Business
Solitron Devices, Inc. Announces Preliminary Second Quarter and First Quarter Results
Solitron Devices, Inc. Announces Preliminary Second Quarter and First Quarter Results.
About this update from Solitron Devices, Inc.
[{"type":"text","content":"\n\n WEST PALM BEACH, Fla., Sept. 29, 2017 (GLOBE NEWSWIRE) -- Solitron Devices, Inc. (OTCBB:SODI) (“Solitron” or the “Company”) today announced an update on recent financial results and the status of its inventory adjustment.\n For the six-month period ended August 31, 2017 (unaudited) (first half of fiscal 2018): Sales were approximately $5.4 million in the first half of fiscal 2018 versus approximately $3.7 million in the first half of fiscal 2017.Bookings were approximately $2.9 million in the first half of fiscal 2018 versus approximately $2.3 million in the first half of fiscal 2017. For the quarter ended August 31, 2017 (unaudited) (second quarter of fiscal 2018): Sales were approximately $2.4 million in the second quarter of fiscal 2018 versus approximately $1.9 million in the second quarter of fiscal 2017.Bookings were approximately $1.7 million in the second quarter of fiscal 2018 versus approximately $1.8 million in the second quarter of fiscal 2017.Backlog was approximately $5.8 million at the end of the second quarter of fiscal 2018 versus approximately $4.5 million at the end of the second quarter of fiscal 2017.Total cash and securities was approximately $2.8 million at the end of the second quarter of fiscal 2018 versus approximately $3.6 million at the end of the second quarter of fiscal 2017.Accounts receivable was $1.5 million at the end of the second quarter of fiscal 2018 versus approximately $0.9 million at the end of the second quarter of fiscal 2017.  The increase was primarily due to increased sales.Current liabilities were approximately $0.7 million at the end of the second quarter of fiscal 2018 versus approximately $1.2 million at the end of the second quarter of fiscal 2017.Quick ratio ((cash + marketable securities + accounts receivable)/current liabilities)) was 5.8 at the end of the second quarter of fiscal 2018 versus 3.6 at the end of the second quarter of fiscal 2017. For the quarter ended May 31, 2017 (unaudited) (first quarter of fiscal 2018): Sales in the first quarter of fiscal 2018 were approximately $3.0 million versus approximately $1.8 million in the first quarter of fiscal 2017.Bookings in the first quarter of fiscal 2018 were approximately $1.2 million versus approximately $0.5 million in the first quarter of fiscal 2017.Backlog at the end of the first qua...