Business
Q1 Results
Q1 Results.
About this update from Mti Wireless Edge Ltd
[{"type":"text","content":"\n RNS Number : 9048R MTI Wireless Edge Limited 08 May 2009 \n \n8 May 2009\nMTI Wireless Edge Ltd ('MTI' or the 'Company')\nFinancial results for the three months ended 31 March 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 unaudited results for the three months ended 31 March 2009.\nHighlights\n\n\nRevenue decreased by 18% year on year to US$3.4m (Q1 2008: US$4.2m)\n\n\nQ1 operating profit of US$76,000\n\n\nGrowth in Military and RFID sectors\n\n\nCash balance and equivalents of US$13.4m as at 31 March 2009, similar to 31 December 2008\n\n\n\nDov Feiner, Chief Executive Officer, commented: \n'Results for the first quarter of 2009 have been disappointing in terms of both revenue and profit, however the Company still achieved an operating profit for the quarter despite difficult market conditions. With this in mind, the Board has continued to take a rigorous approach to cutting costs on all levels.\n'As commented at the full year results, the current economic climate combined with reduced telecommunications infrastructure spend has reduced the visibility of the forward order book. The Company has witnessed a softening in our key market of Fixed Broadband, however, we have seen good growth in our military division as well as growth in our RFID operations. \n'Although the short term visibility continues to be uncertain, we remain confident in the long term growth prospects of the Company. Whilst MTI continues to have a strong balance sheet, the Board considers it prudent to manage its cash position, which remained unchanged in the quarter, efficiently and will be reviewing its buy back policy.'\n Contacts:\nMTI Wireless Edge +972 3 900 8900\nDov Feiner, CEO\nMoni Borovitz, Financial D...