News

Solitron Devices Announces Fiscal Year Financial Results

May 31, 2010 by Jeff Shepard

Solitron Devices, Inc. reported net revenue of $7.723 million for the fiscal year ended February 28, 2010, a decrease of 8.7% as compared with a net revenue of $8.459 million for the prior fiscal year.

"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," said President/CEO, Shevach Saraf.

Gross profit was $1.849 million or 24% of net revenue for the fiscal year ended February 28, 2010 as compared to gross profit of $2.121 million or 25.1% of net revenue, for the prior fiscal year.

Net income for the fiscal year ended February 28, 2010 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.

President and CEO, Shevach Saraf stated, "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."