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.
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.
CONSOLIDATED 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 $12,757 Cost of sales2,554 2,778 10,057 8,950 Gross profit577 1,226 3,992 3,807 Selling, general and administrative expenses748 858 2,994 2,873 Operating income (loss)(171) 368 998 934 Other income (loss) Interest income- 4 6 29 Interest expense(73) (69) (272) (177)Dividend income30 2 70 29 Realized gain (loss) on investments80 - 127 332 Unrealized gain (loss) on investments(62) 166 65 (579)Bargain purchase gain- 2,236 - 2,236 Other expense- (46) - (27)Total other income (loss)(25) 2,293 (4) 1,843 Net income (loss) before income tax(196) 2,661 994 2,777 Income tax (expense) benefit(178) 3,024 (178) 3,024 Net income (loss)$(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 diluted2,082,553 2,083,436 2,082,553 2,083,436 SOLITRON DEVICES, INC.
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