Tel-Instrument Electronics Corp. (TIK) said Friday that it will report revenues of $5.2 million and net profit below expectation when it provides audited financial statements for the fourth quarter of fiscal 2012 .
Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets
The company noted that the net profit was below expectation partly due to a warranty reserve to correct issues seen in the previously sold CRAFT units.
Tel-Instrument has experienced continuing delays in securing a production release on the TS-4530A program from the Army. It is working closely with the Navy and the Army to secure production releases on the CRAFT and TS-4530A programs and said that it is optimistic that this will occur within the next 30 days.
For the first quarter of fiscal 2013, the company forecasts sharply reduced revenues and a loss, mainly due to a temporary hold in CRAFT 708 production shipments to correct issues discovered in prior CRAFT 719 deliveries and incorporate the final AIMS approved software configuration which includes several product enhancements.
However, the company is still predicting significant revenue and profitability growth for the current fiscal year ending March 31, 2013.
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