MTI WIRELESS EDGE LTD. (An Israeli Corporation)
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
AS OF MARCH 31, 2024
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
AS OF MARCH 31, 2024
TABLE OF CONTENTS | |
Page | |
Interim Consolidated Statements of Comprehensive Income | 2 |
Interim Consolidated Statements of Changes in Equity | 3-5 |
Interim Consolidated Statements of Financial Position | 6-7 |
Interim Consolidated Statements of Cash Flows | 8-9 |
Notes to Interim Consolidated Financial Statements | 10-14 |
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MTI WIRELESS EDGE LTD. | ||||||||||||||||||||||||
(An Israeli Corporation) | ||||||||||||||||||||||||
INTERIM CONSOLIDATED STATEMENTS OF | ||||||||||||||||||||||||
COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Three month period ended | Year ended | |||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2024 | 2023 | 2022 | ||||||||||||||||||||||
U.S. $ in thousands | ||||||||||||||||||||||||
(Except per share data) | ||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||
Revenues | 11,240 | 11,285 | 45,634 | |||||||||||||||||||||
Cost of sales | 7,770 | 7,666 | 30,963 | |||||||||||||||||||||
Gross profit | 3,470 | 3,619 | 14,671 | |||||||||||||||||||||
Research and development expenses | 229 | 293 | 1,047 | |||||||||||||||||||||
Distribution expenses | 893 | 947 | 3,709 | |||||||||||||||||||||
General and administrative expenses | 1,231 | 1,324 | 5,278 | |||||||||||||||||||||
Loss (profit) from sale of property, plant and equipment | )67( | )10( | 13 | |||||||||||||||||||||
Profit from operations | 1,184 | 1,065 | 4,650 | |||||||||||||||||||||
Finance expenses | 238 | 105 | 342 | |||||||||||||||||||||
Finance income | )198( | (155) | )527( | |||||||||||||||||||||
Profit before income tax | 1,144 | 1,115 | 4,835 | |||||||||||||||||||||
Tax expenses | 209 | 233 | 759 | |||||||||||||||||||||
Profit | 935 | 882 | 4,076 | |||||||||||||||||||||
Other comprehensive income (loss) net of tax: | ||||||||||||||||||||||||
Items that will not be reclassified to profit or loss: | ||||||||||||||||||||||||
Re-measurement of defined benefit plans | - | - | 62 | |||||||||||||||||||||
Items that may be reclassified to profit or loss: | ||||||||||||||||||||||||
Adjustment arising from translation of financial | )112( | (98) | )216( | |||||||||||||||||||||
statements of foreign operations | ||||||||||||||||||||||||
Total other comprehensive income (loss) | )112( | (98) | )154( | |||||||||||||||||||||
Total comprehensive income | 823 | 784 | 3,922 | |||||||||||||||||||||
Profit attributable to: | ||||||||||||||||||||||||
Owners of the parent | 932 | 894 | 4,045 | |||||||||||||||||||||
Non-controlling interests | 3 | (12) | 31 | |||||||||||||||||||||
935 | 882 | 4,076 | ||||||||||||||||||||||
Total comprehensive income attributable to: | ||||||||||||||||||||||||
Owners of the parent | 820 | 796 | 3,891 | |||||||||||||||||||||
Non-controlling interests | 3 | (12) | 31 | |||||||||||||||||||||
823 | 784 | 3,922 | ||||||||||||||||||||||
Earnings per share (dollars) | ||||||||||||||||||||||||
Basic and Diluted (dollars per share) | 0.0106 | 0.0101 | 0.0458 | |||||||||||||||||||||
Weighted average number of shares outstanding | ||||||||||||||||||||||||
Basic and Diluted (dollars per share) | 88,123,635 | 88,510,072 | 88,283,490 |
The accompanying notes form an integral part of the financial statements.
- 2 -
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY
For the three month period ended March 31, 2024 (Unaudited):
Attributable to owners of the parent | ||||||||||||||||
Total | ||||||||||||||||
Additional | attributable | Non- | ||||||||||||||
Share | paid-in | Translation | Retained | to owners of | controlling | Total | ||||||||||
capital | capital | differences | earnings | the parent | interest | equity | ||||||||||
U.S. $ in thousands | ||||||||||||||||
Balance at January 1, 2024 | 209 | 23,061 | (466) | 5,226 | 28,030 | 1,222 | 29,252 | |||||||||
Changes during the three month period | ||||||||||||||||
ended March 31, 2023: | ||||||||||||||||
Comprehensive income | ||||||||||||||||
Profit for the period | - | - | - | 932 | 932 | 3 | 935 | |||||||||
Other comprehensive income | ||||||||||||||||
Translation differences | - | - | (112) | - | (112) | - | (112) | |||||||||
Total comprehensive income for the period | - | - | (112) | 932 | 820 | 3 | 823 | |||||||||
Acquisition and disposal of treasury shares | - | (300) | - | - | (300) | - | 80 | |||||||||
Dividend | - | - | - | - | - | - | - | |||||||||
Balance at March 31, 2024 | 209 | 22,761 | (578) | 6,158 | 28,550 | 1,225 | 29,775 |
The accompanying notes form an integral part of the financial statements.
- 3 -
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY (CONT.)
For the three month period ended March 31, 2023 (Unaudited):
Attributable to owners of the parent | ||||||||||||||||
Total | ||||||||||||||||
Additional | attributable | Non- | ||||||||||||||
Share | paid-in | Translation | Retained | to owners of | controlling | Total | ||||||||||
capital | capital | differences | earnings | the parent | interest | equity | ||||||||||
U.S. $ in thousands | ||||||||||||||||
Balance at January 1, 2023 | 209 | 23,078 | (250) | 3,775 | 26,812 | 1,226 | 28,038 | |||||||||
Changes during the three month period | ||||||||||||||||
ended March 31, 2023: | ||||||||||||||||
Comprehensive income | ||||||||||||||||
Profit for the period | - | - | - | 894 | 894 | (12) | 882 | |||||||||
Other comprehensive income | ||||||||||||||||
Translation differences | - | - | )98( | - | (98) | - | (98) | |||||||||
Total comprehensive income for the period | - | - | )98( | 894 | 796 | (12) | 784 | |||||||||
Acquisition and disposal of treasury shares | - | 80 | - | - | 80 | - | 80 | |||||||||
Dividend | - | - | - | - | - | - | - | |||||||||
Balance at March 31, 2023 | 209 | 23,158 | (348) | 4,669 | 27,688 | 1,214 | 28,902 |
The accompanying notes form an integral part of the financial statements.
- 4 -
MTI WIRELESS EDGE LTD. (An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONT.)
For the year ended December 31, 2023:
Attributable to owners of the parent | |||||||||||||||||||||||||
Total | |||||||||||||||||||||||||
Additional | attributable | Non- | |||||||||||||||||||||||
Share | paid-in | Translation | Retained | to owners of controlling | Total | ||||||||||||||||||||
capital | capital | differences | earnings | the parent | interests | equity | |||||||||||||||||||
U.S. $ in thousands | |||||||||||||||||||||||||
Balance as at January 1, 2023 | 209 | 23,078 | (250) | 3,775 | 26,812 | 1,226 | 28,038 | ||||||||||||||||||
Changes during 2023: | |||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||
Profit for the year | - | - | - | 4,045 | 4,045 | 31 | 4,076 | ||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Re measurements on defined benefit plans | - | - | - | 62 | 62 | - | 62 | ||||||||||||||||||
Translation differences | - | - | )216( | - | (216) | - | (216) | ||||||||||||||||||
Total comprehensive income (loss) for the year | - | - | )216( | 4,107 | 3,891 | 31 | 3,922 | ||||||||||||||||||
Dividend | - | - | - | (2,656) | (2,656) | - | (2,656) | ||||||||||||||||||
Acquisition of minority holdings in subsidiary | - | - | - | - | - | (35) | (35) | ||||||||||||||||||
Acquisition and disposal, net of treasury shares | * | )17( | - | - | )17( | - | )17( | ||||||||||||||||||
Balance as at December 31, 2023 | 209 | 23,061 | )466( | 5,226 | 28,030 | 1,222 | 29,252 |
(*) Less than US$ 1 thousand
The accompanying notes form an integral part of the financial statements.
- 5 -
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
31.03.2024 31.03.2023 31.12.2023
U.S. $ in thousands
Unaudited
ASSETS
CURRENT ASSETS: | |||||
Cash and cash equivalents | 8,832 | 8,640 | 8,454 | ||
Trade and other receivables | 12,782 | 10,384 | 14,284 | ||
Unbilled revenue | 4,672 | 3,597 | 4,190 | ||
Current tax receivables | 378 | 467 | 381 | ||
Inventories | 7,674 | 7,502 | 7,484 | ||
34,338 | 30,590 | 34,793 | |||
NON-CURRENT ASSETS: | |||||
Long term prepaid expenses | 28 | 32 | 37 | ||
Property, plant and equipment | 5,479 | 5,415 | 5,398 | ||
Deferred tax assets | 969 | 1,140 | 968 | ||
Intangible assets | 3,467 | 3,819 | 3,507 | ||
9,943 | 10,406 | 9,910 |
Total assets | 44,281 | 40,996 | 44,703 |
The accompanying notes form an integral part of the financial statements.
-6 -
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
31.03.2024 31.03.2023 31.12.2023
U.S. $ In thousands
Unaudited
LIABILITIES AND EQUITY
CURRENT LIABILITIES: | |||||
Current maturities and short term bank credit and loans | 436 | 76 | 314 | ||
Trade payables | 6,941 | 5,465 | 7,882 | ||
Other accounts payable | 4,347 | 3,638 | 4,558 | ||
Current tax payables | 352 | 433 | 283 | ||
12,076 | 9,612 | 13,037 | |||
NON- CURRENT LIABILITIES:
Contingent consideration
Lease liabilities
Loans from banks, net of current maturities
Employee benefits, net
Total liabilities
EQUITY
Equity attributable to owners of the parent
Share capital
Additional paid-in capital
Translation differences
Retained earnings
Non-controlling interest
Total equity
Total equity and liabilities
May 19, 2024 | ||
Date of approval of | Moshe Borovitz | |
financial statements | Chief Executive Officer |
1,117 | 1,432 | 1,117 | ||
518 | 206 | 514 | ||
55 | 91 | 64 | ||
740 | 753 | 719 | ||
2,430 | 2,482 | 2,414 | ||
14,506 | 12,094 | 15,451 | ||
209 | 209 | 209 | |||
22,761 | 23,158 | 23,061 | |||
(578) | )348( | (466) | |||
6,158 | 4,669 | 5,226 | |||
28,550 | 27,688 | 28,030 | |||
1,225 | 1,214 | 1,222 | |||
29,775 | 28,902 | 29,252 | |||
44,281 | 40,996 | 44,703 |
Elhanan Zeira | Zvi Borovitz | |
Controller | Non-executive Chairman | |
of the Board |
The accompanying notes form an integral part of the financial statements.
-7 -
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Three month period ended | Year ended | ||||||||||
March 31, | December 31, | ||||||||||
2024 | 2023 | 2023 | |||||||||
U.S. $ in thousands | |||||||||||
Unaudited | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Profit for the period | 935 | 882 | 4,076 | ||||||||
Adjustments for: | |||||||||||
Depreciation and amortization | 492 | 326 | 1,511 | ||||||||
Loss (Gain) from sale of property, plant and equipment | (63) | )10( | (13) | ||||||||
Finance (income) expenses, net | (14) | )33( | (5) | ||||||||
Changes in Contingent consideration and Put option liability | - | - | (315) | ||||||||
Tax expenses | 209 | 233 | 759 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Decrease (increase) in inventories | (234) | 247 | 158 | ||||||||
Decrease (increase) in trade receivables | 1,343 | )181( | )2,477( | ||||||||
Decrease (increase) in other accounts receivables | 92 | 719 | )897( | ||||||||
Increase in unbilled revenues | (482) | )1,393( | )1,986( | ||||||||
Increase (decrease) in trade and other accounts payables | (1,070) | (140) | 3,228 | ||||||||
Increase (decrease) in employee benefits, net | 21 | 1 | 29 | ||||||||
Cash from operations | 1,229 | 651 | 4,068 | ||||||||
Interest received | 174 | 19 | 69 | ||||||||
Interest paid | (9) | (10) | (59) | ||||||||
Income tax paid | (140) | (122) | (540) | ||||||||
Net cash provided by operating activities | 1,254 | 538 | 3,538 |
The accompanying notes form an integral part of the financial statements.
-8 -
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS (cont.)
Three month period ended | Year ended | |||||||||||
March 31, | December 31, | |||||||||||
2024 | 2023 | 2023 | ||||||||||
U.S. $ in thousands | ||||||||||||
Unaudited | ||||||||||||
Cash Flows From Investing Activities: | ||||||||||||
Proceeds from sale of property, plant and equipment | 62 | 11 | 62 | |||||||||
Purchase of property, plant and equipment | (282) | )145( | (426) | |||||||||
Net cash used in investing activities | (220) | )134( | (364) | |||||||||
Cash Flows From Financing Activities: | ||||||||||||
Dividend | - | - | )2,656( | |||||||||
Payments of lease liabilities | (485) | )116( | )485( | |||||||||
Treasury shares acquired | (300) | - | (516) | |||||||||
Treasury shares sold | - | 80 | 499 | |||||||||
Acquisition of non-controlling interest in subsidiary | - | - | (35) | |||||||||
Receipt of loans from banks | 169 | - | 460 | |||||||||
Repayment of long-term loans from banks | (9) | 27 | (247) | |||||||||
Net cash used in financing activities | (625) | (9) | (2,980) | |||||||||
(Decrease)/Increase in cash and | ||||||||||||
cash equivalents during the period | 409 | 395 | 194 | |||||||||
Cash and cash equivalents | ||||||||||||
at the beginning of the period | 8,454 | 8,279 | 8,279 | |||||||||
Exchange differences on balances of cash and | (31) | )34( | (19) | |||||||||
cash equivalents | ||||||||||||
Cash and cash equivalents | 8,832 | 8,640 | 8,454 | |||||||||
at the end of the period |
The accompanying notes form an integral part of the financial statements.
-9 -
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MTI Wireless Edge Limited published this content on 19 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2024 06:43:14 UTC.