REG - MTI Wireless Edge - Results for the nine months to 30 September 2021
15/11/2021 07:05
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RNS Number : 3022S MTI Wireless Edge Limited 15 November 2021
15 November 2021
MTI Wireless Edge Ltd
("MTI", the "Company" or the "Group")
Financial Results for the nine months ended 30 September 2021
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 2021 (the "Period").
Financial highlights - nine months to 30 September 2021
· Demand across all three divisions led to revenue growth of 8% to
$32.1m (nine months to 30 September 2020: $29.7m)
· Leading to increased profitability with profit from operations up
11% to $3.33m (nine months to 30 September 2020: $2.99m)
· Earnings per share increased by 11% to 2.95 US cents (nine months to
30 September 2020: 2.65 US cents)
· Cash flow from operations improved by 15% to $3.2m (nine months to
30 September 2020:$2.8m)
· Group remains ungeared with net cash of $9.3m as at 30 September
2021 (30 September 2020: $8.4m)
· Final dividend to be confirmed in Full Year 2021 results
announcement (expected to be announced in March 2022)
Operational highlights
· Demand continued to grow for 5G backhaul antenna solutions and
antennas for RFID, resulting in revenue growth in the antenna division,
leading to all three divisions of the business growing year on year in the
Period.
· Although it is still in early stages of adoption of the technology,
the Group saw over 30% revenue growth from 5G antennas year on year, which is
testimony to the positioning of MTI's solutions with leading radio
manufacturers.
· This trend, coupled with the recovery in the RFID sub-segment, led to
a change in the Group's commercial antenna revenue breakdown. For the first
time the RFID and 5G sub-segments combined accounted for the majority of the
Group's commercial antenna revenue. This is viewed as an important step for
the Group's future potential growth.
· Mottech continued to perform well, recording steady growth across
its main markets of agricultural irrigation, landscape irrigation and water
distribution, with a good response from the customers of its newly opened
office in Canada.
· MTI Summit has had a strong Period and is well positioned going
forward, especially following a new strategic agreement signed in September,
where a long-term defence client made MTI Summit its primary supplier and it
is expected that this will increase the client's order levels above the $4m
per annum level of recent years.
· After a short pause MTI Summit's tethered balloon project
recommenced in October and should generate growing revenues going forward.
Moni Borovitz, Chief Executive Officer of MTI Wireless Edge, said:
"This was another positive quarter for the Group, leading to an 11% increase
in profitability for the first nine months, and I believe that we are well
placed to achieve a good result for the full year. Operationally we are close
to normal now, with nearly all of our markets functioning as they did
pre-pandemic, but travel limitations and the availability and cost of
shipment continue to be part of our challenges as part of the "new normal". In
the third quarter we saw a lower gross margin rate due to our product mix,
shipment costs and strengthening of the Israeli currency against the USD and
the Euro, but these factors were offset due to the economies of scale achieved
from the additional revenues in the Period, enabling us to increase our
operational profitability. The financial base of the Company remains strong
with a high level of cash generation, no debt and cash balances of $9.3
million."
"Sales of 5G and RFID antenna solutions, being our key growth engines in the
antenna division, have overtaken, for the first time, our Fixed Broadband
Wireless Application (FBWA) antenna sales. By far the majority of industry's
investment in 5G is still to come and so the opportunity remains significant
for us and we continue to be well placed with the antenna division being a key
supplier to the major mobile network radio manufacturers."
"In September, MTI Summit announced a new strategic agreement with a large,
long-term defence customer. Reflecting the trust built up over time, the
agreement enables the client to place orders without the need for individual
quotations, thus significantly speeding up all interaction and making the
whole ordering process substantially more efficient."
"One fifth of the world's population live under conditions of water scarcity
and the issue is getting worse. Governments globally are responding and
solutions like Mottech's, which typically save 35% of the volume of water
previously used, are gaining traction across all of our target markets."
"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."
Moni Borovitz, Chief Executive Officer, will provide a live investor
presentation relating to the financial results for the nine-month period ended
30 September 2021 via the Investor Meet Company ("IMC") platform today at
10.00 am UK time.
Investors can sign up for free via:
https://www.investormeetcompany.com/mti-wireless-edge-ltd/register-investor
(https://www.investormeetcompany.com/mti-wireless-edge-ltd/register-investor)
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)
Amrit Nahal/David Johnson (Sales and Corporate Broking)
Peterhouse Capital Limited (Joint Broker) +44 20 7469 0930
Lucy Williams/Eran Zucker
Novella (Financial PR)
Tim Robertson/Fergus Young +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 90 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 WiMAX, Broadband access, public
safety, RFID, base stations 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 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, while reducing
operational and maintenance costs. 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.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
Nine month period ended Year ended December 31,
September 30,
2021 2020 2020
U.S. $ in thousands
Unaudited
Revenues 32,062 29,661 40,893
Cost of sales 22,108 20,115 27,816
Gross profit 9,954 9,546 13,077
Research and development expenses 725 666 1,029
Distribution expenses 2,647 2,698 3,579
General and administrative expenses 3,270 3,185 4,379
Loss (profit) from sale of property, plant and equipment (16) (13) 14
Profit from operations 3,328 2,984 4,076
Finance expenses 252 193 275
Finance income (30) (112) (255)
Profit before income tax 3,106 2,903 4,056
Tax expenses 406 451 564
Profit 2,700 2,452 3,492
Other comprehensive income (loss) net of tax:
Items that will not be reclassified to profit or loss:
Re-measurement of defined benefit plans - - 42
Items that may be reclassified to profit or loss:
Adjustment arising from translation of financial statements of foreign (106) (65) 253
operations
Total other comprehensive income (loss) (106) (65) 295
Total comprehensive income 2,594 2,387 3,787
Profit attributable to:
Owners of the parent 2,612 2,327 3,373
Non-controlling interests 88 125 119
2,700 2,452 3,492
Total comprehensive income attributable to:
Owners of the parent 2,506 2,262 3,668
Non-controlling interests 88 125 119
2,594 2,387 3,787
Earnings per share (dollars)
Basic 0.0295 0.0265 0.0383
Diluted 0.0295 0.0265 0.0383
Weighted average number of shares outstanding
Basic 88,516,849 87,942,826 88,093,025
Diluted 88,516,849 87,942,826 88,093,025
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, 2021 (Unaudited):
Attributed to owners of the parent
Share capital Additional paid-in capital Capital reserve Translation differences Retained earnings Total attributable to owners of the parent Non-controlling interest Total equity
for share-based
payment
transactions
U.S. $ in thousands
Balance at January 1, 2021 209 23,167 - 191 999 24,566 987 25,553
Changes during the nine month period
ended September 30, 2021:
Comprehensive income
Profit for the period - - - - 2,612 2,612 88 2,700
Other comprehensive loss
Translation differences - - - (106) - (106) - (106)
Total comprehensive income (loss) for the period - - - (106) 2,612 2,506 88 2,594
Profit from acquisition of treasury shares (note 5B) - 5 - - - 5 - 5
Dividend - - - - (2,213) (2,213) - (2,213)
Balance at September 30, 2021 209 23,172 - 85 1,398 24,864 1,075 25,939
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, 2020 (Unaudited):
Attributed to owners of the parent
Share capital Additional paid-in capital Capital reserve Translation differences Accumulated losses Total attributable to owners of the parent Non-controlling interest Total equity
for share-based
payment
transactions
U.S. $ in thousands
Balance at January 1, 2020 207 22,868 52 (62) (658) 22,407 883 23,290
Changes during the nine month period
ended September 30, 2020:
Comprehensive income
Profit for the period - - - - 2,327 2,327 125 2,452
Other comprehensive loss
Translation differences - - - (65) - (65) - (65)
Total comprehensive income (loss) for the period - - - (65) 2,327 2,262 125 2,387
Dividend - - - - (1,758) (1,758) - (1,758)
Exercise of options to share capital 2 306 (54) - - 254 - 254
Profit from acquisition and disposal of treasury shares - 8 - - - 8 - 8
Acquisition of the non-controlling interest in subsidiary - (15) - - - (15) (15) (30)
Share based payment - - 2 - - 2 - 2
Balance at September 30, 2020 209 23,167 - (127) (89) 23,160 993 24,153
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, 2020 :
Attributable to owners of the parent
Share capital Additional paid-in capital Capital Reserve from share-based payment transactions Translation differences Accumulated losses Total attributable to owners of the parent Non-controlling interests Total equity
U.S. $ in thousands
Balance as at January 1, 2020 207 22,868 52 (62) (658) 22,407 883 23,290
Changes during 2020:
Comprehensive income
Profit for the year - - - - 3,373 3,373 119 3,492
Other comprehensive income
Re measurements on defined benefit plans - - - - 42 42 - 42
Translation differences - - - 253 - 253 - 253
Total comprehensive income for the year - - - 253 3,415 3,668 119 3,787
Dividend - - - - (1,758) (1,758) - (1,758)
Exercise of options to share capital 2 306 (54) - - 254 - 254
Acquisition of the non-controlling interest in subsidiary - (15) - - - (15) (15) (30)
Profit from acquisition and disposal of treasury shares - 8 - - - 8 - 8
Share based payment - - 2 - - 2 - 2
Balance as at December 31, 2020 209 23,167 - 191 999 24,566 987 25,553
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
30.09.2021 30.09.2020 31.12.2020
U.S. $ in thousands
Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 9,323 8,393 9,577
Trade and other receivables 11,168 9,651 10,653
Unbilled revenue 2,700 3,059 2,318
Current tax receivables 482 547 557
Inventories 5,985 5,611 6,399
29,658 27,261 29,509
NON-CURRENT ASSETS:
Long term prepaid expenses 38 44 44
Property, plant and equipment 5,570 4,921 4,818
Deferred tax assets 744 649 696
Intangible assets 1,027 1,077 1,065
7,379 6,691 6,623
Total assets 37,037 33,952 36,132
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
30.09.2021 30.09.2020 31.12.2020
U.S. $ In thousands
Unaudited
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short term bank credit and loans 20 162 105
Trade payables 5,282 4,283 5,098
Other accounts payable 4,425 3,987 4,094
Current tax payables 82 238 213
9,809 8,670 9,510
NON- CURRENT LIABILITIES:
Contingent consideration - 47 51
Lease liabilities 438 195 155
Loans from banks, net of current maturities 17 48 37
Employee benefits, net 834 839 826
1,289 1,129 1,069
Total liabilities 11,156 9,799 10,579
EQUITY
Equity attributable to owners of the parent
Share capital 209 209 209
Additional paid-in capital 23,172 23,167 23,167
Translation differences 85 (127) 191
Retained earnings 1,398 (89) 999
24,864 23,160 24,566
Non-controlling interest 1,075 993 987
Total equity 25,939 24,153 25,553
Total equity and liabilities 37,037 33,952 36,132
November 14, 2021
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.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Nine month period ended Year ended December 31,
September 30,
2021 2020 2020
U.S. $ in thousands
Unaudited
Cash Flows from Operating Activities:
Profit for the period 2,700 2,452 3,492
Adjustments for:
Depreciation and amortization 702 781 1,009
Loss from sale of property, plant and equipment 47 13 13
Equity settled share-based payment expense - 2 2
Finance expenses, net 24 56 69
Tax expenses 406 451 564
Changes in operating assets and liabilities:
Decrease (increase) in inventories 357 60 (557)
Decrease (increase) in trade receivables (15) 57 (1,053)
Decrease (increase) Increase in unbilled revenues (382) 79 548
Decrease (increase) in other accounts receivables (492) (193) 255
Increase (decrease) in trade and other accounts payables 376 (665) 140
Increase (decrease) in employee benefits, net 8 (4) 25
Cash from operations 3,731 3,089 4,507
Interest received 3 23 28
Interest paid (30) (33) (43)
Income tax paid (511) (306) (494)
Net cash provided by operating activities 3,193 2,773 3,998
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS (cont.)
Nine month period ended Year ended December 31,
September 30,
2021 2020 2020
U.S. $ in thousands
Unaudited
Cash Flows From Investing Activities:
Proceeds from sale of property, plant and equipment 77 28 28
Payment of contingent consideration regarding business acquisition (54) - -
changes in contingent consideration regarding business acquisition - (22) (21)
Purchase of property, plant and equipment (766) (363) (454)
Net cash used in investing activities (743) (357) (447)
Cash Flows From Financing Activities:
Dividend (2,213) (1,758) (1,758)
Payments of lease liabilities (324) (376) (493)
Treasury shares acquired 5 (155) (155)
Treasury shares sold - 163 163
Exercise of share options - 254 254
Acquisition of the non-controlling interest in subsidiary - (30) (30)
Repayment of long-term loans from banks (111) (234) (308)
Net cash used in financing activities (2,643) (2,136) (2,327)
Increase in cash and cash equivalents during the period (193) 280 1,224
Cash and cash equivalents at the beginning of the period 9,577 8,140 8,140
Exchange differences on balances of cash and cash equivalents (61) (27) 213
Cash and cash equivalents at the end of the period 9,323 8,393 9,577
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 trading 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 and Microwave, including engineering
services in the field of aerostat systems and system engineering services.
In these financial statements, the Company included the results of its
aerostat system division in its representation and consulting services
division, as it deems this appropriate given the nature of the consulting
services provided in both segments and the respective size of these segments.
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, 2020 was approved by the board on February 28, 2021. The report
of the auditors on those financial statements was unqualified.
The interim consolidated financial statements as of September 30, 2021 have
not been audited.
The interim consolidated financial information should be read in conjunction
with the annual financial statements as of December 31, 2020 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,
2020 are applied consistently in these interim consolidated financial
statements.
Note 3 - REVENUES:
Nine month period ended Year ended December 31,
September 30,
2021 2020 2020
U.S. $ in thousands
Unaudited
Revenues arise from:
Sale of goods* 26,484 24,888 33,788
Rendering of services** 3,900 3,077 4,863
Projects** 1,678 1,696 2,242
32,062 29,661 40,893
(*) at the point of 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, 2021
and 2020 respectively and for the year ended December 31, 2020.
Nine month period ended September 30, 2021 (Unaudited)
Antennas Water Solutions Distribution & Consultation Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 8,591 13,049 10,422 - 32,062
Internal - - 105 (105) -
Total 8,591 13,049 10,527 (105) 32,062
Segment profit 425 1,417 1,297 189 3,328
Finance expense, net 222
Tax expenses 406
Profit 2,700
As of September 30, 2021
Antennas Water Solutions Distribution & Consultation Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 15,069 10,894 8,307 - 34,270
Unallocated assets 2,825
Segment liabilities 3,169 3,926 3,130 - 10,225
Unallocated liabilities 931
Note 4- operating SEGMENTS (CONT.):
Nine month period ended September 30, 2020 (Unaudited)
Antennas Water Solutions Distribution & Consultation Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 8,534 12,172 8,955 - 29,661
Internal - - 105 (105) -
Total 8,534 12,172 9,060 (105) 29,661
Segment profit 61 1,516 1,230 177 2,984
Finance expense, net 81
Tax expenses 451
Profit 2,452
As of September 30, 2020
Antennas Water Solutions Distribution & Consultation Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 13,791 10,148 6,881 - 30,820
Unallocated assets 3,132
Segment liabilities 3,035 2,740 3,407 - 9,182
Unallocated liabilities 617
Year ended December 31, 2020
Antennas Water Solutions Distribution & Consultation Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 11,187 16,121 13,585 - 40,893
Inter-segment - - 144 (144) -
Total 11,187 16,121 13,729 (144) 40,893
Segment profit 158 1,928 1,614 376 4,076
Finance expense, net 20
Tax expenses 564
Profit 3,492
Note 4- operating SEGMENTS (CONT.):
Year ended December 31, 2020
Antennas Water Solutions Distribution & Consultation Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 14,531 11,194 8,429 - 34,154
Unallocated assets 1,978
Segment liabilities 3,511 3,133 3,621 - 10,265
Unallocated liabilities 314
Note 5 - SIGNIFICANT EVENTS:
A. On 28 February 2021, the Board of directors declared a cash dividend of
2.5 US cents per share, representing approximately $2,213,000, in total. This
dividend was paid on 31 March 2021 to shareholders on the register at the
close of trading on 19 March 2021.
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"). On 15 August 2021, the Company's board of directors and the
board of directors of MTI Engineering decided to continue with the Programme
until end of August 2022. As at 30 September 2021, 50,000 Ordinary Shares were
held in treasury under the Programme.
C. On 4 February 2021, the Company's subsidiary Mottech Water Solutions
Ltd registered and opened a wholly-owned subsidiary in Canada and is working
on establishing its activities in Canada.
D. The effects of the COVID-19 outbreak on the Company and Business
Continuity in 2020 was disclosed in the 2020 annual report in note 26c. Since
the beginning of 2021 and until the date of this report the Company was able
to maintain good levels of operation using remote work procedures and a
sufficient level of production in its production facilities while assuring the
health of its employees.
All aspects of the Group's supply chain are working slower, and the Company's
industry has been affected on the operational level, along with the rest of
the world economy as it faces the risk of a global recession where the ability
to predict the timing of a recovery is uncertain.
The introduction of vaccines, and their fast adoption in Israel and
consequences, does provide hope that a worldwide recovery will start in the
near term, but there is still uncertainty regarding the duration for which
vaccines will be efficacious and the level of protection they provide against
new variants of COVID-19. This, together with the uncertainty of the level of
the global economic slowdown, its duration and its medium to long term effects
creates challenges, but the Company believes that if there is no further
deterioration in the situation, its financial strength and business stability
will allow it to navigate through this.
E. On 19 April 2021 at an extraordinary shareholders meeting, Mrs. Lihi
Elimelech Bechor was re-elected as an external director for another three year
term.
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