Solitron Devices Q3 net loss of $0.49M; sales down 76% due to relocation, backlog up 101%

SOLITRON DEVICES INC

Net loss of $0.49M ($0.24 per share) vs net income of $0.49M ($0.24) a year ago; sales fell 76% to $0.58M.
Net bookings rose 68% to $2.26M and backlog increased 101% to $6.43M; $1.40M backlog scheduled for 2024.
U.S. omnibus spending bill expected to add ~$4M annual revenue starting late 2024 through 2028 on two programs.
Facility relocation caused production stoppage; cost savings initiatives targeting $1.0M in annual savings.
Board approved more concentrated investment positions; cash moved to treasury bills; evaluating potential acquisitions.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SOLITRON DEVICES INC reported third quarter of fiscal year 2023 results: revenue approximately $0.58 million, net income a loss of ($0.49) million, or ($0.24) per share, EPS ($0.24) per share.

Period: third quarter of fiscal year 2023
Revenue: approximately $0.58 million
Net income: a loss of ($0.49) million, or ($0.24) per share
EPS: ($0.24) per share
Result: preliminary results

Exact text from the filing

announce preliminary fiscal 2023 third quarter results. FISCAL 2023 THIRD QUARTER HIGHLIGHTS ➢ Due to the planned facility relocation, net sales decreased 76% to approximately $0.58 million in the fiscal 2023 third quarter versus $2.47 million in the fiscal 2022 third quarter. ➢ Net bookings increased 68% to $2.26 million in the fiscal 2023 third quarter versus

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Source: SEC EDGAR

accession 0001654954-23-000364

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