Solitron Devices, Inc., (SODI) a leading technology company specializing in electronic components, has announced its financial results for the fiscal year ended February 28, 2023. The company reported a net income of $826 thousand and generated revenue of $6.4 million during the period.
Solitron Devices, Inc. posted a net income of $826 thousand for the fiscal year 2023, marking a decrease compared to the previous year's net income of $3.5 million. The company's revenue for the year stood at $6.4 million, reflecting a significant decline from the $12.3 million reported in the previous fiscal year.
The company's balance sheets as of February 28, 2023, and February 28, 2022, indicate the financial position of Solitron Devices, Inc. The total assets increased slightly from $14.4 million in 2022 to $15.1 million in 2023. The current assets, which include cash and cash equivalents, short-term investments, marketable securities, accounts receivable, inventories, and prepaid expenses, decreased from $8.8 million in 2022 to $7.7 million in 2023.
Property, plant, and equipment, net of depreciation, increased to $7.4 million in 2023 compared to $4.9 million in the previous year. The construction in progress decreased from $609 thousand in 2022 to no amount recorded in 2023. Other assets also increased slightly from $4 thousand in 2022 to $14 thousand in 2023.
On the liabilities side, the company's total liabilities decreased from $3.9 million in 2022 to $3.8 million in 2023. Current liabilities, including accounts payable, customer deposits, finance lease liability, mortgage loan, and accrued expenses, remained relatively stable at $1.2 million in both fiscal years. The long-term liabilities, represented by the mortgage loan and finance lease liability net of the current portion, decreased from $2.8 million in 2022 to $2.6 million in 2023.
Stockholders' equity, which consists of common stock, additional paid-in capital, retained earnings, and treasury stock, increased from $10.4 million in 2022 to $11.3 million in 2023.
Solitron Devices, Inc.'s statements of operations for the fiscal years ended February 28, 2023, and February 28, 2022, provide insights into the company's financial performance. Net sales for the fiscal year 2023 amounted to $6.4 million, a significant decrease from the $12.3 million reported in the previous year.
The cost of sales was $5 million in 2023, compared to $7.5 million in 2022. This resulted in a gross profit of $1.4 million for the fiscal year 2023, down from $4.8 million in the previous year.
Operating expenses, including selling, general, and administrative expenses, amounted to $2.1 million in 2023, slightly lower than the $2.5 million reported in 2022. As a result, the company reported an operating loss of $651 thousand in 2023, in contrast to the operating income of $2.3 million in 2022.
Other income for the fiscal year 2023 totaled $1,477 thousand, an increase from the $1,216 thousand reported in the previous year. This includes interest income, interest expense, dividend income, realized and unrealized gains/losses on investments, PPP loan forgiveness, scrap income, and other income. After considering all expenses and income, Solitron Devices, Inc. recorded a net income of $826 thousand for the fiscal year 2023, a significant decrease from the net income of $3.5 million in the previous year. The net income per common share, both basic and diluted, amounted to $0.40 in 2023, compared to $1.68 in 2022.
Solitron Devices, Inc. faced a challenging fiscal year 2023, with a decline in both net income and revenue compared to the previous year. The company's balance sheets showed a slight increase in total assets, primarily driven by an increase in property, plant, and equipment. Meanwhile, the liabilities remained stable, contributing to an overall increase in stockholders' equity. Despite the financial challenges, Solitron Devices, Inc. remains committed to its mission of delivering innovative electronic components to the market. The company will continue to focus on improving its financial performance and exploring growth opportunities in the coming year.