SODI - Solitron Devices provides corporate update for Q1 Q2 2021 and guidance for 2021

Solitron Devices (SODI) projected earnings improvement for Q2 is due to increased gross profit due to higher revenue, a large decrease in SG&A during the quarter.Q1 2021: Net sales of $2.7M (+3.8% Y/Y); Net bookings of $1.5M (-21.1% Y/Y); estimated net income of ~$0.2M to $0.28M with cash and securities of $1.8M and no debt.Q2 2021: Net sales of $3.1M (+29.2% Y/Y); Net bookings of $1.7M (-54.1% Y/Y); estimated net income of ~$0.4M to $0.6M with cash and securities of $2.9M and debt of $0.8M under PPP loan.Also, due to COVID-19 the Company is experiencing a slowness in the issuance of purchase orders over the last six months.2021 Guidance: Net sales in line with previous expectation of ~$10.5M; Net bookings expectation increased from $10M to $11.5M and expects a meaningful improvement in net income Y/Y.

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Solitron Devices provides corporate update for Q1, Q2 2021 and guidance for 2021