Latest news with #AMRAAM
Yahoo
23-05-2025
- Business
- Yahoo
Solitron Devices, Inc. Announces Fiscal 2025 Fourth Quarter and Fiscal Year 2025 Results
WEST PALM BEACH, Fla., May 23, 2025 (GLOBE NEWSWIRE) -- Solitron Devices, Inc. (OTC Pink: SODI) ('Solitron' or the 'Company') is pleased to announce fiscal 2025 fourth quarter and fiscal year 2025 results. FISCAL 2025 FOURTH QUARTER HIGHLIGHTS – Net sales decreased 22% to approximately $3.13 million in the fiscal 2025 fourth quarter versus $4.00 million in the fiscal 2024 fourth quarter. Net bookings increased 301% to $8.92 million in the fiscal 2025 fourth quarter versus $2.23 million in the fiscal 2024 fourth quarter. Backlog increased 62% to $18.11 million at the end of the fiscal 2025 fourth quarter as compared to $11.21 million at the end of the fiscal 2024 fourth quarter. Net loss was ($0.37) million, or ($0.18) per share, for the fiscal 2025 fourth quarter versus net income of $5.80 million, or $2.78 per share, for the fiscal 2024 fourth quarter. FISCAL YEAR 2025 HIGHLIGHTS - Net sales increased 10% to approximately $14.05 million in fiscal year 2025 versus $12.76 million in fiscal year 2024. Net bookings increased 62% to $20.76 million in fiscal year 2025 versus $12.84 million in fiscal year 2024. Backlog increased 62% to $18.11 million at the end of fiscal year 2025 versus $11.21 million as the end of fiscal year 2024. Net income decreased to $0.82 million, or $0.39 per share, in fiscal year 2025 versus $5.80 million, or $2.78 per share, in fiscal year 2024. Fiscal year 2024 net income benefited from two non-recurring events - a $2.24 million bargain purchase gain related to the acquisition of Micro Engineering, Inc. (MEI) and an income tax benefit of $3.02 million based on the release of the Company's deferred tax valuation. Fiscal year 2025 results include a full year of financial information for MEI, while fiscal year 2024 only contain two full quarters of MEI's financials based on the acquisition date of September 1, 2023. MEI contributed $6.08 million in revenue in fiscal year 2025. On a positive note, the Company had substantial bookings in the last two quarters from contracts related to the two largest defense programs we supply to. These programs typically order every 12-18 months, so we expect bookings to lag sales for next few quarters. We continue to see positive comments related to future production levels for both the AMRAAM and HIMARS programs. The CEO of RTX recently stated that AMRAAM production was scheduled to double in calendar year 2025 as compared to calendar year 2024 levels. HIMARS continues to perform well in Ukraine, and we have seen reports of possible production increases as well. Lockheed was just awarded a follow-on contract only a few months after the previous award, which should lead to a supplemental order within the next few quarters. Foreign demand for both systems is strong. Foreign sales are typically included as part of normal production orders for both programs. On a negative note, revenue was down in the fourth quarter due to the lag time between receipt of orders and production. In the fourth quarter of fiscal year 2025, revenue was $3.13 million. We expect soft revenues in the first quarter of fiscal year 2026, ending May 31, 2025, and for sales to pick up at the end of the fiscal second quarter, before reaching a steadier level in the fiscal third quarter. We continue to see increased interest in new product development, including silicon carbide. We have developed various prototypes for testing by potential customers and continue to be optimistic about creating additional revenue sources. SOLITRON DEVICES, STATEMENTS OF OPERATIONSFOR THE THREE MONTHS AND FISCAL YEAR ENDED FEBRUARY 28, 2025, AND FEBRUARY 29, 2024(in thousands except for share and per share amounts) For The ThreeMonths Ended For The ThreeMonths Ended For The FiscalYear Ended For The FiscalYear Ended February 28, 2025 February 29, 2024 February 28, 2025 February 29, 2024 unaudited unaudited Net sales $ 3,131 $ 4,004 $ 14,049 $ 12,757 Cost of sales 2,554 2,778 10,057 8,950 Gross profit 577 1,226 3,992 3,807 Selling, general and administrative expenses 748 858 2,994 2,873 Operating income (loss) (171 ) 368 998 934 Other income (loss) Interest income - 4 6 29 Interest expense (73 ) (69 ) (272 ) (177 ) Dividend income 30 2 70 29 Realized gain (loss) on investments 80 - 127 332 Unrealized gain (loss) on investments (62 ) 166 65 (579 ) Bargain purchase gain - 2,236 - 2,236 Other expense - (46 ) - (27 ) Total other income (loss) (25 ) 2,293 (4 ) 1,843 Net income (loss) before income tax (196 ) 2,661 994 2,777 Income tax (expense) benefit (178 ) 3,024 (178 ) 3,024 Net income (loss) $ (374 ) $ 5,685 $ 816 $ 5,801 Net income (loss) per common share - basic and diluted $ (0.18 ) $ 2.73 $ 0.39 $ 2.78 Weighted average shares outstanding - basic and diluted 2,082,553 2,083,436 2,082,553 2,083,436SOLITRON DEVICES, INC. CONSOLIDATED BALANCE SHEETS AS OF FEBRUARY 28, 2025, AND FEBRUARY 29, 2024(in thousands, except for share and per share amounts) February 28, 2025 February 29, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 4,099 $ 2,217 Marketable securities 919 904 Accounts receivable 2,129 2,826 Inventories, net 3,440 4,132 Prepaid expenses and other current assets 132 532 TOTAL CURRENT ASSETS 10,719 10,611 Property, plant and equipment, net 8,635 7,356 Finance lease, right of use asset - 1,715 Intangible assets 2,905 3,114 Deferred tax asset 1,622 1,837 Other assets 555 107 TOTAL ASSETS $ 24,436 $ 24,740 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 439 $ 439 Customer deposits 118 539 Accrued contingent consideration, current 570 465 Finance lease liability - 1,750 Mortgage loan, current portion 152 111 Accrued expenses and other current liabilities 846 1,080 TOTAL CURRENT LIABILITIES 2,125 4,384 Accrued contingent consideration, non-current 663 751 Mortgage loan, net of current portion 3,765 2,537 TOTAL LIABILITIES 6,553 7,672 STOCKHOLDERS' EQUITY Preferred stock, $.01 par value, authorized 500,000 shares, none issued - - Common stock, $.01 par value, authorized 10,000,000 shares, 2,082,553 shares outstanding, net of 487,827 treasury shares at February 28, 2025 and 2,083,436 shares outstanding, net of 487,827 treasury shares at February 29, 2024, respectively 21 21 Additional paid-in capital 1,834 1,834 Retained earnings 17,440 16,625 Less treasury stock (1,412 ) (1,412 ) TOTAL STOCKHOLDERS' EQUITY 17,883 17,068 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 24,436 $ 24,740 The unaudited financial information disclosed in this press release for the three months ended February 28, 2025, is based on management's review of operations for that period and the information available to the Company as of the date of this press release. The Company's results included herein have been prepared by, and are the responsibility of, the Company's management. The Company's independent auditors have audited the Company's results for the fiscal year ending February 28, 2025. The financial results presented herein should not be considered a substitute for the information filed or to be filed with the SEC in the Company's Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the respective periods once such reports become available. About Solitron Devices, Devices, Inc., a Delaware corporation, designs, develops, manufactures, and markets solid state semiconductor components and related devices primarily for the military and aerospace markets. The Company manufactures a large variety of bipolar and metal oxide semiconductor ('MOS') power transistors, power and control hybrids, junction and power MOS field effect transistors ('Power MOSFETS'), and other related products. Most of the Company's products are custom made pursuant to contracts with customers whose end products are sold to the United States government. Other products, such as Joint Army/Navy ('JAN') transistors, diodes, and Standard Military Drawings voltage regulators, are sold as standard or catalog items. Effective September 1, 2023, Solitron closed its acquisition of Micro Engineering Inc. (MEI) based in Apopka, Florida. MEI specializes in solving design layout and manufacturing challenges while maximizing efficiency and keeping flexibility to meet unique customer needs. Since 1980 the MEI team has been dedicated to overcoming obstacles to provide cost efficient and rapid results. MEI specializes in low to mid volume projects that require engineering dedication, quality systems and efficient manufacturing. Forward-Looking Statements This press release contains forward-looking statements regarding future events and the future performance of Solitron Devices, Inc. that involve risks and uncertainties that could materially affect actual results, including statements regarding the Company's expectations regarding future performance and trends, including production levels, government spending, backlog and delivery timelines, new product development, our efforts and performance following our acquisition of MEI, and potential future revenue and trends with respect thereto from each of the foregoing. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to, the risks and uncertainties arising from potential adverse developments or changes in government budgetary spending and policy including with respect to the war in Ukraine, which may among other factors be affected by the possibility of reduced government spending on programs in which we participate, inflation, elevated interest rates, adverse trends in the economy and the possibility of a recession the likelihood of which appears to have increased based on recent economic data, the possibility that management's estimates and assumptions regarding bookings, sales and other metrics prove to be incorrect; the timing and size of orders from our clients, our delivery schedules and our liquidity and cash position; our ability to make the appropriate adjustments to our cost structure; our ability to properly account for inventory in the future; the demand for our products and potential loss of, or reduction of business from, substantial clients our dependence on government contracts, which are subject to termination, price renegotiations and regulatory compliance and which may among other factors be adversely affected by the factors described elsewhere herein, our ability to continue to integrate MEI in an efficient and effective manner, and the possibility that such acquisition or any other acquisition or strategic transaction we may pursue does not yield the results or benefits desired or anticipated. Descriptions of other risk factors and uncertainties are contained in the Company's Securities and Exchange Commission filings, including its most recent Annual Report on Form 10-K for the fiscal year ended February 28, 2025. Tim Eriksen Chief Executive Officer (561) 848-4311 Corporate@ in to access your portfolio
Time of India
18-05-2025
- Business
- Time of India
US warms to Turkey: Military deal triggers silent ripples in South Asia
Donald Trump's second term is reshaping global equations. He has not only reignited trade wars and cut foreign aid, but also made sharp diplomatic shifts, including backing Gaza aid, warming to Russia, and resuming military trade with Turkey , among others. The US government approved a potential sale of AIM-120C-8 Advanced Medium-Range Air-to-Air Missiles ( AMRAAM s) to Turkey last week, including 53 missiles and six guidance systems, along with spares, containers, software, and technical support. The AMRAAM system is known for its range, accuracy, and ability to engage multiple targets. The US defence security cooperation agency (DSCA) said the sale supports US foreign policy and strengthens Nato by improving Turkey's ability to defend itself and US forces stationed there. The announcement comes as Turkey supported Pakistan against India's Operation Sindoor targeting terror bases in Pakistan. After meeting Pakistan PM Shehbaz Sharif, Turkey PM Erdogan called for "international engagement" on Kashmir and a 'human rights-based resolution.' This was followed by backlash from Indian merchants, businesses, and consumers who called for severing relations with Turkey. Turkey's continued support for Pakistan in multilateral forums has strained the relations between Turkey and India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 선납금이나 위약금없이 전차종 24~60개월간 필요한만큼 타시고, 계약종료 후 반납/인수하세요! 신차장기렌트성지 더 알아보기 Undo Supplying Turkey with sophisticated US weaponry could potentially embolden Ankara's military posture, indirectly affecting India's security environment, given Turkey's close ties with Pakistan and involvement in regional conflicts. Turkey's purchase of US missiles is also important, especially considering the past friction between the two allies. In 2019, Turkey bought the Russian S-400 missile system, which led to US sanctions and Turkey's removal from the F-35 fighter jet programme. Relations have been uneasy since, with Turkey continuing to press for its re-entry into the programme. Despite political disagreements, especially over Syria and US support for Kurdish forces, Turkey remains heavily reliant on US defence technology. Its military uses American fighter jets, tanks, helicopters, and naval equipment. The AMRAAM sale is a continuation of this dependency.
Economic Times
16-05-2025
- Business
- Economic Times
Pakistan's ally Turkey to buy AMRAAM missiles worth $225 million from US to boost its air defence: What it means
The United States has approved a $225 million missile sale to Türkiye, a key NATO ally, aimed at enhancing its air defence capabilities. This deal includes 53 AIM-120C-8 AMRAAMs and associated logistical support. While the sale underlines strategic cooperation, it also raises regional stakes, especially with Türkiye's past purchase of Russian S-400 systems. The transaction unfolds amid complex US-Türkiye ties, and coincides with growing military coordination, even as Türkiye eyes further US weapons, including the F-35 fighter jets. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Why it matters: An air defence upgrade for Ankara A complicated but durable US-Turkey military ties From fallout to forward steps: The S-400 shadow Tired of too many ads? Remove Ads Behind the Missiles: Trade, tensions, and energy In a significant development, the United States has cleared a potential sale of AIM-120C-8 Advanced Medium-Range Air-to-Air Missiles (AMRAAM) to Turkey. The deal, estimated at $225 million, was confirmed by the US Defense Security Cooperation Agency (DSCA) on 14 proposed package includes 53 AIM-120C-8 missiles and six guidance sections. Alongside, the package also covers AMRAAM containers, BIT reprogramming gear, spares, software, technical documentation, and logistics assistance.'The proposed sale will support the foreign policy goals and national security of the United States by improving the security of a NATO Ally that continues to be a force for political and economic stability in Europe,' said the a long-standing NATO member and regional military power, will face no difficulties in absorbing the technology into its armed forces, the agency confirmed. RTX Corporation, based in Tucson, Arizona, is the principal contractor. There are no additional US personnel deployments linked to the AMRAAM deal arrives at a time when Turkey is actively upgrading its air defence posture. The missiles, known for their extended range and precision, will enhance Ankara's ability to secure its airspace and defend US personnel stationed on its soil.'This proposed sale will provide Türkiye with a critical air defense capability to assist in defending its homeland and U.S. personnel stationed there,' DSCA stated. The agency also stressed that this sale would not disrupt the military balance in the sale complements earlier acquisitions. Notably, Turkey had bought the Russian-made S-400 missile system in 2019, a move that drew ire from the US and led to sanctions under CAATSA (Countering America's Adversaries Through Sanctions Act). That decision also resulted in Turkey's expulsion from the US-led F-35 fighter jet sharp differences over Syria and Russia, military cooperation between the US and Turkey has continued. For decades, Turkey has relied heavily on US defence exports. It has acquired a large fleet of F-16 fighter jets, along with older F-4 Phantoms and American helicopters like the Black Hawk and land and sea, Turkish forces also use US-origin equipment, including M60 Patton tanks, M113 armoured vehicles, and Oliver Hazard Perry-class frigates. In the air, American missiles such as Sidewinder and Maverick support Turkish combat US has also supplied Turkey with C-130 Hercules transport aircraft and KC-135 refuelling tankers. While Ankara has made strides in drone development, it earlier depended on US-made surveillance decision to procure the Russian S-400 triggered a diplomatic standoff with Washington. As a result, the US imposed CAATSA sanctions and suspended Turkey from the F-35 programme. Still, Ankara has not backed down on the S-400 Recep Tayyip Erdoğan remains hopeful of reviving discussions. Ankara seeks to have the sanctions eased so it can resume talks over acquiring F-35s. Turkish officials believe that resolving this dispute could unlock wider defence collaboration between the two DSCA's green light for the AMRAAM sale may be a sign of thawing development coincides with US Secretary of State Marco Rubio's visit to Turkey for a NATO foreign ministers' meeting. Rubio is also expected to join possible Russia-Ukraine ceasefire talks in sale could also shape Turkey's role in stabilising conflict zones. The Pentagon is reportedly drawing down troops in Syria, while Turkey has offered thousands of its own soldiers for regional is also willing to monitor potential Black Sea ceasefires, aligning with broader US interests in the has not limited its engagement with the US to defence. It is considering increased imports of liquefied natural gas (LNG) and is negotiating with Boeing for aircraft purchases. These moves are part of a larger realignment that may further bind Ankara and tensions remain. President Erdoğan has criticised the US over its support for Kurdish forces in Syria and over its stance on the Palestinian issue. Nonetheless, the sale suggests that both countries are willing to isolate defence cooperation from political Congress signs off on the sale, it would mark another chapter in the long and complex defence relationship between the US and Turkey. With regional security challenges intensifying and NATO cooperation under pressure, the AMRAAM deal could be a step toward stabilising a key it leads to a broader resolution over the S-400 fallout remains to be seen. But for now, Ankara is rearming—and Washington is willing to sell.
Time of India
16-05-2025
- Business
- Time of India
US approves $304Mn missile deal with Turkey, Why Trump's move to sell AMRAAM to Istanbul alarms India - The Economic Times Video
The US has approved a potential $304M missile sale to Turkey, including 53 AIM-120C-8 and 60 Block II missiles. The deal still needs Congress approval. Secretary of State Marco Rubio's visit to Turkey coincides with the announcement, signaling NATO efforts to reset strained ties. RTX Corp will supply missiles and systems. India, alarmed by AMRAAM use by Pakistan, is watching closely. The sale is aimed at strengthening Turkish and US military cooperation.
United News of India
15-05-2025
- Business
- United News of India
US approves 225 mln Dollar Foreign Military Sale to Turkiye for advanced missiles
Washington, May 15 (UNI) The United States has approved a 225 million Dollar Foreign Military Sale to Turkiye for Advanced Medium Range Air-to-Air Missiles (AMRAAM). "The State Department has made a determination approving a possible Foreign Military Sale to Turkiye of AIM-120C-8 Advanced Medium-Range Air-to-Air Missiles and related elements of logistics and program support for an estimated cost of USD 225 million,'' the State Department announced Thursday. In a statement the State Department said the proposed sale will ''support the foreign policy goals and national security of the United States by improving the security of a NATO Ally that continues to be a force for political and economic stability in Europe." "This proposed sale will provide Turkiye with a critical air defence capability to assist in defending its homeland and US personnel stationed there. Turkiye will have no difficulty absorbing these articles and services into its armed forces. The proposed sale of this equipment and support will not alter the basic military balance in the region," it added. UNI RB GNK
