Tel Instrument Electronics post loss in Q4

For the fiscal year in total, the company recorded a net loss of $1.44 million on sales of $8.96 million. Sales in the fourth quarter were $2.52 million while engineering costs remained at historically high levels as the company worked to finalize the CRAFT AN/USM-708 and the TS-4530A Mode 5 IFF test sets. As a result of the decline in revenues and the increased engineering costs incurred in the development of the AN/USM-708, and the TS4530A, the company's working capital and cash flow substantially declined in the latest fiscal year.