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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 | 10,139 | 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 : 3294N
MTI Wireless Edge Limited
08 August 2017
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)
8 August 2017
MTI Wireless Edge Ltd
("MTI" or the "Company")
Financial results for the six months ended 30 June 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 six months ended 30 June 2017.
Highlights:
-- Revenues increased by 13% year-on-year to $12.8m (H1 2016: $11.3m) -- Operating profit increased year-on-year by 79% of $0.9m (H1 2016: $0.5m) -- Profit before tax nearly tripled year-on-year to $1m (H1 2016: $0.35m) -- Earnings per share of 1.55 US cents (H1 2016: 0.45 US cents)
-- Shareholder's equity grew during the period to $19.5m (31 December 2016: $18.9m), equivalent to 28.2 pence per share (converted at 1.31 US dollar/ British Pound)
-- Cash at 30 June 2017 of $4.8m (30 June 2016: $4.9m)
Dov Feiner, CEO of MTI Wireless, commented:
"During the first half of 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, some of which we announced recently including in China, where we see traction from various sectors and territories. In the antenna segment we had a very good first half, in both the broadband access and RFID product lines, whilst in the military division we had good bookings and a good pipeline of opportunities, which provides us greater visibility of longer-term revenues. Given the current performance, order book and pipeline of opportunities in the antenna segment, we strongly believe that our growth will continue in 2017 and beyond."
For further information please contact:
MTI Wireless Edge Ltd Dov Feiner, CEO Moni http://www.mtiwe.com/ Borovitz, Financial Director +972 3 900 8900 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
Six month period December
ended June 30, 31,
-------------------------- -------------
2017 2016 2016
------------ ------------ -------------
U.S. $ in thousands
-----------------------------------------
Unaudited
-------------------------- -------------
Revenues 12,758 11,325 23,276
Cost of sales 7,896 7,067 14,728
------------ ------------ -------------
Gross profit 4,862 4,258 8,548
Research and development expenses 461 574 1,079
Distribution expenses 1,912 1,819 3,346
General and administrative expenses 1,610 1,375 2,640
------------ ------------ -------------
Profit from operations 879 490 1,483
Finance expense 101 163 334
Finance income 205 22 57
------------ ------------ -------------
Profit before income tax 983 349 1,206
Income tax expense 111 104 222
------------ ------------ -------------
Profit 872 245 984
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 31 177 121
------------ ------------ -------------
31 177 121
------------ ------------ -------------
Total other comprehensive income 31 177 105
------------ ------------ -------------
Total comprehensive income 903 422 1,089
============ ============ =============
Profit attributable to:
Owners of the parent 811 232 936
Non-controlling interest 61 13 48
------------ ------------ -------------
872 245 984
============ ============ =============
Total comprehensive income attributable
to:
Owners of the parent 842 409 1,041
Non-controlling interest 61 13 48
------------ ------------ -------------
903 422 1,089
============ ============ =============
Earnings per share (dollars)
Basic 0.0155 0.0045 0.0181
============ ============ =============
Diluted 0.0153 0.0044 0.0178
============ ============ =============
Weighted average number of shares
outstanding
Basic 52,346,974 51,621,990 51,687,853
============ ============ =============
Diluted 53,167,096 52,616,775 52,575,593
============ ============ =============
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the Six month period ended June 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 six month
period
ended June 30,
2017:
Comprehensive
income
Profit for the
period - - - - 811 811 61 872
Other
comprehensive
income
Translation
differences - - - 31 - 31 - 31
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Total
comprehensive
income for
the
period - - - 31 811 842 61 903
Exercise of
options to
share capital (*) 14 (*) - - 14 - 14
Dividend 3 280 - - (518) (235) - (235)
Share based
payment - - 14 - - 14 - 14
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Balance at
June 30,
2017 112 15,258 337 75 3,761 19,543 385 19,928
======== ========== ============ =========== ======== ============ =============== =========
(*) 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 Six month period ended June 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
six month period
ended June 30,
2016:
Comprehensive
income
Profit for the
period - - - - 232 232 13 245
Other
comprehensive
income
Translation
differences - - - 177 - 177 - 177
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Total
comprehensive
income for the
period - - - 177 232 409 13 422
Share issuance
to
non-controlling
interest in
subsidiary - (10) - - - (10) 10 -
Exercise of
options to
share capital (*) 22 (1) - - 21 - 21
Dividend paid - - - - (568) (568) - (568)
Share based
payment - - 5 - - 5 - 5
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Balance at
June 30,
2016 109 14,957 308 100 2,780 18,254 289 18,543
======= ========== ============ =========== ======== ============ =============== =========
(*) 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
30.06.2017 30.06.2016 31.12.2016
---------- ---------- ----------
U.S. $ in thousands
----------------------------------
Unaudited
---------------------- ----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 4,786 4,862 4,428
Trade receivables 9,525 8,131 8,159
Other receivables 792 909 706
Current tax receivables 586 331 455
Inventories 4,605 3,893 4,910
---------- ---------- ----------
20,294 18,126 18,658
---------- ---------- ----------
NON-CURRENT ASSETS:
Long term prepaid expenses 39 49 48
Property, plant and equipment 5,328 5,562 5,453
Investment property 619 640 630
Deferred tax assets 617 475 500
Intangible assets 267 375 321
Goodwill 573 573 573
---------- ---------- ----------
7,443 7,674 7,525
---------- ---------- ----------
Total assets 27,737 25,800 26,183
========== ========== ==========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
30.06.2017 30.06.2016 31.12.2016
---------- ---------- ----------
U.S. $ In thousands
-----------------------------------
Unaudited
---------------------- -----------
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short term bank
credit and loans 1,018 799 802
Trade payables 2,621 2,155 2,285
Other accounts payables 2,247 1,786 1,792
Current tax payables 143 20 3
---------- ---------- -----------
6,029 4,760 4,882
---------- ---------- -----------
NON- CURRENT LIABILITIES:
Loans from banks, net of current maturities 1,321 2,017 1,664
Employee benefits, net 459 388 405
Other liabilities - 92 -
---------- ---------- -----------
1,780 2,497 2,069
---------- ---------- -----------
Total liabilities 7,809 7,257 6,951
---------- ---------- -----------
EQUITY
Equity attributable to owners of the parent
Share capital 112 109 109
Additional paid-in capital 15,258 14,957 14,964
Capital reserve from share-based payment
transactions 337 308 323
Translation differences 75 100 44
Retained earnings 3,761 2,780 3,468
---------- ---------- -----------
19,543 18,254 18,908
Non-controlling interest 385 289 324
---------- ---------- -----------
Total equity 19,928 18,543 19,232
---------- ---------- -----------
Total equity and liabilities 27,737 25,800 26,183
========== ========== ===========
August 7, 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
Six months period December
ended June 30, 31,
------------------------ ----------
2017 2016 2016
------------ ---------- -------------
U.S. $ in thousands
-------------------------------------
Unaudited
------------------------ -------------
Cash Flows from Operating Activities:
Profit for the period 872 245 984
Adjustments for:
Depreciation and amortization 326 312 635
Loss (gain) from investments in financial
assets 133 (10) (57)
Equity settled share-based payment expense 14 5 20
Finance expenses, net 56 64 122
Income tax expense 111 104 222
Changes in operating assets and liabilities:
Decrease (increase) in inventories 372 551 (466)
Decrease (increase) in trade receivables (1,409) 102 19
Decrease (increase) in other accounts receivables
and prepaid expenses (34) 368 572
Increase in trade and other accounts payables 4 700 44 105
Increase in employee benefits, net 54 1 2
Interest paid (56) (64) (122)
Income tax paid (215) (553) (837)
------------ ---------- -----------
Net cash provided by operating activities 924 1,169 1,199
------------ ---------- -----------
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS (cont.)
Year ended
Six months period December
ended June 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
Purchase of property, plant and equipment (119) (146) (314)
------------------- --------- -----------
Net cash provided by (used in) investing
activities (119) 1,996 1,828
------------------- --------- -----------
Cash Flows From Financing Activities:
Exercise of share options 14 21 28
Dividend paid to the owners of the
parent (235) (568) (568)
Short term loan received from banks 166 - -
Long term loan received from banks - - 87
Repayment of long-term loan from banks (426) (403) (793)
------------------- --------- -----------
Net cash used in financing activities (481) (950) (1,246)
------------------- --------- -----------
Increase in cash and
cash equivalents during the period 324 2,215 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 34 13 13
------------------- --------- -----------
Cash and cash equivalents
at the end of the period 4,786 4,862 4,428
=================== ========= ===========
Appendix A - Non-cash transactions:
Year ended
Six months period December
ended June 30, 31,
------------------- ----------
2017 2016 2016
---------- ------- ----------
U.S. $ in thousands
-------------------------------
Unaudited
-------------------- -------------
Purchase of property, plant and equipment
against trade payables 6 23 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 June 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 six months period ended June 30, 2017 and 2016 respectively, and for the year ended December 31, 2016.
Six months period ended June 30, 2017 (Unaudited)
Antennas Water Solutions Total
-------- --------------- ---------
U.S. $ in thousands
------------------------------------
Revenue
External 6,579 6,179 12,758
-------- --------------- ---------
Total 6,579 6,179 12,758
======== =============== =========
Segment profit 175 704 879
======== ===============
Finance income, net 104
---------
Profit before income tax 983
=========
Other
Depreciation and amortization 298 28 326
======== =============== =========
Six months period ended June 30, 2016 (Unaudited)
Antennas Water Solutions Total
-------- --------------- ---------
U.S. $ in thousands
------------------------------------
Revenue
External 5,304 6,021 11,325
-------- --------------- ---------
Total 5,304 6,021 11,325
======== =============== =========
Segment profit (loss) (345) 835 490
======== ===============
Finance expense, net (141)
---------
Profit before income tax 349
=========
Other
Depreciation and amortization 288 24 312
======== =============== =========
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
Six months period ended December
June 30, 31,
------------------------- ------------------
2017 2016 2016
------------ ----------- ------------
U.S. $ in thousands
-----------------------------------------------
Unaudited
------------------------- ------------
Purchased Goods 103 105 369
Management Fee 221 185 428
Services Fee 130 124 249
Lease income (36) (36) (72)
Compensation of key management personnel of the Group:
Year ended
Six months period ended December
June 30, 31,
------------------------- ------------------
2017 2016 2016
------------ ----------- ------------
U.S. $ in thousands
-----------------------------------------------
Unaudited
------------------------- ------------
Short-term employee benefits *) 417 353 810
============ =========== ============
*) 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
----------------------------------
30.06.2017 30.06.2016 31.12.2016
---------- ---------- ----------
U.S. $ in thousands
----------------------------------
Unaudited
---------------------- ----------
Other accounts payables 293 90 207
========== ========== ==========
Note 5 - SIGNIFICANT EVENTS:
A. During January and June 2017, employees exercised options over 120,000 shares in exchange for a total consideration of approximately $14,000.
B. On April 4, 2017, the Company paid a dividend of 1 US cent per 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
IR OKODPPBKDOFK
(END) Dow Jones Newswires
August 08, 2017 02:00 ET (06:00 GMT)
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