Solitron closes Micro Engineering acquisition for $3M; preliminary Q2 sales $2.6M, backlog $8.8M

SOLITRON DEVICES INC

Closed acquisition of Micro Engineering Inc. on Sept 1; initial $3.0M cash, earnouts up to 7.5% of annual revenue (~$450k each) over 3 years.
MEI 2022 revenue $5.9M (unaudited), operating income $1.3M; serves medical and defense; one customer ~90% of revenue.
Preliminary F2024 Q2 net sales ~$2.6M; bookings >$2.2M; backlog ~$8.8M.
Expects additional orders of $2-3M from US stockpile program and foreign military sales if approved.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SOLITRON DEVICES INC reported second quarter of fiscal 2024 results: revenue approximately $2.6 million.

Period: second quarter of fiscal 2024
Revenue: approximately $2.6 million
Result: preliminary results

Exact text from the filing

Preliminary net sales figures for the second quarter of fiscal 2024 are approximately $2.6 million.

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Source: SEC EDGAR

accession 0001654954-23-011552

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