Forward-Looking StatementsThis press release contains forward-looking statements regarding future events and the future performance of Solitron Devices, Inc.that involve risks and uncertainties that could materially affect actual results, including statements regarding the Company’s expectations regarding future performance and trends, including production levels, government spending, backlog and delivery timelines, new product development, our efforts and performance following our acquisition of MEI, and potential future revenue and trends with respect thereto from each of the foregoing. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to, the risks and uncertainties arising from potential adverse developments or changes in government budgetary spending and policy including with respect to the war in Ukraine, which may among other factors be affected by the upcoming presidential election and the possibility of reduced government spending on programs in which we participate depending on the outcome thereof and the policy interests of elected officials, inflation, elevated interest rates, adverse trends in the economy and the possibility of a recession the likelihood of which appears to have increased based on recent economic data, the possibility that management’s estimates and assumptions regarding bookings, sales and other metrics prove to be incorrect; the timing and size of orders from our clients, our delivery schedules and our liquidity and cash position; our ability to make the appropriate adjustments to our cost structure; our ability to properly account for inventory in the future; the demand for our products and potential loss of, or reduction of business from, substantial clients our dependence on government contracts, which are subject to termination, price renegotiations and regulatory compliance and which may among other factors be adversely affected by the factors described elsewhere herein, our ability to continue to integrate MEI in an efficient and effective manner, and the possibility that such acquisition or any other acquisition or strategic transaction we may pursue does not yield the results or benefits desired or anticipated.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONSFOR THE THREE AND NINE MONTHS ENDED NOVEMBER 30, 2024 AND NOVEMBER 30, 2023(in thousands except for share and per share amounts) For The ThreeMonths ended For The ThreeMonths ended For The NineMonths ended For The NineMonths ended November 30,2024 November 30,2023 November 30,2024 November 30,2023 (unaudited) (unaudited) (unaudited) (unaudited)Net sales$3,369 $4,136 $10,917 $8,753 Cost of sales 2,368 3,059 7,503 6,172 Gross profit 1,001 1,077 3,414 2,581 Selling, general and administrative expenses 675 859 2,246 2,015 Operating income 326 218 1,168 566 Other income (loss) Interest income - 12 6 32 Interest expense (67) (55) (194) (108) Dividend income 12 - 34 19 Realized gain on investments 13 - 46 332 Unrealized gain (loss) on investments 78 (108) 126 (745) Other income - 19 - 19 Total other (loss) 36 (132) 18 (451) Net income (loss) before tax$362 $86 $1,186 $115 Income taxes (96) - (314) - Net income (loss)$266 $86 $872 $115 Net income (loss) per common share - basic and diluted$0.13 $0.04 $0.42 $0.06 Weighted average shares outstanding - basic and diluted 2,083,436 2,083,436 2,083,436 2,083,436 For more information see our 10-Q filing at The unaudited financial information disclosed in this press release for the three months ended November 30, 2024, is based on management's review of operations for that period and the information available to the Company as of the date of this press release.
Net income increased to $266,000, or $0.13 per share, in the fiscal 2025 third quarter versus net income of $86,000, or $0.04 per share, in the fiscal 2024 third quarter. FISCAL 2025 NINE MONTH HIGHLIGHTS Net sales increased 25% to approximately $10.92 million versus $8.75 million in the prior year period.
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