SOLITRON DEVICES INC - SODI STOCK NEWS

Solitron Devices (OTC PINK:SODI) announced its fiscal 2024 fourth quarter and full year results. The company reported significant growth in net sales, with a 167% increase in Q4 to $4 million and a 99% increase for the year to $12.76 million. Net income surged to $5.8 million in both Q4 and the full year, benefiting from a $2.24 million bargain purchase gain and a $3.02 million income tax benefit. Despite the positive sales, net bookings decreased by 18% to $2.23 million in Q4. The acquisition of Micro Engineering Inc. (MEI) contributed significantly to revenue, adding $1.52 million in Q4. However, acquisition-related costs impacted operating income. Looking ahead, Q1 fiscal 2025 revenue is expected to be around $3.82 million with bookings of $2.04 million.

Solitron Devices, Inc. (SODI) announces impressive fiscal 2024 third quarter results, with a 608% increase in net sales, 115% increase in net bookings, and 102% increase in backlog. The company reported a net income of $0.09 million, or $0.04 per share, compared to a loss of ($0.49 million) in the previous year's third quarter. The acquisition of Micro Engineering (MEI) contributed to the significant revenue growth, with MEI's net sales of $1.41 million. However, the acquisition also led to increased costs of goods sold and acquisition-related expenses, impacting the reported operating income. President Biden's omnibus spending bill has positively impacted Solitron's revenue sources, but the timing of orders and deliveries remains uncertain. The company also sees potential in new product development, particularly in silicon carbide.

Solitron Devices, Inc. announces acquisition of Micro Engineering Inc. and preliminary Q2 2024 sales and bookings

Solitron Devices, Inc. (SODI) reported preliminary fiscal 2023 third quarter results showing a 76% decline in net sales to $0.58 million compared to $2.47 million in the same quarter last year. Net bookings surged 68% to $2.26 million, while backlog grew 101% to $6.43 million. However, net income fell to a loss of ($0.49) million from a profit of $0.49 million. For the nine months ending November 30, 2022, net sales decreased 52% to $4.91 million, with net income down 85% to $0.59 million.

Future revenue of approximately $20 million is anticipated from U.S. government funding starting in late 2024.

Solitron Devices, Inc. (OTC PINK:SODI) reported a robust performance for its fiscal 2022 third quarter, with net sales rising by 7% to approximately $2.47 million, compared to $2.31 million in the same quarter last year. Net income surged to $0.49 million, or $0.24 per share, reversing from a loss of $0.03 million in the prior year. For the first nine months, net sales increased by 30% to $10.31 million, and net income saw a significant increase of 306%, reaching $3.97 million, or $1.90 per share. However, sales for the upcoming fourth quarter are anticipated to be lower due to planned facility relocation.

Solitron Devices, Inc. (OTC PINK:SODI) reported strong financial results for the fiscal 2022 second quarter, with net sales increasing 36% to approximately $4.23 million and net income surging 286% to $2.45 million, or $1.18 per share. Despite these gains, net bookings fell 36% to $1.08 million. For the first six months, sales climbed 40% to about $7.84 million, but bookings decreased 1%. The company anticipates lower sales in the upcoming third quarter due to planned facility relocation and ongoing supply chain issues.

Solitron Devices, Inc. (OTC PINK:SODI) reported a strong fiscal 2022 first quarter, with net sales up by 45% to approximately $3.61 million compared to $2.50 million in fiscal 2021. Additionally, net bookings rose by 39% to about $2.03 million. The company is relocating to a new facility, anticipating this may disrupt sales in the fiscal third/fourth quarter. Positive news includes the full forgiveness of their PPP loan, which will impact fiscal 2022 second quarter results. However, the company does not plan to pay dividends and expects fiscal 2022 sales to be modestly higher than the previous year.

Solitron Devices, Inc. (OTC:SODI) released a financial update for fiscal 2021, reporting net sales growth in both the first ($2.7M) and second quarters ($3.1M), compared to the previous year. Estimated net income surged to between $200K-$275K in Q1 and $400K-$600K in Q2, a turnaround from losses in the prior year. Cash and securities rose to $2.9M with a manageable debt of $0.8M. The company anticipates total net sales of $10.5M for the year and increased bookings of $11.5M. However, a slowdown in purchase orders due to COVID-19 remains a concern.