WEST MELBOURNE, FL / ACCESSWIRE / August 1, 2018 / BK Technologies, Inc. (NYSE American: BKTI) today announced financial and operating results for the second quarter and six months ended June 30, 2018.

For the second quarter ended June 30, 2018, revenues increased 26.9 percent to approximately $13.7 million, compared with approximately $10.8 million for the second quarter of 2017. Operating income for the second quarter of 2018 increased 36.8 percent to approximately $1.3 million, compared with $973,000 for the second quarter last year. Net income for the second quarter of 2018 was approximately $947,000, or $0.07 per diluted share, compared with $1.3 million, or $0.10 per diluted share, for the same quarter in 2017.

The Company had approximately $23.4 million in working capital as of June 30, 2018, of which $17.7 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 June 30, 2018, the Company had no borrowings outstanding under its revolving credit facility.

Tim Vitou, BK’s President, commented, “Our operating results for the second quarter and six months were encouraging, featuring sales growth, improvement in gross profit margins and strong operating income. State public safety agencies were the primary driver for second quarter sales. They were complemented, however, with solid demand from the federal market, including legacy customers in the wildland fire suppression community. Gross profit margins increased for the second consecutive quarter, derived from manufacturing and quality improvement initiatives, increased volumes and a more favorable mix of product sales. These factors combined to turn last year’s operating loss into $2.1 million of operating income for the first half of this year.

Mr. Vitou continued, “We also realized improvement on the balance sheet, reducing inventory by approximately $1.6 million and generating $3.6 million in cash for the first six months of 2018, which has funded accelerated investment in engineering and new product development, leading toward the anticipated introduction of a new line of leading-edge products later this year. The financial and operating results also enabled us to continue our capital return program, which has yielded nine consecutive quarterly dividends and the repurchase of over 350,000 shares of our common stock through June 30, 2018. Overall, the trend of key metrics for our business and the market are promising.”

For the six months ended June 30, 2018, sales increased 40 percent to approximately $25.4 million compared with approximately $18.1 million for the same period last year. Operating income for the six month period of 2018 increased to approximately $2.1 million, compared with an operating loss of approximately $233,000 for the same period last year. Net income for the six months ended June 30, 2018 totaled approximately $503,000, or $0.04 per basic and diluted share, compared with $50,000, or $0.00 per basic and diluted share for the same period last year.

The financial results for the six months ended June 30, 2018 include a loss on investment in securities totaling approximately $1.2 million, compared with a gain of approximately $617,000 for the six 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, August 2, 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 August 2, 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 August 12, 2018 by dialing 877-481-4010 PIN#34109 (international/local participants dial 919-882-2331 PIN#34109).

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”.