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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.

RELM Wireless Reports First Quarter 2018 Results

WEST MELBOURNE, Florida — May 9, 2018 — RELM Wireless Corporation (NYSE American: RWC) today announced financial and operating results for the first quarter ended March 31, 2018.

 

For the first quarter ended March 31, 2018, revenues increased approximately 59.2% to approximately $11.7 million, compared with approximately $7.4 million for the first quarter of 2017.  The Company recognized operating income of approximately $748,000 for the first quarter of 2018, an increase of approximately 162% from an operating loss totaling approximately $1.2 million for the first quarter last year.  The net loss for the first quarter of 2018 was approximately $443,000, or $0.03 per diluted share, compared with a net loss of approximately $1.3 million, or $0.09 per diluted share, for the same quarter in 2017.

 

The financial results for the first quarter of 2018 include a loss on the sale of securities totaling approximately $849,000, and a loss of approximately $297,000 on an investment.  There were no comparable transactions during last year’s first quarter.

 

The Company had approximately $22.9 million in working capital as of March 31, 2018, of which $15.8 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 March 31, 2018, the Company had no borrowings outstanding under its revolving credit facility.

 

Tim Vitou, RELM’s President, commented, “We are very pleased with our operating results for the first quarter, particularly our sales performance, which built upon the momentum of 2017.  This was one of our best first quarters for sales, exceeded only by 2016, which was driven primarily by our TSA contract.  Conversely, the sales for this year’s first quarter were sourced from a wide range of federal, state and international customers.  Operationally, gross profit margins increased significantly compared with last year’s first quarter as we realized some benefits from initiatives in manufacturing operations, as well as a more favorable mix of product sales.  On the strength of these improvements, we generated operating income versus last year’s operating loss.  Furthermore, we continued to invest in engineering, progressing toward the anticipated introduction of a new line of leading-edge products later this year.”

 

Mr. Vitou continued, “Below operating income, we reported a loss on the sale of our remaining shares of Iteris.  This reporting is the result of a change in accounting guidance, and does not reflect the actual economics of our investment.  We originally invested $3.2 million in Iteris stock that was ultimately sold for approximately $11.0 million in cash, which supplemented our working capital and enabled us to make another strategic investment.  Although that investment generated a loss in the first quarter of 2018, we believe the future for this investment is favorable.  Overall, I am encouraged by our outlook for sales and new products, and the trend of improvements in our operations, all of which should yield growth and enhanced shareholder value.”

 

 

 

Conference Call and Webcast

The Company will host a conference call and webcast for investors at 9:00 a.m. Eastern Time, on Wednesday, May 9, 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 “RELM Wireless Corporation Conference Call” a few minutes before 9:00 a.m. Eastern Time on May 9, 2018.  The call will also be webcast at http://www.bktechnologies.com.  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 May 18, 2018 by dialing 877-481-4010 PIN#28104 (international/local participants dial 919-882-2331 PIN#28104).

 

About RELM Wireless

 

As an American manufacturer for over 70 years, RELM Wireless 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.  RELM Wireless’ 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 “RWC”.

 

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.  RELM 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.

  

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(Financial Tables To Follow)

 

 

RELM Wireless First Quarter 2018 Investor Call- May , 10 2018 @ 9AM EST

RELM Investor Conference Call

Join the RELM Wireless First Quarter Investor Call , May , 10 2018 @ 9AM EST.

 

Issuer Direct Corp marked Earnings Call Job 175806 as scheduled.

Notes: Teleconference info:
Presenter: 877-407-8214 | 201-689-7832
Participant: 877-407-8031 | 201-689-8031
Replay: 877-481-4010 | PIN : 28104

Teleconference Call Manager:
Call Management Platform (Internal Use Only): http://pir.incommconferencing.com Conference ID: 13679051

Event link: http://www.investorcalendar.com/event/28104

RELM Wireless Reports 2017 Full Year and Fourth Quarter Results

WEST MELBOURNE, Florida — March 6, 2018 — RELM Wireless Corporation (NYSE American: RWC) today announced financial and operating results for the quarter and year ended December 31, 2017.

For the year ended December 31, 2017, revenues totaled approximately $39.4 million, compared with approximately $50.7 million for 2016. Net loss for the year was approximately $3.6 million, or $0.27 per diluted share, compared with net income of approximately $2.7 million, or $0.19 per diluted share, for the prior year.

For the fourth quarter ended December 31, 2017, revenues totaled approximately $9.4 million, compared with approximately $7.2 million for the fourth quarter of 2016. Net loss for the quarter ended December 31, 2017 was approximately $4.3 million, or $0.31 per diluted share, compared with net income of approximately $92,000, or $0.01 per diluted share, for the same quarter in 2016.

The financial results for the three and twelve month periods of 2017 were unfavorably impacted by certain non-recurring items, including a $3.2 million charge for the write-off of inventory, $1.8 million of incremental costs related to product modifications and upgrades, and $1.4 million for a legal settlement. Also, during the first quarter, we incurred one-time expenses of approximately $0.9 associated with product enhancements, severance arrangements, and the discontinuation of a development project.

The Company had approximately $26.7 million in working capital as of December 31, 2017, of which $12.7 million was comprised of cash and trade receivables. This compares with working capital of approximately $23.4 million as of December 31, 2016, of which $14.4 million was comprised of cash and trade receivables. As of December 31, 2017 the Company had no borrowings outstanding under its revolving credit facility.

Tim Vitou, RELM’s President, commented, “We are encouraged by the sales momentum created during 2017. Totaling near $40 million, this was our second-highest annual sales in over 20 years; exceeded only by 2016, which benefitted from $18 million in sales associated with a single large contract. This performance was the product of broad-based success across different markets and customers. During 2017 we were awarded several multi-year federal contracts and were successful in securing new business with state and local public safety agencies. Supplementing sales, we realized close to $2 million in gains and cash from strategic investments.

Mr. Vitou continued, “Otherwise, 2017 was a year of transformation filled with significant and positive changes. Although some of these changes unfavorably impacted our financial and operating results, we believe they were necessary in order to establish a solid strategic foundation for the company’s future. Early in the year the company’s board and management leadership was changed, and new product development efforts were redirected, launching new initiatives that are crucial to future success while discontinuing others. Thereafter, we took a comprehensive look at our markets, products, technologies and strategic direction, which resulted in some non-recurring expenses and charges, including inventory write-offs, product modification and enhancement costs, legal dispute resolution expenses, and severance. We also invested in programs to improve manufacturing operations and product quality. Ultimately, we believe these actions will prove to be critical, yielding future benefits in the form of product cost savings, while positioning the company for growth and enhanced shareholder value.”

Conference Call and Webcast

The Company will host a conference call and webcast for investors at 9:00 a.m. Eastern Time, on Wednesday, March 7, 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 “RELM Wireless Corporation Conference Call” a few minutes before 9:00 a.m. Eastern Time on March 7, 2018. The call will also be webcast at http://www.bktechnologies.com. 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 March 18, 2018 by dialing 877-481-4010 PIN#25018 (international/local participants dial 919-882-2331 PIN#25018).

About RELM Wireless

As an American manufacturer for over 70 years, RELM Wireless 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. RELM Wireless’ 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 “RWC”.

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. RELM 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; 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 investment 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.