REG - MTI Wireless Edge - Q3 2023 Financial Results
20/11/2023 07:00
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RNS Number : 8982T MTI Wireless Edge Limited 20 November 2023
20 November 2023
MTI Wireless Edge Ltd
("MTI", the "Company" or the "Group")
Q3 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 nine-month
period ended 30 September 2023 (the "Period").
Financial highlights
· Revenue for the Period of $33.7m (nine months to 30 September 2022:
$34.8m). On a constant currency basis this represents an increase of 1% over
the same period last year
· 6% improvement in profit before tax to $3.4m (nine months to 30
September 2022: $3.2m), helped by positive currency movements and margin
improvement
· 9% improvement in earnings per share to 3.25 US cents (nine months to
30 September 2022: 2.99 US cents)
· Company remains virtually ungeared with net cash of $6.4m as at 30
September 2023 (30 September 2022: $5.2m)
· Final dividend anticipated to be declared alongside MTI's full year
results which will be announced during the first quarter of 2024
Operational highlights
· A stable performance with the Company remaining well placed for the
rest of the year and into 2024
· Antenna division recorded good growth, driven by military and RFID
sales
o Demand for military antennas globally is strong and is expected by the
Company to continue to grow
o India remains a key market for 5G sales, with recent wins demonstrating
the technical strength of the Company's 5G backhaul solution
· Mottech delivered a solid performance during the first nine months of
the year
o Good contribution to the Group, helped by improved margins following
successful price increases and positive exchange rates from the international
businesses
o Israeli market remains firm, growing in NIS terms but, given the NIS/US$
foreign exchange effects, remained flat in the year
o Growth coming through from France and Italy
o Pipeline for Q4 2023 looks promising to support a good end to the year and
start to 2024
· MTI Summit affected by a slightly slower order rate, but its pipeline
is positive
o The division has seen a slight slowdown in order rate which has impacted
sales in the period
o PSK continues to grow and returned to profitability in the third quarter,
although the first nine months of the year still showed a minor loss, as it
suffered from delays to key projects in Q2
o Overall, MTI Summit remains well placed to deliver a good result for the
year and is likely to benefit from increased government spend in Q4
Moni Borovitz, Chief Executive Officer of MTI Wireless Edge, said:
"The business continues to perform well despite the tragic events on 7 October
2023 and the subsequent war. Several of our employees have been called up for
military service and a number of others that survived the terrible events have
had to leave the attacked area (where they lived) and are still not able to
live a normal life. This, together with the overall sadness and turmoil, has
had some effect in reducing the Company's labour resources. At the same time,
there is high motivation and solidarity in the country as well as in the
workplace, resembling to some extent the beginning of the COVID era where
people worked long hours and adapted their working practices. As announced in
July 2022 we are engaged, in part of our business, in a service contract
with the Israeli Government and we are currently working very long hours under
this agreement, supporting the needs of the country and compensating for the
lost hours elsewhere. As a result, overall demand for our services in Israel
is largely unchanged. Our internal infrastructure is unaffected and we
continue to import and export goods as normal. 40% of MTI's employees reside
outside of Israel where all the Company's international operations are running
and performing normally.
"The business is further supported by a strong balance sheet with $6.4m in net
cash at the end of September 2023. Q3 results were impacted adversely by
currency movements, especially the 9% decrease in NIS against the US$ from the
beginning of the year, at the revenue level but those same currency changes
had a positive impact on profitability, resulting in an overall positive
performance for the first nine months of the year.
"Q4 has begun well with good opportunities visible in all divisions of the
Group, part of which is related to the increased spending by the Israeli
Government for services from both our Antenna and MTI Summit divisions. I
believe that the Company is therefore well placed to weather the current
challenges and, in the absence of unforeseen geopolitical developments, to
continue to grow."
For further information please contact:
MTI Wireless Edge Ltd +972 3 900 8900
Moni Borovitz, CEO http://www.mtiwirelessedge.com (http://www.mtiwirelessedge.com)
Allenby Capital Limited (Nomad and Joint Broker) +44 20 3328 5656
Nick Naylor/Alex Brearley/Piers Shimwell (Corporate Finance)
Guy McDougall/Amrit Nahal (Sales and Corporate Broking)
Shore Capital (Joint Broker) +44 20 7408 4090
Toby Gibbs/ Rachel Goldstein (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 internationally recognised as a producer of commercial off-the-Shelf
and custom-developed antenna solutions in a broad frequency range of HF to 170
GHz for commercial, RFID and military applications. MTI continuously invests
in ground breaking technologies, explores new frequencies, and devises
innovative solutions which empower our wireless communication customers with
cutting-edge off-the-shelf and custom-made antennas.
We are at the forefront of technology and innovation, being the first to
introduce Dual Band parabolic antennas, E Band Automatic Beam Steering
antennas, E Band FCC compliant flat antennas, and more.
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
Nine month period ended Year ended December 31,
September 30,
2023 2022 2022
U.S. $ in thousands
(Except per share data)
Unaudited
Revenues 33,724 34,783 46,270
Cost of sales 22,815 23,927 31,680
Gross profit 10,909 10,856 14,590
Research and development expenses 794 789 1,077
Distribution expenses 2,814 2,855 3,924
General and administrative expenses 3,757 3,719 4,998
Loss (profit) from sale of property, plant and equipment (8) 8 1
Profit from operations 3,552 3,485 4,592
Finance expenses 245 350 385
Finance income (116) (108) (110)
Profit before income tax 3,423 3,243 4,317
Tax expenses 569 505 468
Profit 2,854 2,738 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 (288) (365) (422)
operations
Total other comprehensive income (loss) (288) (365) (295)
Total comprehensive income 2,566 2,373 3,554
Profit attributable to:
Owners of the parent 2,868 2,643 3,721
Non-controlling interests (14) 95 128
2,854 2,738 3,849
Total comprehensive income attributable to:
Owners of the parent 2,580 2,278 3,426
Non-controlling interests (14) 95 128
2,566 2,373 3,554
Earnings per share (dollars)
Basic and Diluted (dollars per share) 0.0325 0.0299 0.0421
Weighted average number of shares outstanding
Basic and Diluted 88,332,198 88,494,239 88,444,356
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY
For the nine month period ended September 30, 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 nine month period
ended September 30, 2023:
Comprehensive income
Profit for the period - - - 2,868 2,868 (14) 2,854
Other comprehensive income
Translation differences - - (288) - (288) - (288)
Total comprehensive income for the period - - (288) 2,868 2,580 (14) 2,566
Acquisition and disposal of treasury shares * (27) - - (27) - (27)
Dividend - - - (2,656) (2,656) - (2,656)
Acquisition of a non-controlling interest in subsidiary - - - - - (45) (45)
Balance at September 30, 2023 209 23,051 (538) 3,987 26,709 1,167 27,876
(*) Less than US$ 1 thousand
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY (CONT.)
For the nine month period ended September 30, 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 nine-month period
ended September 30, 2022:
Comprehensive income
Profit for the period - - - 2,643 2,643 95 2,738
Other comprehensive income
Translation differences - - (365) - (365) - (365)
Total comprehensive income for the period - - (365) 2,643 2,278 95 2,373
Acquisition and disposal of treasury shares - (87) - - (87) - (87)
Dividend - - - (2,479) (2,479) - (2,479)
Balance at September 30, 2022 209 23,039 (193) 2,570 25,625 1,193 26,818
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
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 - (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
30.09.2023 30.09.2022 31.12.2022
U.S. $ in thousands
Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 6,655 5,280 8,279
Trade and other receivables 11,697 13,798 11,035
Unbilled revenue 4,407 2,760 2,204
Current tax receivables 409 444 549
Inventories 7,365 6,745 7,757
30,533 29,027 29,824
NON-CURRENT ASSETS:
Long term prepaid expenses 39 40 39
Property, plant and equipment 4,987 5,801 5,573
Deferred tax assets 1,072 1,113 1,163
Intangible assets 3,739 3,928 3,858
9,837 10,882 10,633
Total assets 40,370 39,909 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
30.09.2023 30.09.2022 31.12.2022
U.S. $ In thousands
Unaudited
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short term bank credit and loans 198 17 43
Trade payables 5,684 6,080 5,739
Other accounts payable 3,817 3,827 3,627
Current tax payables 422 439 425
10,121 10,363 9,834
NON- CURRENT LIABILITIES:
Liability to purchase shares of subsidiary 1,432 1,432 1,432
Lease liabilities 150 401 303
Loans from banks, net of current maturities 52 37 98
Employee benefits, net 739 858 752
2,373 2,728 2,585
Total liabilities 12,494 13,091 12,419
EQUITY
Equity attributable to owners of the parent
Share capital 209 209 209
Additional paid-in capital 23,051 23,039 23,078
Translation differences (538) (193) (250)
Retained earnings 3,987 2,570 3,775
26,709 25,625 26,812
Non-controlling interest 1,167 1,193 1,226
Total equity 27,876 26,818 28,038
Total equity and liabilities 40,370 39,909 40,457
November 19, 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
Nine month period ended Year ended December 31,
September 30,
2023 2022 2022
U.S. $ in thousands
Unaudited
Cash Flows from Operating Activities:
Profit for the period 2,854 2,378 3,849
Adjustments for:
Depreciation and amortization 956 1,090 1,466
Loss (Gain) from sale of property, plant and equipment (6) - (1)
Finance (income) expenses, net (86) (95) (82)
Tax expenses 569 505 468
Changes in operating assets and liabilities:
Decrease (increase) in inventories 258 (35) (951)
Decrease (increase) in trade receivables (830) (2,607) (63)
Decrease (increase) in other accounts receivables (191) (440) (1,134)
Decrease (increase) in unbilled revenues (2,129) 34 590
Increase (decrease) in trade and other accounts payables 517 172 572
Increase (decrease) in employee benefits, net (13) (114) (93)
Cash from operations 1,899 1,248 4,621
Interest received 46 - -
Interest paid (23) (41) (52)
Income tax paid (344) (848) (978)
Net cash provided by operating activities 1,578 359 3,591
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS (cont.)
Nine month period ended Year ended December 31,
September 30,
2023 2022 2022
U.S. $ in thousands
Unaudited
Cash Flows From Investing Activities:
Proceeds from sale of property, plant and equipment 39 - 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 (229) (421) (552)
Net cash used in investing activities (190) (4,633) (4,749)
Cash Flows From Financing Activities:
Dividend (2,656) (2,479) (2,479)
Payments of lease liabilities (328) (429) (560)
Treasury shares acquired (362) (87) (118)
Short-term loans and credit line received from banks 136 34 -
Treasury shares sold 335 - 70
Acquisition of the non-controlling interest in subsidiary (45) - -
Repayment of long-term loans from banks (10) (7) 118
Net cash used in financing activities (2,930) (2,968) (2,969)
(Decrease)/Increase in cash and cash equivalents during the period (1,542) (7,242) (4,127)
Cash and cash equivalents at the beginning of the period 8,279 12,567 12,567
Exchange differences on balances of cash and cash equivalents (82) (45) (161)
Cash and cash equivalents at the end of the period 6,655 5,280 8,279
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). The 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 September 30, 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:
Nine month period ended Year ended December 31,
September 30,
2023 2022 2022
U.S. $ in thousands
Unaudited
Revenues arise from:
Sale of goods* 23,630 26,573 34,618
Rendering of services** 5,189 5,603 8,334
Projects** 4,905 2,607 3,318
33,724 34,783 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 nine month period ended September 30, 2023
and 2022 respectively and for the year ended December 31, 2022.
Nine month period ended September 30, 2023 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 8,917 13,006 11,801 - 33,274
Internal - - 201 (201) -
Total 8,917 13,006 12,002 (201) 33,724
Segment profit (loss) 560 1,457 1,230 305 3,552
Finance expense (income), net 129
Tax expenses 569
Profit 2,854
September 30, 2023 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 15,136 11,263 11,532 - 37,931
Unallocated assets 2,439
Segment liabilities 3,834 3,707 4,460 - 12,001
Unallocated liabilities 493
Note 4 - operating SEGMENTS (CONT.):
Nine month period ended September 30, 2022 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 8,627 13,743 12,413 - 34,783
Internal - - 252 (252) -
Total 8,627 13,743 12,665 (252) 34,783
Segment profit 254 1,282 1,814 135 3,485
Finance expense, net 242
Tax expenses 505
Profit 2,738
September 30, 2022 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 14,923 11,805 10,650 - 37,378
Unallocated assets 2,531
Segment liabilities 3,070 4,316 4,762 - 12,147
Unallocated liabilities 944
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 24 January, 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 14 March, 2023, the Company
announced that it would extend the Programme until 31 March, 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 30 September 2023 and as at 19 November 2023,
200,000 and 350,000 Ordinary Shares, respectively, were held in treasury under
the Programme.
C. On 14 March, 2023 at the Company's annual general meeting, Mr. Michael
Yehezkel Karo was elected as an independent non-executive director.
D. On 11 July, 2023 the Company acquired minority holdings in Ginat for an
insignificant amount and now holds 100% of the company.
E. On 19 July, 2023 the Company completed the registration of its fully
owned subsidiary, MTI Wireless Communication India Private Limited, in India
in order to support local demand in the market.
Note 6 - SUBSEQUENT EVENTS:
A. On 7 October, 2023 Israel was attacked by the Hamas terror organization
leading to war. The war has led to a slowdown in the Israeli economy and if
war continues for a prolonged period then it may begin to impact the Company.
The wide usage of military reserve personnel, adverse foreign currency
exchange rates and restrictions on access to certain areas in Israel are risks
which may affect the Company from a prolonged period of war. As of the date of
this report, and to the best of the Company's knowledge, the war has not had a
significant effect on it. The Company continues to review the effects of the
war on its trading as it believes that if the war continues for a long period
of time then the overall Israeli economy will be effected, and factors
including the lack of available manpower, interest rates and foreign currency
exchange rates may have an impact on its trading.
B. On 19 November, 2023 the remuneration committee and the board of
directors approved an option plan for the Company's shares ("Option Plan").
The Option Plan includes the authority to issue 2,000,000 options (2.2% of the
Company's issued share capital on fully diluted basis) with the following
terms:
1. Each option can be exercised into one ordinary share of the
Company at a price of 40p being 25% above the share price at the date
preceding this announcement and 17% above the average share price in the last
30 days.
2. The vesting of the options will be 50% after two years, 25%
after three years and 25% after four years with expiration after six years
from issuance.
3. The economic value of the options based on a Black-Scholes
calculation is US$259,000 for the total 2 million options approved by the
board of directors.
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