secwatch.observer — SEC 8-K summary
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Issuer:     SOLITRON DEVICES INC (SODI)
CIK:        0000091668
Form:       8-K
Filed at:   2023-06-20T23:59:59+00:00
Accession:  0001654954-23-008151
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Solitron reports 48% drop in FY23 revenue; signs term sheet for medical components acquisition
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- Fiscal 2023 net sales $6.41M, down 48% YoY; net income $0.83M ($0.40/share) vs $3.51M prior year.
- Q4 net income $0.23M ($0.11/share) vs loss of $0.46M in prior Q4; net sales $1.5M down 24%.
- Signed non-binding term sheet for acquisition of medical electronics company; initial ~$3M cash at close, up to $450K earnouts over 3 years.
- Backlog grew 71% to $7.63M at FY23 end; full-year bookings up 24% to $9.57M.
- Target had 2022 revenue $5.9M; single customer represents 90% of revenue; due diligence estimated ~75 days.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/91668/000165495423008151/0001654954-23-008151-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/91668/000165495423008151/sodi_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-008151

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