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Solitron Devices, Inc.(SODI), a leading electronics manufa cturer, has released its financial statements for the second quarter of 2023, ending May 31, 2023. The company reported a net loss of $171,000 during this period, a significant change from the $771,000 profit reported in the same quarter the previous year. Solitron Devices also disclosed total revenue of $2.04 million for Q2 2023.
Balance Sheet Analysis
Solitron Devices' current assets as of May 31, 2023, totaled $7.85 million, a slight increase from the $7.73 million reported on February 28, 2023. Key components of current assets include:
- Cash and cash equivalents: $1.60 million (up from $1.45 million)
- Short-term investments, held-to-maturity: $994,000 (compared to $986,000)
- Marketable securities: $1.48 million (down from $1.89 million)
- Accounts receivable: $1.19 million (compared to $784,000)
- Inventories, net: $2.28 million (down from $2.41 million)
- Prepaid expenses and other current assets: $320,000 (compared to $203,000)
Property, Plant, and Equipment
The company's property, plant, and equipment, net, were valued at $7.25 million, slightly decreased from $7.36 million reported on February 28, 2023.
Liabilities and Stockholders’ Equity
Solitron Devices' total liabilities as of May 31, 2023, amounted to $4.02 million, compared to $3.84 million on February 28, 2023. Major components include:
- Accounts payable: $266,000 (compared to $141,000)
- Customer deposits: $70,000 (up from $31,000)
- Finance lease liability: $1,000 (compared to $3,000)
- Mortgage loan, current portion: $108,000 (compared to $107,000)
- Accrued expenses and other current liabilities: $954,000 (up from $907,000)
Solitron Devices’ stockholders' equity as of May 31, 2023, stood at $11.10 million, a decrease from $11.27 million on February 28, 2023.
Income Statement Highlights
Revenue
Solitron Devices reported a total revenue of $2.04 million for the three months ending May 31, 2023, compared to $2.14 million during the same period in 2022.
The gross profit for the second quarter of 2023 was $607,000, down from $817,000 in the second quarter of 2022.
Operating Income
Solitron Devices recorded an operating income of $65,000 for the second quarter of 2023, a notable decrease from $241,000 in the same period the previous year.
Net Income (Loss)
The company reported a net loss of $171,000 for Q2 2023, a significant decline from the $771,000 profit reported in Q2 2022.
Solitron Devices, Inc. faced a challenging second quarter in 2023, reporting a net loss of $171,000, compared to a profit of $771,000 in the same period last year. The company's financial performance was impacted by various factors, including changes in revenue and increased operating expenses. Solitron Devices continues to navigate these challenges as it seeks to regain profitability in the coming quarters.