REG - MTI Wireless Edge - MTIC Q1 2018 unaudited results announced on TASE

MTI Wireless EdgeAnnouncement

30/05/2018 08:30

RNS Number : 5591P
MTI Wireless Edge Limited
30 May 2018
 


Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)
 
30 May 2018
 
MTI Wireless Edge Ltd
("MTI" or the "Company")
 
MTI Computers and Software Services (1982) Ltd. ("MTIC") Q1 2018 unaudited results announced on TASE
MTI Wireless Edge Ltd (AIM: MWE), a market leader in the manufacture of flat panel antennas for fixed wireless broadband and a wireless irrigation solutions provider, announces that the MTIC, with whom it is undergoing a proposed merger (as announced on 2 May 2018), has today released its unaudited results for the quarter ended 31 March 2018 on the Tel Aviv Stock Exchange. The Company's Q1 2018 results, which were announced on 14 May 2018, are consolidated within these MTIC Q1 2018 results.
Highlights:
·      MTIC's revenues during the quarter decreased by 5% year-on-year to $7.84m (Q1 2017: $8.28m).
·      Profit before tax decreased year-on-year to $248,000 (2017: $457,000), mainly due to reduced profits at MTI.
·      Earnings per share increased 11% year-on-year to 2.71 US cents (2017: 2.45 US cents), due to a large tax credit.
·      Cash flow from operations increased 44% year-on-year to $1.82m (2017: $1.26m).
·      Backlog of orders increased 14% year-on-year to $16m (29 May 2017: $14m).
·      Net cash increased 54% year-on-year to $5.4m (31 March 2017: $3.5m).
·     MTIC's Shareholders equity (including minority interest) increased 8% year-on-year to $20.5m (31 March 2017: $19.0m).
 
Moni Borovitz, CFO, commented:
"During the first quarter of 2018 we continued to see good progress in meeting our internal goals in all segments of our business. Given the current orderbook and its growth over last year and the pipeline of opportunities in all segments, we have a strong belief that our growth in revenue and profit will continue in 2018 and beyond.
We have yesterday filed the merger request documents with the Israeli court and are diligently progressing with the merger - for further information on this please see MTI's announcement made today. We believe the transaction to be in the best interests of all shareholders and we are working to complete it as quickly as possible.  Further announcements about the proposed merger will be made as appropriate".
 
 
For further information please contact:




MTI Wireless Edge Ltd
Dov Feiner, CEO
Moni Borovitz, Financial Director
 


http://www.mtiwe.com/
+972 3 900 8900




Nomad and Joint Broker
Allenby Capital Limited
Nick Naylor
Alex Brearley
 


+44 20 3328 5656
 




Joint Broker

Peterhouse Corporate Finance Limited
Lucy Williams
Eran Zucker
 


+44 20 7469 0930




 
About MTI Wireless Edge
MTI is engaged in the development, production and marketing of high quality, low cost, flat panel antennas for commercial and for military applications. Commercial applications include: WiMAX; wireless networking; RFID readers; and broadband wireless access. With over 40 years' experience MTI supplies 100KHz to 90GHz antennas (including directional antennas and omni directional) for outdoor and indoor deployments, including smart antennas for WiMAX, Wi-Fi, public safety, RFID and base stations and terminals. For the utility market. Military applications includes a wide range of broadband, tactical and specialized communications antennas, antenna systems and DF arrays installed on numerous airborne, ground and naval, including submarine, platforms worldwide.
 
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI is also a leading provider of remote control solutions for water and irrigation applications based on Motorola IRRInet state of the art control, monitoring and communication technologies. Mottech, headquartered in Israel, is the global prime distributor of Motorola for the IRRInet remote control solutions serving its customers worldwide through its subsidiaries and a global network of local distributers and representatives. It utilizes over 25 years of experience in providing its customers with remote control and management systems which ensure constant, reliable and accurate water usage, while reducing operational costs and maintenance costly expenses. Mottech activities are focused in the market segments of agriculture, water distribution, municipal and commercial landscape and wastewater and storm water reuse.
 




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