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BK Technologies Declares Quarterly Dividend of $0.02 per Share

Company Contact:
BK Technologies, Inc.
William Kelly, EVP & CFO
(321) 984-1414

WEST MELBOURNE, FL, December 7, 2018 – BK Technologies, Inc. (NYSE American: BKTI) today announced that today its Board of Directors declared a quarterly dividend of $0.02 per share of the Company’s common stock, payable on January 16, 2019 to shareholders of record of the Company’s common stock as of the close of business on January 2, 2019.

Kyle Cerminara, Chairman of the Board, said, “We are pleased to continue the Company’s capital return program with the declaration of our eleventh consecutive quarterly dividend.”

About BK Technologies, Inc.

As an American manufacturer for over 70 years, the Company is deeply rooted in the public safety communications industry, manufacturing high-specification communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies. Advances include a broad new line of leading digital two-way radios compliant with APCO Project 25 specifications. The Company’s products are manufactured and distributed worldwide under BK Radio and RELM brand names. The Company maintains its headquarters in West Melbourne, Florida and can be contacted through its website at www.bktechnologies.com or directly at 18008212900.

BK Technologies Reports Third Quarter and Nine Months 2018 Results

-Nine Months Sales Grow 29%; Operating Income Increases $3.0 Million from Prior Year-

Company Contact:
BK Technologies, Inc.
William Kelly, EVP & CFO
(321) 984-1414

WEST MELBOURNE, Florida – November 7, 2018 – BK Technologies, Inc. (NYSE American: BKTI) today announced financial and operating results for the third quarter and nine months ended September 30, 2018.

For the third quarter ended September 30, 2018, revenues increased 12.4% to approximately $13.3 million, compared with approximately $11.8 million for the third quarter of 2017. Operating income for the third quarter of 2018 increased to approximately $878,000, compared with $157,000 for the third quarter last year. Net income for the third quarter of 2018 was approximately $650,000, or $0.05 per basic and diluted share, compared with $600,000, or $0.04 per basic and diluted share, for the same quarter in 2017.

The Company had approximately $23.6 million in working capital as of September 30, 2018, of which $18.8 million was comprised of cash, cash equivalents and trade receivables. This compares with working capital of approximately $26.7 million as of December 31, 2017, of which $12.7 million was comprised of cash, cash equivalents and trade receivables. As of September 30, 2018, the Company had no borrowings outstanding under its revolving credit facility.

Tim Vitou, BK’s President, commented, “Consistent with the first half of the year, our operating results through nine months continued to show improvement, particularly in sales growth. Sales through the first nine months have nearly equaled total sales for the entire year of 2017. Federal agencies were the primary contributors to sales for the third quarter, supplementing strong sales from state and local public safety agencies during the first half of the year. Operationally, gross profit margins continue to be significantly higher than the prior year. For the year-to-date we generated over $4 million in cash primarily through solid operating results and inventory reductions.”

Mr. Vitou continued, “These results have enabled us to invest substantially in new product development; funding it internally from operations, without incurring any debt. This investment is anticipated to yield our first multiband products by the end of the year, which we believe will serve as a cornerstone of our growth strategy moving into 2019 and beyond.”

For the nine months ended September 30, 2018, sales increased 29.1% to approximately $38.7 million compared with approximately $30.0 million for the same period last year. Operating income for the nine-month period of 2018 increased to approximately $3.0 million, compared with an operating loss of approximately $76,000 for the same period last year. Net income for the nine months ended September 30, 2018 totaled approximately $1.2 million, or $0.09 per basic and diluted share, compared with $650,000, or $0.05 per basic and diluted share for the same period last year.

The financial results for the nine months ended September 30, 2018 include a loss on investment in securities totaling approximately $1.4 million, compared with a gain of approximately $1.3 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 8, 2018. Shareholders and other interested parties may participate in the conference call by dialing 877-407-8031 (international/local participants dial 201-689-8031) and asking to be connected to the “BK Technologies, Inc. Conference Call” a few minutes before 9:00 a.m. Eastern Time, on November 8, 2018. The call will also be webcast at . Please allow extra time prior to the call to visit the site and download any necessary software to listen to the Internet webcast. 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 15, 2018 by dialing 877-481-4010 PIN# 38730 (international/local participants dial 919-882-2331 PIN# 38730).

About BK Technologies

As an American manufacturer for over 70 years, BK Technologies is deeply rooted in the public safety communications industry, manufacturing high-specification communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies. Advances include a broad new line of leading digital two way radios compliant with APCO Project 25 specifications. BK Technologies’ products are manufactured and distributed worldwide under BK Radio and RELM brand names. The Company maintains its headquarters in West Melbourne, Florida and can be contacted through its web site at www.bktechnologies.com or directly at 1 800 821 2900. The Company’s common stock trades on the NYSE American market under the symbol “BKTI”.

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 LMR 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; 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 utilize deferred tax assets; retention of executive officers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and consummate, acquisition or investment transactions, and risks incumbent to being a minority stockholder in a corporation; impact of our capital allocation strategy; government regulation; our business with manufacturers located in other countries; 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, 2017 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.

# # #

(Financial Tables To Follow)
BK TECHNOLOGIES, INC.
Condensed Consolidated Statements of Income
(In thousands, except share and per share data) (Unaudited)

Three Months Ended

Nine Months Ended

September 30,
2018

September 30,
2017

September 30,
2018

September 30,
2017

Sales, net

$

13,302

$

11,831

$

38,704

$

29,973

Expenses

Cost of products

7,839

8,014

22,519

19,425

Selling, general and administrative

4,585

3,660

13,229

10,624

Total expenses

12,424

11,674

35,748

30,049

Operating income (loss)

878

157

2,956

(76)

Other (expense) income:

Interest income

28

14

63

32

(Loss) gain on investment in securities

(191)

670

(1,392)

1,287

Gain (loss) on disposal of property, plant and equipment

10

(94)

Other (expense) income

(48)

1

(274)

(146)

Total other (expense) income

(211)

695

(1,603)

1,079

Income before income taxes

667

852

1,353

1,003

Income tax expense

(17)

(252)

(200)

(353)

Net income

$

650

$

600

$

1,153

$

650

Net earnings per share-basic

$

0.05

$

0.04

$

0.09

$

0.05

Net earnings per share-diluted

$

0.05

$

0.04

$

0.09

$

0.05

Weighted average shares outstanding-basic

13,479,759

13,665,976

13,538,116

13,602,207

Weighted average shares outstanding-diluted

13,501,587

13,688,297

13,563,990

13,704,884

BK TECHNOLOGIES, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share data)

 

September 30, 2018

December 31,

2017

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

11,349

$

7,147

Available-for-sale securities

9,184

Trade accounts receivable, net

7,407

5,524

Inventories, net

10,688

14,358

Prepaid expenses and other current assets

1,641

772

Total current assets

31,085

36,985

Property, plant and equipment, net

2,619

2,201

Investment in securities

3,198

Deferred tax assets, net

3,122

3,317

Other assets

215

298

Total assets

$

40,239

$

42,801

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

3,496

$

5,971

Accrued compensation and related taxes

1,652

1,364

Accrued warranty expense

1,434

1,389

Accrued other expenses and other current liabilities

414

1,159

Dividends payable

268

273

Deferred revenue

179

157

Total current liabilities

7,443

10,313

Deferred revenue

1,422

481

Total liabilities

$

8,865

$

10,794

Commitments and contingencies

Stockholders’ equity:

Preferred stock; $1.00 par value; 1,000,000 authorized shares;
none issued or outstanding

Common stock; $.60 par value; 20,000,000 authorized shares; 13,882,937 and 13,844,584 issued and 13,389,519 and 13,652,490 outstanding shares at September 30, 2018 and December 31, 2017, respectively

8,330

8,307

Additional paid-in capital

25,796

25,642

Accumulated deficit

(789)

(5,450)

Accumulated other comprehensive income

4,318

Treasury stock, at cost, 493,418 and 192,094 shares at September 30, 2018 and December 31, 2017, respectively

(1,963)

(810)

Total stockholders’ equity

31,374

32,007

Total liabilities and stockholders’ equity

$

40,239

$

42,801

 

BK Technologies to Host Third Quarter and Nine Months 2018 Conference Call on Thursday, November 8, 2018

WEST MELBOURNE, FL, November 1, – BK Technologies, Inc. (NYSE American: BKTI), a company that designs, manufactures and markets two-way radio communications equipment, will host an investor conference call to discuss its operating results for the third quarter and nine months ended September 30, 2018 on Thursday November 8, 2018 at 9:00 a.m., EDT. On the call will be Timothy Vitou, President, and William Kelly, Executive Vice President and Chief Financial Officer.

The Company plans to release its financial and operating results for the third quarter and nine months ended September 30, 2018, after the close of stock market trading on Wednesday, November 7, 2018.

Shareholders and interested parties may participate in the conference call by dialing 877-407-8031 (international and local participants dial 201-689-8031) and asking to be connected to the “BK Technologies, Inc. Conference Call”. The call will also be webcast at www.bktechnologies.com. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the webcast. An online archive of the webcast will be available on the Company’s web site for thirty (30) days following the call at www.bktechnologies.com. A replay of the conference call will be available one hour after completion of the call until November 15, 2018, by dialing 877-481-4010 #38730 (international/local participants dial 919-882-2331 #38730).

About BK Technologies

As an American manufacturer for over 70 years, BK Technologies is deeply rooted in the public safety communications industry, manufacturing high-specification communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies. Advances include a broad new line of leading digital two-way radios compliant with APCO Project 25 specifications. BK Technologies’ products are manufactured and distributed worldwide under BK Radio and RELM brand names. The Company maintains its headquarters in West Melbourne, Florida and can be contacted through its website at www.bktechnologies.com or directly at 1 800 821 2900. The Company’s common stock trades on the NYSE American market under the symbol “BKTI”.

BK Technologies Named To U.S. Army Contract Receives Initial Task Orders

WEST MELBOURNE, FL, September 27, 2018 – BK Technologies, Inc. (NYSE American: BKTI) today announced that it has been selected as a supplier under the Subscriber Unit Radio and Accessory Contract (SURAC) issued by the U.S. Army; and received its first task orders under the contract totaling approximately $800,000. The task orders are for the Company’s BK Radio branded UHF portable radios and related accessories, which are anticipated to be delivered during the fourth quarter of 2018.

The U. S. Army has implemented the SURAC contract to serve as its primary contract vehicle for procuring P25 digital communications equipment. BK Technologies is one of five companies that have met the U.S. Army’s qualifications as specified by the contract. The maximum total value of the contract is $495 million over a five-year period that commenced on June 18, 2018, and ends on June 18, 2023. The contract does not specify purchase dates or quantities of equipment from any particular named supplier.

BK Technologies’ Senior Vice President of Sales and Marketing Craig Price commented, “We are very excited and proud to be part of the U.S. Army’s SURAC contract and to receive the initial task orders. Being selected for this contract and then awarded task orders has been among our highest priorities and the focus of intense effort for well over a year.”

Mr. Price continued, “In SURAC, the U.S. Army now has a multi-year contract vehicle in place for procuring two-way communications equipment. Accordingly, it could be instrumental in stimulating new sales growth for BK. We are looking forward to connecting with potential new customers at U.S. Army installations nationwide, and demonstrating our exceptional products, capabilities and value.”

About BK Technologies

As an American manufacturer for over 70 years, BK Technologies is deeply rooted in the public safety communications industry, manufacturing high-specification communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies. Advances include a broad new line of leading digital two‑way radios compliant with APCO Project 25 specifications. BK Technologies’ products are manufactured and distributed worldwide under BK Radio and RELM brand names. The Company maintains its headquarters in West Melbourne, Florida and can be contacted through its web site at www.bktechnologies.com or directly at 1‑800‑821‑2900. The Company’s common stock trades on the NYSE American market under the symbol “BKTI”.

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 LMR 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; 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 utilize deferred tax assets; retention of executive officers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and consummate, acquisition or investment transactions, and risks incumbent to being a minority stockholder in a corporation; impact of our capital allocation strategy; government regulation; our business with manufacturers located in other countries; 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, 2017 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.

BK Receives $4.5 Million in Orders for State of California

-KNG P25 Portable and Mobile Radios with Accessories-

WEST MELBOURNE, FL, June 26, 2018 – BK Technologies, Inc. (NYSE American: BKTI) today announced that it received orders totaling approximately $4.5 million for BK Radio-brand KNG-series portable and mobile radios, and related accessories, that will be deployed by a California State public safety agency.  The orders are anticipated to be fulfilled in the second and third quarters of 2018.

BK President Tim Vitou commented, “One of BK’s most important missions for decades has been supporting public safety agencies in California and nationwide. Our experienced team is keenly aware that dependable communications can have life-saving implications. We take our mission very seriously, and are honored to be California’s provider of choice for this deployment of two-way radio communications.”

About BK Technologies

As an American manufacturer for over 70 years, BK Technologies is deeply rooted in the public safety communications industry, manufacturing high-specification communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies.  Advances include a broad new line of leading digital two-way radios compliant with APCO Project 25 specifications. BK Technologies’ products are manufactured and distributed worldwide under the BK Radio brand name. The Company maintains its headquarters in West Melbourne, Florida and can be contacted through its website at www.bktechnologies.com or directly at 1-800-821-2900.  The Company’s common stock trades on the NYSE American market under the symbol “BKTI”.

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 LMR 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; the availability, terms and deployment of capital; reliance on contract manufacturers and suppliers; heavy reliance on sales to agencies of the U.S. government; our ability to utilize deferred tax assets; retention of executive officers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and consummate, acquisition or investment transactions, and risks incumbent to being a minority stockholder in a corporation; impact of our capital allocation strategy; government regulation; our business with manufacturers located in other countries; 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 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, 2017 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.

RELM Wireless Corporation Announces Name Change to BK Technologies, Inc.

NYSE American Ticker Symbol Changes to “BKTI”

 

WEST MELBOURNE, FL, June 4, 2018 – RELM Wireless Corporation (NYSE American: RWC) today announced that it is changing its name to BK Technologies, Inc., effective today. BK Technologies stock will begin trading on the NYSE American stock exchange under the new ticker symbol “BKTI” at the opening of trading on June 5, 2018. Shareholders approved the name change at the annual meeting of shareholders held on June 4, 2018.

 

The company name change resulted in a change to the CUSIP number for the Company’s outstanding shares of common stock. The new CUSIP number for such common stock is 09180A100. Outstanding stock certificates for shares of the Company continue to be valid and do not need to be exchanged.

 

BK Technologies President, Tim Vitou commented: “We are excited about formalizing the rebranding process that commenced last year.  Changing our name to BK Technologies is an important step in creating better alignment between our corporate and product brands.  Under our new corporate banner, we plan to move forward positively and aggressively to maximize the broad range of opportunities available to us in public safety technology.”

 

About BK Technologies

 

As an American manufacturer for over 70 years, BK Technologies is deeply rooted in the public safety communications industry, manufacturing high-specification communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies.  Advances include a broad new line of leading digital two‑way radios compliant with APCO Project 25 specifications.  BK Technologies’ products are manufactured and distributed worldwide under BK Radio and RELM brand names. The Company maintains its headquarters in West Melbourne, Florida and can be contacted through its web site at www.bktechnologies.com or directly at 1‑800‑821‑2900.  The Company’s common stock trades on the NYSE American market under the symbol “BKTI”.

 

About APCO Project 25 (P25)

 

APCO Project 25 (P25), which requires interoperability among compliant equipment regardless of the manufacturer, was established by the Association of Public-Safety Communications Officials and is approved by the U.S. Department of Homeland Security.  The shift toward interoperability gained momentum as a result of significant communications failures in critical emergency situations.  BK Technologies was one of the first manufacturers to develop P25-compliant technology.

 

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 LMR 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; the availability, terms and deployment of capital; reliance on contract manufacturers and suppliers; heavy reliance on sales to agencies of the U.S. government; our ability to utilize deferred tax assets; retention of executive officers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and consummate, acquisition or investment transactions, and risks incumbent to being a minority stockholder in a corporation; impact of our capital allocation strategy; government regulation; our business with manufacturers located in other countries; 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 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, 2017 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.