Welcome to our dedicated page for Solitron Devices news (Ticker: SODI), a resource for investors and traders seeking the latest updates and insights on Solitron Devices stock.
Solitron Devices, Inc. reports developments tied to its solid state semiconductor components and related devices for military and aerospace customers. News commonly covers fiscal results, net sales, bookings, backlog, product mix and operating income, along with customer order timing and production capacity.
The company’s updates also include the completed acquisition and integration of Micro Engineering Inc., acquisition accounting items, contingent consideration, and new product development activity that includes silicon carbide prototypes. Corporate updates may address governance, capital-structure matters and other operating disclosures for the OTC Pink-traded company.
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.