax:
Items that will not be reclassified
to profit or loss:
Re-measurement of defined benefit
plans - - (6)
------------ ------------ ----------
Items that may be reclassified to
profit or loss:
Adjustment arising from translation
of financial statements of foreign
operations (278) 7 62
------------ ------------ ----------
Total other comprehensive income
(loss) (278) 7 56
------------ ------------ ----------
Total comprehensive income 315 557 3,011
============ ============ ==========
Profit attributable to:
Owners of the parent 585 558 2,849
Non-controlling interests 8 (8) 106
------------ ------------ ----------
593 550 2,955
============ ============ ==========
Total comprehensive income (loss)
attributable to:
Owners of the parent 307 565 2,905
Non-controlling interests 8 (8) 106
------------ ------------ ----------
315 557 3,011
============ ============ ==========
Earnings per share (dollars)
Basic 0.0067 0.0064 0.0327
============ ============ ==========
Diluted 0.0066 0.0064 0.0327
============ ============ ==========
Weighted average number of shares
outstanding
Basic 87,873,946 86,765,353 87,229,851
============ ============ ==========
Diluted 88,035,747 87,131,353 87,229,851
============ ============ ==========
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY
For the three month period ended March 31 , 2020 (Unaudited) :
Attributed to owners of the parent
-----------------------------------------------------------------------
Capital
reserve Total
for attributable
Additional share-based to owners
Share paid-in payment Translation Retained of the Non-controlling Total
capital capital transactions differences earnings parent interest equity
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
U.S. $ in thousands
Balance at
January 1, 2020 207 22,868 52 (62) (658) 22,407 883 23,290
Changes during
the three month
period
ended March 31,
2020:
Comprehensive
income
Profit for the
period - - - - 585 585 8 593
Other
comprehensive
loss
Translation
differences - - - (278) - (278) - (278)
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Total
comprehensive
income (loss)
for the
period - - - (278) 585 307 8 315
Profit from
acquisition
and disposal
of treasury
shares (note
5B) - 8 - - - 8 - 8
Exercise of
options to
share capital 1 24 (4) - - 21 - 21
Share based
payment - - 1 - - 1 - 1
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Balance at
March 31,
2020 20 8 22,900 49 ( 340 ) (73) 22,744 891 23,635
======== ========== ============ =========== ======== ============ =============== =========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY (CONT.)
For the three month period ended March 31 , 201 9 (Unaudited) :
Attributed to owners of the parent
------------------------------------------------------------------------
Capital
reserve Total
for attributable
Additional share-based to owners
Share paid-in payment Translation Retained of the Non-controlling Total
capital capital transactions differences earnings parent interest equity
------- ---------- ------------ ----------- ---------- ------------ --------------- ---------
U.S. $ in thousands
Balance at
January 1, 2019 205 22,388 366 (124) (2,195) 20,640 375 21,015
Changes during
the three month
period
ended March 31,
2019:
Comprehensive
income (loss)
Profit (loss)
for the
period - - - - 558 5 58 (8) 550
Other
comprehensive
income
Translation
differences - - - 7 - 7 - 7
------- ---------- ------------ ----------- ---------- ------------ --------------- ---------
Total
comprehensive
income (loss)
for the
period - - - 7 558 565 (8) 557
Buy back
purchase of
stock (1) - - - (133) (134) - (134)
Share based
payment - - 2 - - 2 - 2
------- ---------- ------------ ----------- ---------- ------------ --------------- ---------
Balance at
March 31,
2019 204 22,388 368 (117) (1,770) 21,073 367 21,440
======= ========== ============ =========== ========== ============ =============== =========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY (CONT.)
For the year ended December 31, 2019 :
Attributable to owners of the parent
-----------------------------------------------------------------------
Capital
Reserve Total
from attributable
Additional share-based to owners
Share paid-in payment Translation Retained of the Non-controlling Total
capital capital transactions differences earnings parent interests equity
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
U.S. $ in thousands
----------------------------------------------------------------------------------------
Balance as at January
1, 2019 205 22,388 366 (124) (2,195) 20,640 375 21,015
Changes during 2019:
Comprehensive
income
Profit for the
year - - - - 2,849 2,849 106 2,955
Other
comprehensive
income (loss)
Re measurements on
defined benefit
plans - - - - (6) (6) - ( 6 )
Translation
differences - - - 62 - 62 - 62
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Total
comprehensive
income for
the year - - - 62 2,843 2,905 106 3,011
Dividend - - - - (1,306) (1,306) - (1,306)
Non-controlling
Interest of newly
purchased
subsidiary - - - - - - 402 402
Classification of
ESOP that expired - 291 (291) - - - - -
Exercise of
options to share
capital 2 146 (31) - - 117 - 117
Profit from
acquisition and
disposal
of treasury
shares (note 5C) - 43 - - - 43 - 43
Share based
payment - - 8 - - 8 - 8
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Balance as at
December 31,
2019 207 22,868 52 (62) (658) 22,407 883 23,290
======== ========== ============ =========== ======== ============ =============== =========
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
F INANCIAL P OSITION
31.03.2020 31.03.2019 31.12.2019
---------- ---------- ----------
U.S. $ in thousands
----------------------------------
Unaudited
----------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 8,985 6,068 8,140
Trade and other receivables 8,378 9,628 9,799
Unbilled revenue 3,305 2,470 2,866
Current tax receivables 555 700 672
Inventories 5,695 5,447 5,748
---------- ---------- ----------
26,918 24,313 27,225
---------- ---------- ----------
NON-CURRENT ASSETS:
Long term prepaid expenses 46 47 31
Property, plant and equipment 5,165 5,080 5,212
Deferred tax assets 655 731 664
Intangible assets 1,103 875 1,116
---------- ---------- ----------
6,969 6,733 7,023
---------- ---------- ----------
Total assets 33,887 31,046 34,248
========== ========== ==========
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
F INANCIAL P OSITION
31.03.2020 31.03.2019 31.12.2019
---------- ---------- ----------
U.S. $ In thousands
-----------------------------------
Unaudited
----------------------
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short term bank
credit and loans 292 440 312
Trade payables 4,237 4,391 6,448
Other accounts payable 4,288 3,217 2,691
Current tax payables 203 79 230
---------- ---------- -----------
9,020 8,127 9,681
---------- ---------- -----------
NON- CURRENT LIABILITIES:
Contingent consideration 69 - 69
Lease liabilities 282 365 224
Loans from banks , net of current maturities 65 374 141
Employee benefits, net 816 740 843
---------- ---------- -----------
1,232 1,479 1,277
---------- ---------- -----------
Total liabilities 10,252 9,606 10,958
---------- ---------- -----------
EQUITY
Equity attributable to owners of the parent
Share capital 208 204 207
Additional paid-in capital 22,900 22,388 22,868
Capital reserve from share-based payment
transactions 49 368 52
Translation differences (340) (117) (62)
Retained earnings (73) (1,770) (658)
---------- ---------- -----------
22,744 21,073 22,407
Non-controlling interest 891 367 883
---------- ---------- -----------
Total equity 23,635 21,440 23,290
---------- ---------- -----------
Total equity and liabilities 33,887 31,046 34,248
========== ========== ===========
May 18, 2020
------------------------- ----------------- -------------- ------------------------
Date of approval Moshe Borovitz Elhanan Zeira Zvi Borovitz
of financial statements Chief Executive Controller Non-executive Chairman
Officer of the Board
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Three month period Year ended
ended December
March 31, 31,
-------------------- ----------
2020 2019 2019
--------- --------- -----------
U.S. $ in thousands
---------------------------------
Unaudited
--------------------
Cash Flows from Operating Activities:
Profit for the period 593 550 2,955
Adjustments for:
Depreciation and amortization 256 283 973
Gain (loss) from sale of property, plant
and equipment 8 - (8)
Equity settled share-based payment expense 1 2 8
Finance (income) expenses, net (24) 29 32
Tax expenses 124 12 454
Changes in operating assets and liabilities:
Decrease (increase) in inventories (143) 572 523
Decrease (increase) in trade receivables 1,327 (63) 233
Decrease (increase) in other accounts receivables 15 23 (137)
Increase in unbilled revenues (439) (199) (595)
Increase (decrease) in trade and other
accounts payables (397) 646 1,821
Increase (decrease) in employee benefits,
net (27) 39 136
--------- --------- -----------
Cash from operations 1,294 1,894 6,395
Interest received 19 - 44
Interest paid (4) (20) (77)
Income tax paid (31) (535) (764)
--------- --------- -----------
Net cash provided by operating activities 1,278 1,339 5,598
--------- --------- -----------
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS (cont.)
Three month period Year ended
ended December
March 31, 31,
--------------------- -----------------
2020 2019 2019
---------- --------- -----------------
U.S. $ in thousands
----------------------------------------
Unaudited
---------------------
Cash Flows From Investing Activities:
Proceeds from sale of property, plant
and equipment 21 - 31
Acquisition of initially consolidated
subsidiaries - - (23)
Purchase of property, plant and equipment (129) (174) (707)
---------- --------- -----------------
Net cash used in investing activities (108) (174) (699)
---------- --------- -----------------
Cash Flows From Financing Activities:
Dividend - - (1,306)
Payments of lease liabilities (102) (155) (511)
Treasury shares acquired (155) (134) (428)
Treasury shares sold 163 - 471
Exercise of share options 21 - 117
Long term loan received from banks - - -
Repayment of long-term loan from banks (86) (214) (554)
---------- --------- -----------------
Net cash used in financing activities (159) (503) (2,211)
---------- --------- -----------------
Increase in cash and
cash equivalents during the period 1,011 662 2,688
Cash and cash equivalents
at the beginning of the period 8,140 5,401 5,401
Exchange differences on balances of
cash and cash equivalents (166) 5 51
---------- --------- -----------------
Cash and cash equivalents
at the end of the period 8,985 6,068 8,140
========== ========= =================
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, 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 and its subsidiaries are engaged in the following areas:
- Development, design, manufacture and marketing of antennas for the military and civilian sectors.
- 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.
- Providing consulting, representation and marketing services to foreign companies in the field of RF and Microwave, including engineering services in the field of aerostat systems and system engineering services.
In these financial statements, the Company included the results of its aerostat system division in its representation and consulting services division, as it deems this appropriate given the nature of the consulting services provided in both segments and the respective size of these segments.
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, 2019 was approved by the board on March 1, 2019. The report of the auditors on those financial statements was unqualified.
The interim consolidated financial statements as of March 31, 2020 have not been audited.
The interim consolidated financial information should be read in conjunction with the annual financial statements as of December 31, 2019 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, 2019 are applied consistently in these interim consolidated financial statements.
Note 3 - REVENUES:
Year ended
Three month period ended December
March 31, 31,
-------------------------- ------------------
2020 2019 2019
------------ ------------ ------------
U.S. $ in thousands
------------------------------------------------
Unaudited
--------------------------
Revenues arise from:
Sale of goods * 7,856 7,350 32,236
Rendering of services** 963 1,024 4,299
Projects** 737 702 3,508
------------ ------------ ------------
9,556 9,076 40,043
============ ============ ============
(*) at the point of time
(**) over time
Note 4 - operating SEGMENTS:
The following tables present revenue and profit information regarding the Group's operating segments for the three month period ended March 31, 2020 and 2019 respectively and for the year ended December 31, 201 9.
Three month period ended March 31, 2020 (Unaudited)
Water Distribution Adjustment
Antennas Solutions & Consultation & Elimination Total
--------- ----------- ---------------- --------------- ------
U.S. $ in thousands
Revenues
External 2,940 3,680 2,936 - 9,556
Internal 2 - 20 (22) -
--------- ----------- ---------------- --------------- ------
Total 2,942 3,680 2,956 (22) 9,556
Segment profit 41 342 394 65 842
========= =========== ================ =============== ======
Finance expense, net 125
Tax expenses 124
------
Profit 593
======
Distribution Adjustment
Antennas Water Solutions & Consultation & Elimination Total
-------- --------------- --------------- -------------- --------
U.S. $ in thousands
Segment assets 15,094 8,441 7,319 - 30,854
======== =============== =============== ============== ========
Unallocated assets 3,033
========
Segment liabilities 2,966 2,243 4,041 - 9,250
======== =============== =============== ============== ========
Unallocated liabilities 1,005
========
Note 4- operating SEGMENTS (CONT.):
Three month period ended March 31, 2019 (Unaudited)
Water Distribution Adjustment
Antennas Solutions & Consultation & Elimination Total
--------- ----------- ---------------- --------------- ------
U.S. $ in thousands
Revenues
External 2,830 3,503 2,743 - 9,076
Internal - - 33 (33) -
--------- ----------- ---------------- --------------- ------
Total 2,830 3,503 2,776 (33) 9,076
Segment profit 64 250 231 56 601
========= =========== ================ =============== ======
Finance expense, net 39
Tax expenses 12
------
Profit 550
======
Distribution Adjustment
Antennas Water Solutions & Consultation & Elimination Total
-------- --------------- --------------- -------------- --------
U.S. $ in thousands
Segment assets 13,076 8,755 4,755 - 26,606
======== =============== =============== ============== ========
Unallocated assets 4,460
========
Segment liabilities 3,019 2,398 2,826 - 8,243
======== =============== =============== ============== ========
Unallocated liabilities 1,363
========
Year ended December 31, 2019
Water Distribution Adjustment
Antennas Solutions & Consultation & Elimination Total
--------- ----------- ---------------- --------------- -------
$'000
Revenues
External 12,015 16,518 11,510 - 40,043
Inter-segment - - 171 (171) -
--------- ----------- ---------------- --------------- -------
Total 12,015 16,518 11,681 (171) 40,043
========= =========== ================ =============== =======
Segment profit 444 1,562 1,228 225 3,459
========= =========== ================ =============== =======
Finance expense, net 50
Tax expenses 454
-------
Profit 2,955
=======
Note 4- operating SEGMENTS (CONT.):
Year ended December 31, 2019
Distribution Adjustment
Antennas Water Solutions & Consultation & Elimination Total
-------- --------------- --------------- -------------- --------
U.S. $ in thousands
Segment assets 14,576 9,793 5,729 - 30,098
======== =============== =============== ============== ========
Unallocated assets 4,150
========
Segment liabilities 3,514 1,836 3,837 - 9,187
======== =============== =============== ============== ========
Unallocated liabilities 1,771
========
Note 5 - SIGNIFICANT EVENTS:
A. On 1 March 2020, the Board of directors declared a cash dividend of 2 cents per share, representing approximately $1,758,000, in total. This dividend was paid on 10 April 2020 to shareholders on the register at the close of trading on 20 March 2020.
B. On 24 January 2019, the Company announced a share repurchase program to conduct market purchases of ordinary shares of par value 0.01 Israeli Shekels each ("Ordinary Shares") in the Company up to a maximum value of GBP150,000 (the "Programme"). On 23 January 2020, the Company announced that the board of directors of the Company and the board of directors of MTI Engineering had decided to continue with the Programme for another six months until 26 July 2020. As at 31 March 2020, no Ordinary Shares were held in treasury under the Programme.
In 2020, MTI Engineering generated a profit of $8,000 in relation to the Programme, which was recorded in additional paid-in-capital.
C. During January 2020, an employee of the Company exercised options over 60,000 Ordinary Shares in exchange for a total consideration of approximately $21,000.
D. Outbreak of COVID-19 and Business Continuity - In December 2019, the COVID-19 pandemic broke out in China, and the virus has spread to many countries around the world. In January 2020, the World Health Organization announced the outbreak of the Corona virus as a global health emergency, and in March 2020, the World Health Organization declared the pandemic as a global pandemic. The spread of the virus is an unusual event on its scale and is dynamic and emergent. Policymakers around the world were forced to take unprecedented steps to curb the pandemic, including the isolation of civilians and establishing strict regulations and rules to create social distancing, to reduce the chances of infection. This included eliminating most inbound and outbound flights. Along with the dangerous impacts on human lives as a result of the outbreak, significant global and local business impacts have been recorded. As of March 2020, restrictions have been imposed by most governments on civilian movement and public and private sector activity.
Note 5 - SIGNIFICANT EVENTS (CONT.):
While the Group's offices were partially and/or temporarily closed (depending on country of operations) during the second part of March and most of April 2020, the Group was able to maintain good levels of operation using remote work procedures and a sufficient level of production in its production facilities while assuring the health of employees.
As of the date of this report the Group has resumed its operation in most of its facilities (still under health requirements and regulations) and it sees recovery in most of its territories although there are still significant challenges. All aspects of the Group's supply chain are working slower, and the Company's industry has been affected on the operational level, along with the rest of the world economy as it faces the risk of a global recession where the ability to predict the timing of a recovery is uncertain.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
QRFKKPBQDBKBNPD
(END) Dow Jones Newswires
May 18, 2020 03:00 ET (07:00 GMT)
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