WEST MELBOURNE, FL / ACCESSWIRE / November 6, 2019 / BK Technologies Corporation (NYSE American:BKTI) today announced financial and operating results for the third quarter and nine months ended September 30, 2019.

For the third quarter ended September 30, 2019, revenues totaled approximately $11.8 million, compared with approximately $13.3 million for the third quarter last year. Operating income for the third quarter 2019 totaled approximately $295,000, compared with operating income of approximately $878,000 for the third quarter last year. Net income for the third quarter of 2019 was approximately $238,000, or $0.02 per basic and diluted share, compared with net income of approximately $650,000, or $0.05 per basic and diluted share, for the same quarter last year.

Net income for the third quarter 2019 includes unrealized losses on investments in securities totaling approximately $258,000, compared with losses of approximately $191,000 for the same quarter last year.

The Company had approximately $17.1 million in working capital as of September 30, 2019, of which $11.7 million was comprised of cash, cash equivalents and trade receivables. This compares with working capital of approximately $21.0 million as of December 31, 2018, of which $17.0 million was comprised of cash, cash equivalents and trade receivables.

Tim Vitou, BK's President, commented, 'During the third quarter of 2019, sales to legacy federal customers showed strength, including a previously announced order for $3.4 million from the U.S. Forest Service. However, we experienced sluggish demand in the third quarter from public safety customers in state and international markets compared with the same quarter last year. Our gross profit margins continued their improvement from early in the year, exceeding 43% for the quarter. For the third quarter, although engineering and product development expenses increased from the same quarter last year, they declined by approximately 15.4% from the preceding quarter.'

Mr. Vitou continued, 'The success of our key new product development initiatives is vital to BK's future growth and success. Reflecting the importance of these programs, we recently announced the appointment of a new Chief Technology Officer, Dr. Branko Avanic, whose primary focus is to complete the development of our multiband product, with an emphasis on maximizing performance, functionality and quality. As a Ph.D. with over 30 years in land mobile radio product development, we are excited about Dr. Avanic's addition to the executive team and believe he will make positive contributions that can be translated to new products and sales growth moving forward.'

For the nine months ended September 30, 2019, sales totaled approximately $32.7 million, compared with approximately $38.7 million for the same period last year. Operating loss for the nine-month period of 2019 totaled approximately $2.0 million, compared with operating income of approximately $3.0 million for the same period last year. Net loss for the nine months ended September 30, 2019 totaled approximately $1.3 million, or $0.10 per basic and diluted share, compared with net income of $1.2 million, or $0.09 per basic and diluted share, for the same period last year.

The financial results for the nine months ended September 30, 2019 include a gain on investment in securities totaling approximately $186,000, compared with losses of approximately $1.4 million for the nine-month period last year.

Conference Call and Webcast

The Company will host a conference call and webcast for investors at 9:00 a.m. Eastern Time, on Thursday, November 7, 2019. Shareholders and other interested parties may participate in the conference call by dialing 844-602-0380 (international/local participants dial 862-298-0970) and asking to be connected to the 'BK Technologies Corporation Conference Call' a few minutes before 9:00 a.m. Eastern Time on November 7, 2019. The call will also be webcast at http://www.bktechnologies.com. An online archive of the webcast will be available on the Company's website for 30 days following the call at http://www.bktechnologies.com.

A replay of the conference call will be available one hour after the completion of the call until November 18, 2019 by dialing 877-481-4010 PIN# 55679 (international/local participants dial 919-882-2331 PIN# 55679).

About BK Technologies

BK Technologies Corporation is an American holding company deeply rooted in the public safety communications industry, with its operating subsidiary manufacturing high-specification communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies. BK Technologies is honored to serve our public safety heroes with reliable equipment when every moment counts. The Company's common stock trades on the NYSE American market under the symbol 'BKTI'. Maintaining its headquarters in West Melbourne, Florida, BK Technologies can be contacted through its web site at www.bktechnologies.com or directly at 1-800-821-2900.

Forward-Looking Statements

This press release contains certain forward-looking statements that are made pursuant to the 'Safe Harbor' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern the Company's operations, economic performance and financial condition and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others, the following: changes or advances in technology; the success of our land mobile radio product line; successful introduction of new products and technologies; competition in the land mobile radio industry; general economic and business conditions, including federal, state and local government budget deficits and spending limitations and any impact from a prolonged shutdown of the U.S. Government; the availability, terms and deployment of capital; reliance on contract manufacturers and suppliers; heavy reliance on sales to agencies of the U.S. Government; allocations by government agencies among multiple approved suppliers under existing agreements; our ability to comply with U.S. tax laws and utilize deferred tax assets; our ability to attract and retain executive officers, skilled workers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and consummate, acquisition, disposition or investment transactions, and risks incumbent to being a noncontrolling interest stockholder in a corporation; impact of our capital allocation strategy; impact of government regulation; our business with manufacturers located in other countries, including changes in the U.S. Government and foreign governments' trade and tariff policies; our inventory and debt levels; protection of our intellectual property rights; fluctuation in our operating results; acts of war or terrorism, natural disasters and other catastrophic events; any infringement claims; data security breaches, cyber-attacks and other factors impacting our technology systems; availability of adequate insurance coverage; maintenance of our NYSE American listing; and the effect on our stock price and ability to raise equity capital of future sales of shares of our common stock. Certain of these factors and risks, as well as other risks and uncertainties, are stated in more detail in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and, in the Company's, subsequent filings with the SEC. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

Company Contact:

BK Technologies Corporation
William Kelly, EVP & CFO
(321) 984-1414

(Financial Tables To Follow)

BK TECHNOLOGIES CORPORATION
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data) (Unaudited)

BK TECHNOLOGIES CORPORATION
Condensed Consolidated Balance Sheets
(In thousands, except share data)

		September 30, 2019				December 31, 2018
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	8,825			$	11,268
Trade accounts receivable, net			2,871				5,721
Inventories, net			14,450				11,466
Prepaid expenses and other current assets			1,792				2,401
Total current assets			27,938				30,856
Property, plant and equipment, net			4,134				2,729
Right-of-use (ROU) asset			2,558				-
Investment in securities			2,105				1,919
Deferred tax assets, net			3,911 Share article: Shares Share Tweet Share Flip Email Watch latest videos Subscribe and Follow Get a daily dose of Boston Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well. Subscribe Now News RELEASES Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star. More Information null in null Business Section Canadian tax on US tech giants dropped after Trump fury WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision... Trump-backed crypto project gets $100 million boost from UAE fund LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S.... DIY weight-loss drug trend surges amid high prices, low access SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally.... Apple allows outside payment links under EU pressure SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing... Euro, pound surge as U.S. rate cut odds grow after Powell hint NEW YORK CITY, New York: The U.S. dollar tumbled this week, hitting its lowest levels since 2021 against the euro, British pound, and... Sam’s Club fulfillment center to shut in Texas, jobs impacted NEW YORK CITY, New York: Walmart is set to close a major Sam's Club fulfillment center in Fort Worth, Texas, as part of a shift in... Massachusetts Section Innovation takes centrestage, 95% of Indian firms rank it among top 3 priorities: BCG report New Delhi [India], June 30 (ANI): Around 95 per cent of Indian companies rank innovation among their top three priorities amid ongoing... China's tech sector taps bioproduction to fuel expansion BEIJING, June 30 (Xinhua) -- In a workshop in the southwestern Chinese city of Chengdu, rows of fermentation tanks are filled with... Movie adaptation of Karen Read murder trial in works Washington DC [US], June 29 (ANI): A scripted adaptation of the Karen Read murder case, which ended in a recent acquittal, is in the... Trump hails Supreme Court's "monumental" order on birthright citizenship limiting nationwide injunctions Washington [US], June 28 (ANI): US President Donald Trump hailed Supreme Court's ruling to limit the ability of lower courts to issue... India leads with 92% employees embracing GenAI tools, against global average of 72% New Delhi [India], June 26 (ANI): India is leading the global GenAI charge, with 92 per cent of employees embracing such tools, well... China's new consumption patterns drive domestic demand upgrade TIANJIN, June 26 (Xinhua) -- Pet owners are splurging on smart litter boxes, blind boxes are flying off shelves overseas after going... Movie Review Knives Out