REG - MTI Wireless Edge - Q1 2023 Financial Results
17/05/2023 07:00
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RNS Number : 6231Z MTI Wireless Edge Limited 17 May 2023
17 May 2023
MTI Wireless Edge Ltd
("MTI", the "Company" or the "Group")
Q1 2023 Financial Results
MTI Wireless Edge Ltd (AIM: MWE), the technology group focused on
comprehensive communication and radio frequency solutions across multiple
sectors, is pleased to announce its financial results for the three-month
period ended 31 March 2023.
Financial highlights
· Generated increased revenues of $11.3m, up 1% (Q1 2022: $11.2m)
representing a solid start to the year
· Strong order pipeline, providing confidence in the outlook for the
year
· Profit before tax up 15% to $1.1m (Q1 2022: $0.97m), reflecting an
improvement in gross margin and higher interest received from cash on deposit
· Net profit increased by 9% to $.088m (Q1 2022: $0.81m)
· Earnings per share increased by 14% to 1.01 US cents (Q1 2022: 0.89
US cents)
· Strong financial position maintained with net cash standing at $8.5m
on 31 March 2023 (31 March 2022: $6.5m) - the annual dividend of $2.5m was
paid in April 2023, in the prior year the annual dividend was paid in March
2022
Operational highlights
Antennas
· A one stop shop for the sale of 'off the shelf' flat and parabolic
antennas, combined with the provision of custom-developed antenna solutions to
a range of commercial and military customers. Growing focus on providing 5G
backhaul antenna solutions to support mobile phone operators as they roll-out
their 5G networks.
· In Q1 2023, the division's overall trading continued positively with
good demand for products, in particular orders for military antennas resulting
from interest that has been building in 2022. The pipeline for future
military orders remains good.
· Contact with Tier 1 corporations continues to deepen on the back of
significant interest from these sector leaders in the Company's 5G automatic
beam steering ("ABS") antenna solution, as well as the Company's Indian
manufacturing facility.
· Expanding customer relationships across the telecoms sector are
expected to feed through into demand for the Company's 5G backhaul solution,
and while Q1 has been relatively quiet for 5G sales, the potential is clearly
growing.
· Overall antenna revenue and profit grew in Q1 2023 compared to Q1
2022.
Water Control & Management
· Operates under the Mottech brand and provides wireless control
systems to manage irrigation and water distribution for agriculture, municipal
authorities and commercial entities.
· Our solutions reduce water and power usage, whilst providing
customers with higher revenue from accurate irrigation, leading to more and
better quality crops and plants being grown.
· Q1 2023 was a strong period with revenues and profit increasing
against Q1 2022, with nearly every market performing well.
· As the year progresses, the division will benefit from the price
increases successfully agreed during 2022, and this will feed through into
improving gross margin.
· Future demand for Mottech's services is growing and the division has
recently agreed two long-term contract wins for five years with a large
Israeli municipality worth $2.2m.
Distribution & Professional Consulting Services
· Operates under the MTI Summit Electronics brand and represents
approximately 40 international suppliers of radio frequency/microwave
components and sells these products to Israeli customers.
· Expert knowledge of both the international suppliers and customers
further enables MTI to act as a consultant to assist with devising complete
radio frequency/microwave solutions.
· Q1 2023 was a relatively quiet period for this division. The defence
market is in a growth phase and the design wins secured, especially for
military solutions, support a positive outlook for 2023.
· The acquisition of PSK last year has been very successful and firmly
further underpins prospects for this division, with significant contracts in
the pipeline.
Moni Borovitz, Chief Executive Officer of MTI Wireless Edge, said:
"This represents a solid start to 2023, off the back of a successful period in
2022. There is clear ongoing demand for our comprehensive communication and
radio frequency solutions across all three divisions and we feel confident in
the outlook for the year.
"Revenues were up 1%, alongside recording double digit growth in PBT and EPS
of 15% and 14% respectively. Rising interest rates fed through into increased
financial income and positive FX rates also helped the increase in profit
margin. The overall financial position of the Group remains strong with net
cash available of $8.5 million and we remain ungeared, providing good
flexibility to support or expand the business.
"While there remain multiple economic and geo-political challenges across the
globe, the fundamentals of our business remain strong. We sell our market
leading expertise in radio frequency communications across three divisions,
all of which address sizeable and growing markets. Water scarcity is a
reality, with a recent report from the Global Commission on the Economics of
Water predicting a 40% shortfall in freshwater supply by 2030, putting
Governments and businesses under pressure to find workable solutions, such as
those provided by Mottech. 5G is inevitable and our position in this market
has been significantly boosted by our ABS antenna solution which has initiated
new relationships with several key Tier 1 & 2 mobile radio manufacturers.
Defence, for obvious reasons, has become an increased priority for nearly all
leading nations, this is being clearly reflected in current orders and the
opportunities we see.
"Looking ahead, we believe that the Company's clear focus on providing radio
frequency solutions, coupled to being diversified across several markets,
positions us well to continue to grow and expand through a mix of acquisition
led and organic growth."
For further information please contact:
MTI Wireless Edge Ltd +972 3 900 8900
Moni Borovitz, CEO http://www.mtiwirelessedge.com
(https://url.avanan.click/v2/___http:/www.mtiwirelessedge.com___.YXAxZTpzaG9yZWNhcDphOm86MzkwMmZmYjRhMzcyMGQxMDM5ZDA4ZWI0OTlmNzBlYjE6NjpkMTkyOjg4NDY5ZjQ5Nzg4NWZhYzIyM2Y4ODExMmNmMjNmYTJkYzE3MGI5MGI2MzFiYTBiOWNjZDc0MDEyN2I3ZDc5NmQ6cDpU)
Allenby Capital Limited (Nomad and Joint Broker) +44 20 3328 5656
Nick Naylor/Alex Brearley/Piers Shimwell (Corporate Finance)
Amrit Nahal/David Johnson (Sales and Corporate Broking)
Shore Capital (Joint Broker) +44 20 7408 4090
Toby Gibbs/John More (Corporate Advisory)
Fiona Conroy (Corporate Broking)
Novella (Financial PR)
Tim Robertson/Safia Colebrook +44 20 3151 7008
About MTI Wireless Edge Ltd. ("MTI")
Headquartered in Israel, MTI is a technology group focused on comprehensive
communication and radio frequency solutions across multiple sectors through
three core divisions:
Antenna Division
MTI is a world leader in the design, development and production of high
quality, state-of-the-art, and cost-effective antenna solutions including
Smart Antennas, MIMO Antennas and Dual Polarity Antennas for wireless
applications. MTI supplies antennas for both military and commercial markets
from 100 KHz to 174 GHz.
Internationally recognized as a producer of commercial off-the-Shelf and
custom-developed antenna solutions in a broad frequency range, MTI addresses
both commercial and military applications.
MTI supplies directional and omnidirectional antennas for outdoor and indoor
deployments, including smart antennas for 5G backhaul, Broadband access,
public safety, RFID, base station and terminals for the utility market.
Military applications include a wide range of broadband, tactical and
specialized communication antennas, antenna systems and DF arrays installed on
numerous airborne, ground and naval, including submarine, platforms worldwide.
Water Control & Management Division
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI provides
high-end remote control and monitoring solutions for water and irrigation
applications based on Motorola's IRRInet state-of-the-art control, monitoring
and communication technologies.
As Motorola's global prime-distributor Mottech serves its customers worldwide
through its international subsidiaries and a global network of local
distributors and representatives. With over 25 years of experience in
providing customers with irrigation remote control and management, Mottech's
solutions ensure constant, reliable and accurate water usage, increase crops
quality and yield while reducing operational and maintenance costs providing
fast ROI while helping sustain the environment. Mottech's activities are
focused in the market segments of agriculture, water distribution, municipal
and commercial landscape as well as wastewater and storm-water reuse.
Distribution & Professional Consulting Services Division
Via its subsidiary, MTI Summit Electronics Ltd., MTI offers consulting,
representation and marketing services to foreign companies in the field of RF
and Microwave solutions and applications including engineering services
(including design and integration) in the field of aerostat systems and the
ongoing operation of Platform subsystems, SIGINT, RADAR, communication and
observation systems which is performed by the Company. It also specializes in
the development, manufacture and integration of communication systems and
advanced monitoring and control systems for the Government and defence
industry market.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
Three month period ended Year ended December 31,
March 31,
2023 2022 2022
U.S. $ in thousands
(Except per share data)
Unaudited
Revenues 11,285 11,176 46,270
Cost of sales 7,666 7,685 31,680
Gross profit 3,619 3,491 14,590
Research and development expenses 293 272 1,077
Distribution expenses 947 884 3,924
General and administrative expenses 1,324 1,297 4,998
Loss (profit) from sale of property, plant and equipment (10) 9 1
Profit from operations 1,065 1,029 4,592
Finance expenses 105 78 385
Finance income (155) (23) (110)
Profit before income tax 1,115 974 4,317
Tax expenses 233 164 468
Profit 882 810 3,849
Other comprehensive income (loss) net of tax:
Items that will not be reclassified to profit or loss:
Re-measurement of defined benefit plans - - 127
Items that may be reclassified to profit or loss:
Adjustment arising from translation of financial statements of foreign (98) 24 (422)
operations
Total other comprehensive income (loss) (98) 24 (295)
Total comprehensive income 784 834 3,554
Profit attributable to:
Owners of the parent 894 786 3,721
Non-controlling interests (12) 24 128
882 810 3,849
Total comprehensive income attributable to:
Owners of the parent 796 810 3,426
Non-controlling interests (12) 24 128
784 834 3,554
Earnings per share (dollars)
Basic and Diluted (dollars per share) 0.0101 0.0089 0.0421
Weighted average number of shares outstanding
Basic and Diluted (dollars per share) 88,510,072 88,501,084 88,444,356
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY
For the three month period ended March 31, 2023 (Unaudited):
Attributable to owners of the parent
Share capital Additional paid-in capital Translation differences Retained earnings Total attributable to owners of the parent Non-controlling interest Total equity
U.S. $ in thousands
Balance at January 1, 2023 209 23,078 (250) 3,775 26,812 1,226 28,038
Changes during the three month period
ended March 31, 2023:
Comprehensive income
Profit for the period - - - 894 894 (12) 882
Other comprehensive income
Translation differences - - (98) - (98) - (98)
Total comprehensive income for the period - - (98) 894 796 (12) 784
Acquisition and disposal of treasury shares - 80 - - 80 - 80
Dividend - - - - - - -
Balance at March 31, 2023 209 23,158 (348) 4,669 27,688 1,214 28,902
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY (CONT.)
For the three month period ended March 31, 2022 (Unaudited):
Attributable to owners of the parent
Share capital Additional paid-in capital Translation differences Retained earnings Total attributable to owners of the parent Non-controlling interest Total equity
U.S. $ in thousands
Balance at January 1, 2022 209 23,126 172 2,406 25,913 1,098 27,011
Changes during the three month period
ended March 31, 2022:
Comprehensive income
Profit for the period - - - 786 786 24 810
Other comprehensive income
Translation differences - - 24 - 24 - 24
Total comprehensive income for the period - - 24 786 810 24 834
Acquisition and disposal of treasury shares - 41 - - 41 - 41
Dividend - - - (2,479) (2,479) - (2,479)
Balance at March 31, 2022 209 23,167 196 713 24,285 1,122 25,407
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONT.)
For the year ended December 31, 2022 :
Attributable to owners of the parent
Share capital Additional paid-in capital Translation differences Retained earnings Total attributable to owners of the parent Non-controlling interests Total equity
U.S. $ in thousands
Balance as at January 1, 2022 209 23,126 172 2,406 25,913 1,098 27,011
Changes during 2022:
Comprehensive income
Profit for the year - - - 3,721 3,721 128 3,849
Other comprehensive income
Re measurements on defined benefit plans - - - 127 127 - 127
Translation differences - - (422) - (422) - (422)
Total comprehensive income (loss) for the year - - (422) 3,848 3,426 128 3,554
Dividend - - - (2,479) (2,479) - (2,479)
Acquisition and disposal of treasury shares (note 26) - (48) - - (48) - (48)
Balance as at December 31, 2022 209 23,078 (250) 3,775 26,812 1,226 28,038
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
31.03.2023 31.03.2022 31.12.2022
U.S. $ in thousands
Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 8,640 6,517 8,279
Trade and other receivables 10,384 11,201 11,035
Unbilled revenue 3,597 3,542 2,204
Current tax receivables 467 281 549
Inventories 7,502 6,622 7,757
30,590 28,163 29,824
NON-CURRENT ASSETS:
Long term prepaid expenses 32 43 39
Property, plant and equipment 5,415 5,710 5,573
Deferred tax assets 1,140 1,123 1,163
Intangible assets 3,819 4,057 3,858
10,406 10,933 10,633
Total assets 40,996 39,096 40,457
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
31.03.2023 31.03.2022 31.12.2022
U.S. $ In thousands
Unaudited
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short term bank credit and loans 76 11 43
Trade payables 5,465 6,167 5,739
Other accounts payable 3,638 4,367 3,627
Current tax payables 433 374 425
9,612 10,919 9,834
NON- CURRENT LIABILITIES:
Contingent consideration 1,432 1,432 1,432
Lease liabilities 206 360 303
Loans from banks, net of current maturities 91 15 98
Employee benefits, net 753 963 752
2,482 2,770 2,585
Total liabilities 12,094 13,689 12,419
EQUITY
Equity attributable to owners of the parent
Share capital 209 209 209
Additional paid-in capital 23,158 23,167 23,078
Translation differences (348) 196 (250)
Retained earnings 4,669 713 3,775
27,688 24,285 26,812
Non-controlling interest 1,214 1,122 1,226
Total equity 28,902 25,407 28,038
Total equity and liabilities 40,996 39,096 40,457
May 16, 2023
Date of approval of financial statements Moshe Borovitz Elhanan Zeira Zvi Borovitz
Chief Executive Officer Controller Non-executive Chairman of the Board
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Three month period ended Year ended December 31,
March 31,
2023 2022 2022
U.S. $ in thousands
Unaudited
Cash Flows from Operating Activities:
Profit for the period 882 810 3,849
Adjustments for:
Depreciation and amortization 326 327 1,466
Loss (Gain) from sale of property, plant and equipment (10) 4 (1)
Finance (income) expenses, net (33) (9) (82)
Tax expenses 233 164 468
Changes in operating assets and liabilities:
Decrease (increase) in inventories 247 291 (951)
Decrease (increase) in trade receivables (181) 262 (63)
Decrease (increase) in other accounts receivables 719 (355) 590
Increase in unbilled revenues (1,393) (748) (1,134)
Increase (decrease) in trade and other accounts payables 4 (140) 593 572
Increase (decrease) in employee benefits, net 1 (9) (93)
Cash from operations 651 1,330 4,621
Interest received 19 - -
Interest paid (10) (11) (52)
Income tax paid (122) (407) (978)
Net cash provided by operating activities 538 912 3,591
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS (cont.)
Three month period ended Year ended December 31,
March 31,
2023 2022 2022
U.S. $ in thousands
Unaudited
Cash Flows From Investing Activities:
Proceeds from sale of property, plant and equipment 11 - 15
Acquisition of subsidiary, net of cash acquired - (1,427) (1,427)
Net cash from sale of previously consolidated subsidiaries - (2,785) (2,785)
Purchase of property, plant and equipment (145) (181) (552)
Net cash used in investing activities (134) (4,393) (4,749)
Cash Flows From Financing Activities:
Dividend - (2,479) (2,479)
Payments of lease liabilities (116) (123) (560)
Treasury shares acquired - - (118)
Treasury shares sold 80 41 70
Repayment of long-term loans from banks 27 (4) 118
Net cash used in financing activities (9) (2,565) (2,969)
(Decrease)/Increase in cash and 395 (6,046) (4,127)
cash equivalents during the period
Cash and cash equivalents 8,279 12,567 12,567
at the beginning of the period
Exchange differences on balances of cash and (34) (4) (161)
cash equivalents
Cash and cash equivalents 8,640 6,517 8,279
at the end of the period
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - General:
Corporate information:
M.T.I Wireless Edge Ltd. (hereafter - the "Company", or collectively with its
subsidiaries, the "Group") is an Israeli corporation. The Company was
incorporated under the Companies Act in Israel on December 30, 1998 and
commenced operations on July 1, 2000. Since March 2006, the Company's shares
have been traded on the AIM market of the London Stock Exchange.
The formal address of the Company is 11 Hamelacha Street, Afek industrial
Park, Rosh-Ha'Ayin, Israel.
The Company and its subsidiaries are engaged in the following areas:
- Development, design, manufacture and marketing of antennas for the
military and civilian sectors.
- A leading provider of remote control solutions for water and
irrigation applications based on Motorola's IRRInet state of the art control,
monitoring and communication technologies.
- Providing consulting, representation and marketing services to
foreign companies in the field of RF (radio frequency) and Microwave,
including engineering services in the field of aerostat systems and system
engineering services.
- Development, manufacture and integration of communication systems
and advanced monitoring and control systems for the Government and defence
industry market.
Note 2 - Significant Accounting Policies:
The interim consolidated financial statements have been prepared in accordance
with generally accepted accounting principles for the preparation of financial
statements for interim periods, as prescribed in International Accounting
Standard No. 34 ("Interim Financial Reporting").
The interim consolidated financial information set out above does not
constitute full year-end accounts within the meaning of Israeli Companies Law.
It has been prepared on the going concern basis in accordance with the
recognition and measurement criteria of the International Financial Reporting
Standards (IFRS). Statutory financial information for the financial year ended
December 31, 2022 was approved by the board on March 12, 2023. The report of
the auditors on those financial statements was unqualified.
The interim consolidated financial statements as of March 31, 2023 have not
been audited.
The interim consolidated financial information should be read in conjunction
with the annual financial statements as of December 31, 2022 and for the year
then ended and with the notes thereto. The significant accounting policies
applied in the annual financial statements of the Company as of December 31,
2022 are applied consistently in these interim consolidated financial
statements.
Note 3 - REVENUES:
Three month period ended Year ended December 31,
March 31,
2023 2022 2022
U.S. $ in thousands
Unaudited
Revenues arise from:
Sale of goods* 8,284 9.135 34,618
Rendering of services** 1,465 1,713 8,334
Projects** 1,536 328 3,318
11,285 11,176 46,270
(*) at the point in time
(**) over time
Note 4 - operating SEGMENTS:
The following tables present revenue and profit information regarding the
Group's operating segments for the three month period ended March 31, 2023 and
2022 respectively and for the year ended December 31, 2022.
Three month period ended March 31, 2023 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 2,945 4,509 3,831 - 11,285
Internal - - 88 (88) -
Total 2,945 4,509 3,919 (88) 11,285
Segment profit (loss) 117 493 336 119 1,065
Finance expense (income), net (50)
Tax expenses 233
Profit 882
March 31, 2023:
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 16,746 10,685 11,090 - 38,521
Unallocated assets 2,475
Segment liabilities 4,417 2,415 4,649 - 11,481
Unallocated liabilities 613
Note 4 - operating SEGMENTS (CONT.):
Three month period ended March 31, 2022 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 2,728 4,258 4,190 - 11,176
Internal - - 49 (49) -
Total 2,728 4,258 4,239 (49) 11,176
Segment profit (loss) (132) 396 742 25 1,031
Finance expense, net 63
Tax expenses 164
Profit 804
March 31, 2022:
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 13,770 11,892 12,020 - 37,682
Unallocated assets 3,419
Segment liabilities 3,558 4,804 6,193 - 14,555
Unallocated liabilities 1,145
Year ended December 31, 2022
Antennas Water Solutions Distribution & Consultation Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 11,627 18,196 16,447 - 46,270
Inter-segment - - 215 (215) -
Total 11,627 18,196 16,662 (215) 46,270
Segment profit 337 1,838 2,321 96 4,592
Finance expense, net 275
Tax expenses 468
Profit 3,849
Note 4 - operating SEGMENTS (CONT.):
December 31, 2022:
Antennas Water Solutions Distribution & Consultation Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 14,848 11,834 11,272 - 37,954
Unallocated assets 2,503
Segment liabilities 2,627 3,881 5,098 - 11,606
Unallocated liabilities 813
Note 5 - SIGNIFICANT EVENTS:
A. On March 12, 2023, the Board of directors declared a cash dividend of 3.0
US cents per share, representing approximately $2,656,000, in total. This
dividend was paid on April 6, 2023 to shareholders on the register at the
close of trading on March 24, 2023 (ex-dividend on March 23, 2023).
B. On January 24, 2019, the Company announced a share repurchase program
to conduct market purchases of ordinary shares of par value 0.01 Israeli
Shekels each ("Ordinary Shares") in the Company up to a maximum value of
£150,000 (the "Programme"). Thereafter, the board of directors of the Company
and the board of directors of MTI Engineering decided to continue with the
Programme for several further periods. On March 14, 2023, the Company
announced that it would extend the Programme until March 31, 2024, with the
Programme having an increased maximum value of up to £200,000 and with the
Programme being managed by Shore Capital Stockbrokers Limited pursuant to the
terms as announced. As at March 31, 2023, no Ordinary Shares were held in
treasury under the Programme but on May 2, 2023 the Company purchased 100,000
Ordinary Shares that are held in treasury.
C. On March 14, 2023 at the Company's annual general meeting, Mr. Michael
Yehezkel Karo was elected as an independent non-executive director.
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