REG - MTI Wireless Edge - Results for the nine months to 30 September 2017 <Origin Href="QuoteRef">MWEE.L</Origin> - Part 2

MTI Wireless EdgeAnnouncement

09/11/2017 07:12

- Part 2: For the preceding part double click  ID:nRSI9840Va 

                 (252)   
                                                                                                             
 Profit before income tax                                                                            763     
                                                                                                             
 Other                                                                                                       
 Depreciation and amortization                             347                    38                 385     
                                                                                                             
 
 
347 
 
38 
 
385 
 
Note 3- operating SEGMENTS (CONT.): 
 
 Year ended December 31, 2016                           
                                   Antennas               Water Solutions    Total   
                                   U.S. $ in thousands  
 Revenue                                                                             
 External                          11,427                 11,849             23,276  
                                                                                     
 Total                             11,427                 11,849             23,276  
                                                                                     
                                                                                     
 Segment profit (loss)             (108)                  1,591              1,483   
                                                                                     
 Unallocated corporate expenses                                                      
                                                                                     
                                                                                     
 Finance expense, net                                                        (277)   
                                                                                     
 Profit before income tax                                                    1,206   
                                                                                     
 Other                                                                               
 Depreciation and amortization     591                    44                 635     
                                                                                     
 
 
44 
 
635 
 
Note 4-TRANSACTIONS AND BALANCES WITH RELATED PARTIES: 
 
The following transactions occurred with the Parent Company and other related
parties: 
 
                    Nine months periodended       September 30,    Year ended December 31,    
                    2017                                           2016                       2016  
                    U.S. $ in thousands                          
                    Unaudited                                                               
 Purchased Goods    151                                            221                        369   
 Management Fee     345                                            320                        428   
 Services Fee       194                                            187                        249   
 Leaseincome        (54)                                           (54)                       (72)  
                                                                                                        
 
 
Compensation of key management personnel of the Group: 
 
                                    Nine months periodended       September 30,    Year ended December 31,    
                                    2017                                           2016                       2016  
                                    U.S. $ in thousands                          
                                    Unaudited                                                               
 Short-term employee benefits *)    636                                            584                        810   
                                                                                                                    
                                                                                                                        
 
 
*) Including Management fees for the CEO, Directors, Executive Management and
other related parties. 
 
All Transactions were made at market value. 
 
Note 4 -TRANSACTIONS AND BALANCES WITH RELATED PARTIES (CONT.): 
 
Balances with related parties: 
 
                          As at                
                          30.09.2017             30.09.2016    31.12.2016  
                          U.S. $ in thousands  
                          Unaudited                          
 Other accounts payables  335                    113           207         
                                                                           
 
 
207 
 
Note 5 - SIGNIFICANT EVENTS: 
 
A.  During January, June and September 2017, employees exercised options over
822,500 ordinary shares in exchange for a total consideration of approximately
$101,000. 
 
B.   On April 4, 2017, the Company paid a dividend of 1 US cent per ordinary
share totaling approximately $235,000 and in addition 1,022,328 new ordinary
shares were issued to qualifying shareholders that chose the scrip dividend
alternative. 
 
C.   During June 2017 Mottech agreed to establish a joint venture company in
China ("Mottech China") with Omega Technologies LTD ("OTL"), which is an
existing third-party sales representative for Mottech's water irrigation
solutions in China. Mottech China will be 60% owned by Mottech. In addition to
supporting Mottech's activities, it is intended that Mottech China will also
sell additional third party products that are complementary to Mottech's
equipment which are currently being sold by OTL in China. 
 
This information is provided by RNS
The company news service from the London Stock Exchange