Business
Annual Financial Report
Annual Financial Report.
About this update from Mti Wireless Edge Ltd
[{"type":"text","content":"\n RNS Number : 7123H MTI Wireless Edge Limited 26 February 2010 \n \n\nMTI WIRELESS EDGE LTD\n AUDTED FINANCIAL RESULTS FOR THE YEAR ENDED \n 31 DECEMBER 2009\n \nMTI Wireless Edge Ltd., (ticker: MWE) ('MTI' or 'the Company'), a market leader in the manufacture of flat panel antennas for fixed wireless broadband, today announces its audited full year results for the year ended 31 December 2009.\n \n2009 Highlights\n \n· Revenues decreased by 25% to $13.5m (2008: $17.9m).\n \n· Gross profit down 27% to $4.7m (2008: $6.4m).\n \n· Company ended 2009 with minor operating profit of $0.1m (2007: $0.9m).\n \n· Breakeven in 2009 compared with net Profit of $1m in 2008, representing EPS of 0.03c compared with 1.89c in previous year. \n \n· Net cash generated from continuing operations reached $1.1m.\n \n· Net cash, cash equivalents and marketable securities at the year end of $13.5m, equivalent to 17pence per share.\n \n· Indian facility became operational profitable during 2009. \n \nDov Feiner, CEO of MTI Wireless Edge, commented: \"In line with the global economy, 2009 proved to be a very challenging year for MTI. I am pleased to report that the management team reacted quickly to the changes in our markets and put in place measures which ensured that we were cash flow positive for the year, from an operational perspective.\n \n\"We remain extremely confident in the long term future of our position in our chosen markets. With continued investment in R&D and Marketing, we have maintained our leadership position throughout this downturn, including some imminent new product launches, which put us in an excellent position to benefit when the economy recovers.\n \n\"Our Indian facility, in its first full year, provided us with significant cost savings as well as a strong local presence in an increasingly important market. Although visibility remains unclear and conditions difficult, we believe that the Company is well placed for long term growth and, though it is very early days, 2010 so far is in line with budget.\" \n \nContacts:\n \n\n\n\n\nMTI Wireless Edge\nDov Feiner, C...