Tel-Instrument Electronics Corp. (TIK) Monday reported second-quarter net loss of $429,705 or $0.16 per share, compared to net income of $103,316 or $0.04 per share last year.
Sales for the quarter decreased to $2.39 million from $3.67 million in the same period last year.
In the statement, Tel-Instruments said its profit and revenues dropped due to a temporary cessation of CRAFT 708 and CRAFT 719 production shipments to correct issues discovered in prior CRAFT 719 deliveries.
The company also announced it secured a $500,000 equity commitment from an existing institutional investor which purchased 149,254 common shares at a price of $3.35 per share.
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