Solitron Devices Inc. Files 2024 10-K
Ticker: SODI · Form: 10-K · Filed: Jul 12, 2024 · CIK: 91668
| Field | Detail |
|---|---|
| Company | Solitron Devices Inc (SODI) |
| Form Type | 10-K |
| Filed Date | Jul 12, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.01, $11,207,000, $7,633,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-K, annual-report, semiconductors
TL;DR
SOLITRON DEVICES INC. FILED ITS 2024 10-K. CHECK FINANCIALS.
AI Summary
Solitron Devices Inc. filed its 10-K for the fiscal year ending February 29, 2024, reporting on its operations and financial condition. The company, based in West Palm Beach, FL, is involved in the manufacturing of semiconductors. Key financial figures and business developments for the period are detailed within the filing.
Why It Matters
This filing provides investors and stakeholders with a comprehensive overview of Solitron Devices Inc.'s financial performance and strategic positioning for the fiscal year 2024.
Risk Assessment
Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.
Key Numbers
- 0228 — Fiscal Year End (Indicates the end of the reporting period.)
- 561-848-4311 — Business Phone (Contact information for the company.)
Key Players & Entities
- SOLITRON DEVICES INC (company) — Filer
- 20240229 (date) — Fiscal Year End
- WEST PALM BEACH, FL (location) — Business Address
- Bank of America (company) — Financial Institution
- Honeywell (company) — Customer/Partner
FAQ
What were Solitron Devices Inc.'s total revenues for the fiscal year ending February 29, 2024?
The filing does not explicitly state the total revenues in the provided snippet, but it details various financial components and business segments.
Did Solitron Devices Inc. engage in any business acquisitions during the fiscal year 2024?
The filing mentions 'sodi:BusinessAcquisitionMember' but does not provide specific details or dates for acquisitions within the fiscal year 2024 in this snippet.
What is the company's primary industry classification?
Solitron Devices Inc. is classified under SEMICONDUCTORS & RELATED DEVICES [3674].
When was the 10-K filing submitted?
The filing was submitted on July 12, 2024.
What is the company's state of incorporation?
Solitron Devices Inc. is incorporated in Delaware (DE).
Filing Stats: 4,440 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2024-07-12 17:15:54
Key Financial Figures
- $0.01 — ection 12(g) of the Act: Common Stock, $0.01 par value (Title of Class) Indicate
- $11,207,000 — related open orders, was approximately $11,207,000 at February 29, 2024, as compared to $7
- $7,633,000 — 00 at February 29, 2024, as compared to $7,633,000 at February 28, 2023. Approximately 90%
Filing Documents
- sodi_10k.htm (10-K) — 1043KB
- sodi_ex191.htm (EX-19.1) — 10KB
- sodi_ex211.htm (EX-21.1) — 1KB
- sodi_ex231.htm (EX-23.1) — 2KB
- sodi_ex232.htm (EX-23.2) — 2KB
- sodi_ex311.htm (EX-31.1) — 12KB
- sodi_ex321.htm (EX-32.1) — 4KB
- sodi_ex191img16.jpg (GRAPHIC) — 90KB
- sodi_ex191img3.jpg (GRAPHIC) — 234KB
- sodi_ex191img15.jpg (GRAPHIC) — 167KB
- sodi_ex191img14.jpg (GRAPHIC) — 85KB
- sodi_ex191img13.jpg (GRAPHIC) — 138KB
- sodi_ex191img12.jpg (GRAPHIC) — 140KB
- sodi_ex191img11.jpg (GRAPHIC) — 175KB
- sodi_ex191img10.jpg (GRAPHIC) — 200KB
- sodi_ex191img1.jpg (GRAPHIC) — 220KB
- sodi_ex191img4.jpg (GRAPHIC) — 221KB
- sodi_ex191img5.jpg (GRAPHIC) — 207KB
- sodi_ex191img6.jpg (GRAPHIC) — 274KB
- sodi_ex191img7.jpg (GRAPHIC) — 261KB
- sodi_ex191img8.jpg (GRAPHIC) — 225KB
- sodi_ex191img9.jpg (GRAPHIC) — 201KB
- sodi_ex191img2.jpg (GRAPHIC) — 250KB
- 0001654954-24-008904.txt ( ) — 9345KB
- sodi-20240229.xsd (EX-101.SCH) — 58KB
- sodi-20240229_lab.xml (EX-101.LAB) — 315KB
- sodi-20240229_cal.xml (EX-101.CAL) — 55KB
- sodi-20240229_pre.xml (EX-101.PRE) — 258KB
- sodi-20240229_def.xml (EX-101.DEF) — 120KB
- sodi_10k_htm.xml (XML) — 700KB
Business
Business 3 Item 1A.
Risk Factors
Risk Factors 8 Item 1B. Unresolved Staff Comments 17 Item 1C. Cybersecurity 18 Item 2.
Properties
Properties 18 Item 3.
Legal Proceedings
Legal Proceedings 18 Item 4. Mine Safety Disclosures 18 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 6. [Reserved] 19 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 24 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 25 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 48 Item 9A.
Controls and Procedures
Controls and Procedures 48 Item 9B. Other Information 49 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 49 Part III Item 10. Directors, Executive Officers and Corporate Governance 50 Item 11.
Executive Compensation
Executive Compensation 55 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 56 Item 13. Certain Relationships and Related Transactions, and Director Independence 58 Item 14. Principal Accountant Fees and Services 59 Part IV Item 15. Exhibits and Financial Statement Schedules 60 Item 16. Form 10-K Summary 61
Signatures
Signatures 62 2 Table of Contents PART I
BUSINESS
ITEM 1. BUSINESS GENERAL Solitron Devices, Inc., a Delaware corporation (the "Company" or "Solitron"), designs, develops, manufactures and markets solidstate semiconductor components and related devices primarily for the military and aerospace markets. The Company manufactures a large variety of bipolar and metal oxide semiconductor ("MOS") power transistors, power and control hybrids, junction and power MOS field effect transistors ("Power MOSFETS"), field effect transistors and other related products. Most of the Company's products are custom made pursuant to contracts with customers whose end products are sold to the United States government. Other products, such as Joint Army/Navy ("JAN") transistors, diodes and Standard Military Drawings ("SMD") voltage regulators, are sold as standard or catalog items. The Company was incorporated under the laws of the State of New York in March 1959 and reincorporated under the laws of the State of Delaware in August 1987. For information concerning the Company's financial condition, results of operations, and related financial data, you should review the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the "Financial Statements and Supplementary Data" sections of this Annual Report. You should also review and consider the risks relating to the Company's business, operations, financial performance, and cash flows below under "Risk Factors." On September 1, 2023 the Company closed the acquisition of Micro Engineering Inc. ("MEI"). MEI specializes in solving design layout and manufacturing challenges for electronic components while maximizing efficiency and keeping flexibility to meet unique customer needs. Since 1980, the MEI team has been dedicated to overcoming obstacles to provide cost efficient and rapid results. MEI specializes in low to mid volume projects that require engineering dedication, quality systems and efficient manufacturing. PRODUCTS The Company designs, ma