Solitron Devices Inc. designs, develops and manufactures power hybrids and related devices for the aerospace and military market. The company recently posted its fiscal year financial results for the period ended February 28, 2010.
Solitron reported net revenue of $7.723 million for the fiscal year ended February 28, 2010, a decrease of 8.7 percent as compared with a net revenue of $8.459 million for the prior fiscal year. The company attributes the decrease to broader economic turbulence, but noted that things may take a turn for the better.
“We believe that the decline in revenue was due mainly to the slow-down in the global economy and slow down in defense spending, a pattern that has lasted now for five quarters. It appears that the decline may have leveled out,” president and CEO of Solitron Shevach Saraf stated in the press release.
Solitron reported gross profit at $1.849 million or 24 percent of net revenue for the fiscal year ended February 28, 2010, as compared to gross profit of $2.121 million or 25.1 percent of net revenue, for the prior fiscal year.
Net income for the fiscal year was $770,000, or $0.31 per diluted share, as compared with a net income of $969,000 or $0.39 per diluted share for the prior fiscal year.
Saraf noted that no company is 100% resilient to the global economic downturn, and that Solitron has remained in line by taking strategic business steps.
“Even companies like Solitron, which stand on strong fundamentals and well managed cash flows, are not immune to current market conditions. While we have substantial backlog and much improved orders intake, like others we have no clear viability about a continued macroeconomic rebound, thus, we remain conservative and have taken steps to reduce and manage our cost structure and conserve cash which is reflected in the fiscal year results,” he stated.
For more information on the company, visit www.solitrondevices.com