RELM Wireless Corp. (NYSE: RWC) said it has announced its financial and operating results for the first quarter ended March 31, 2014.
Sales increased approximately 10.6 percent to USD7.8m, compared with approximately USD7.1m for the first quarter last year. Pretax income increased approximately 25.5 percent to USD601,000, compared with approximately USD479,000 for the first quarter last year.
The company recognized income tax expense of approximately USD126,000 for the first quarter 2014, compared with approximately USD74,000 for the same quarter last year. Income tax expense for both quarters was largely non-cash due to the company´s deferred tax assets derived primarily from its net operating loss carry forwards.
Net income for the first quarter ended March 31, 2014 totaled approximately USD475,000, or USD0.03 per basic and diluted share, compared with approximately USD405,000, or USD0.03 per basic and diluted share, for the same quarter last year.
As an American manufacturer for more than 65 years, RELM Wireless has produced highâ€‘specification twoâ€‘way communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies, as well as radios for use in a wide range of commercial and industrial applications. Its website is at www.relm.com.