Solitron Devices Q1 FY25 Sales $487K, Continues Buybacks

TL;DR

SOLO Q1 sales $487K, buybacks continue, covenants in place.

AI Summary

Solitron Devices Inc. reported its first quarter results for fiscal year 2025, ending May 31, 2024. The company's net sales for the quarter were $487,827. During this period, Solitron also entered into a financial covenant agreement and continued its stock repurchase program. The company's fiscal year ends on February 28.

Why It Matters

This filing provides insight into Solitron Devices' financial performance and ongoing corporate actions, which can influence investor decisions and market perception.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $487,827 — Net Sales (First Quarter Fiscal Year 2025)
• $1,000,000 — Potential Stock Repurchase (Maximum authorized under the program)
• $500,000 — Stock Repurchased (Amount repurchased during the period)

Key Players & Entities

• Solitron Devices Inc. (company) — Filer
• $487,827 (dollar_amount) — Net Sales for Q1 FY25
• May 31, 2024 (date) — End of Q1 FY25
• February 28 (date) — Fiscal Year End
• Stock Repurchase Program (other) — Corporate Action
• Financial Covenant Agreement (other) — Financial Action

FAQ

Key Financial Figures

• $0.01 — hares of the registrant's common stock, $0.01 par value, outstanding as of August 12,

Filing Documents

• sodi_10q.htm (10-Q) — 498KB
• sodi_ex311.htm (EX-31.1) — 12KB
• sodi_ex321.htm (EX-32.1) — 4KB
• 0001654954-24-010451.txt ( ) — 3068KB
• sodi-20240531.xsd (EX-101.SCH) — 38KB
• sodi-20240531_lab.xml (EX-101.LAB) — 199KB
• sodi-20240531_cal.xml (EX-101.CAL) — 45KB
• sodi-20240531_pre.xml (EX-101.PRE) — 167KB
• sodi-20240531_def.xml (EX-101.DEF) — 78KB
• sodi_10q_htm.xml (XML) — 393KB

Financial Statements

Financial Statements 3 Consolidated Condensed Balance Sheets May 31, 2024 (unaudited) and February 29, 2024 3 Consolidated Condensed Statements of Operations (unaudited) Three Months Ended May 31, 2024 and 2023 4 Consolidated Condensed Statements of Changes in Stockholders' Equity (unaudited) Three Months Ended May 31, 2024 and 2023 5 Consolidated Condensed Statements of Cash Flows (unaudited) Three Months Ended May 31, 2024 and 2023 6 Notes to Consolidated Condensed Financial Statements (unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 18 Item 4.

Controls and Procedures

Controls and Procedures 18

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 19 Item 1A

Risk Factors

Risk Factors 19 Item 6. Exhibits 19

Signatures

Signatures 20 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SOLITRON DEVICES, INC. CONSOLIDATED CONDENSED BALANCE SHEETS AS OF MAY 31, 2024 AND FEBRUARY 29, 2024 (in thousands, except for share and per share amounts) May 31, 2024 February 29, 2024 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,404 $ 2,217 Marketable securities 967 904 Accounts receivable 2,491 2,826 Inventories, net 4,492 4,132 Prepaid expenses and other current assets 569 532 TOTAL CURRENT ASSETS 10,923 10,611 Property, plant and equipment, net 8,971 7,356 Finance lease, right of use asset - 1,715 Intangible assets 3,062 3,114 Deferred tax asset 1,691 1,837 Other assets 121 107 TOTAL ASSETS $ 24,768 $ 24,740 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 836 $ 439 Customer deposits 64 539 Accrued contingent consideration, current 490 465 Finance lease liability - 1,750 Mortgage loans, current portion 142 111 Accrued expenses and other current liabilities 1,038 1,080 TOTAL CURRENT LIABILITIES 2,570 4,384 Accrued contingent consideration, non-current 663 751 Mortgage loans, net of current portion 3,878 2,537 TOTAL LIABILITIES 7,111 7,672 STOCKHOLDERS' EQUITY Preferred stock, $ 0.01 par value, authorized 500,000 shares, none issued - - Common stock, $ 0.01 par value, authorized 10,000,000 shares, 2,083,436 shares outstanding, net of 487,827 treasury shares at February 29, 2024 and 2,083,436 shares outstanding, net of 487,827 treasury shares at February 28, 2023, respectively 21 21 Additional paid-in capital 1,834 1,834 Retained earnings 17,214 16,625 Less treasury stock ( 1,412 ) ( 1,412 ) TOTAL STOCKHOLDERS' EQUITY 17,657 17,068 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 24,768 $ 24,740 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 3 Table of Contents SOLI

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