Final Results

RNS Number : 8779N

MTI Wireless Edge Limited

25 February 2009

 



MTI WIRELESS EDGE LTD

 FINANCIAL RESULTS FOR THE YEAR ENDED 

 31 DECEMBER 2008

MTI Wireless Edge Ltd., (ticker: MWE) ('MTI' or 'the Company'), a market leader in the manufacture of flat panel antennas for fixed wireless broadband, today announces its audited full year results for the year ended 31 December 2008.

2008 Highlights

• Revenues decreased by 6% to $17.9m (2007: $19.0m)

• Gross profits down 24% to $6.4m (2007: $8.4m)

• Operating profit decreased by 76% to $0.9m (2007: $3.7m)

• Net Profit of $1m, representing EPS of 1.89c, a decrease 78% from previous year (2007: $4.6m, 8.63c). 

• Net cash generated from continuing operations reached $1.2m; Net cash at the year end of $13.3m, equivalent to 17.9 pence per share;

• 2.2m shares (4.1%) of the company were bought for $0.92m as part of the buy back program announced in March 2008 - plan continues.

• Proposed dividend of 1.16c per share (2007: 1.85c)

• Indian facility became operational during the 4th quarter of 2008 and other cost-reduction measures in train

• First pending order for short range antenna 'E Band' backhaul market (operating at 60-90GHz) received.

Click on, or paste the following link into your web browser, to view the associated PDF document

http://www.rns-pdf.londonstockexchange.com/rns/8779N_1-2009-2-25.pdf

 

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