Exhibit 99.1

 
BK Technologies Announces FY 2020 Revenue of $44.1 Million up 10% Year-Over-Year;
Q4 Revenue of $10.6 Million Up 43% Year-Over-Year; Operating Income of $0.9 Million
Improves by $3.3 Million Year-over-Year
 
WEST MELBOURNE, FL / ACCESSWIRE / March 3, 2021
/ BK Technologies Corporation (NYSE American: BKTI) today announced financial and operating results for the fourth quarter and year ended December 31, 2020. The Company will host a conference call tomorrow, March 4, 2021 at 9:00AM eastern time.
 
Tim Vitou, BK's President, commented, "We had a strong fourth quarter and full year 2020 performance. Revenue grew 10% to $44.1 million for FY 2020. On a quarterly basis, Q4 revenue grew 43% and we generated an operating profit of $0.9 million. Operating margins were 8.4%, a substantial improvement, compared with a 32.4% loss for last year’s fourth quarter. Our gross profit margins and key metrics continued to benefit from revenue growth and new products, combined with our restructuring and the related expense reductions.”
 
Mr. Vitou continued, “We also drove strong performance in liquidity and cash flow. Lower inventory levels positively impacted our cash flow, which was $2.2 million for the year. Inventory was down by $4.1 million at the end of 2020, compared to the end of 2019. We expect that trend of effective inventory management to continue improving as the new BKR product line becomes a larger component of our overall business. Finally, we closed the current year with $13.3 million in cash and receivables, compared to $8.6 million at the end of 2019.”
 
Mr. Vitou concluded, " Looking ahead at 2021, we are focused on growing revenue and profits through increased sales of existing products, having a full year of sales of our new BKR 5000 that was introduced in October, and generating revenue from our multi-band BKR 9000, expected to launch in mid-year, which expands our total addressable market and improves our gross profit margin profile.”
 
Q4 2020 and Recent Operational Highlights
 
Received an order totaling approximately $1.1 million from an agency of the state of Tennessee for BK's new BKR 5000 Digital P-25 portable communications technology.
 
Received an order totaling approximately $1.5 million dollars from a public safety agency of the U.S. Department of the Interior (DoI). The order is for BK's Digital P-25 KNG2-Series portable and KNG Series mobile communications technology, with related accessories.
 
Announced the market introduction of the BKR 5000 portable communication technology: the first model in the new BKR Series of APCO Project 25 products and solutions.
 
 
 
 
 
Fourth Quarter 2020 Financial Highlights
 
Revenue increased to approximately $10.6 million, compared with approximately $7.4 million for the fourth quarter last year.
 
Operating income increased to approximately $0.9 million compared with an operating loss of approximately $2.4 million for the fourth quarter last year.
 
Net income increased to approximately $1.1 million, or $0.08 per basic and diluted share, compared with a net loss of approximately $(1.3) million, or $(0.10) per basic and diluted share, for the fourth quarter last year.
 
Full Year 2020 Highlights 
 
Revenue increased to approximately $44.1 million, compared with approximately $40.1 million last year.
 
Operating income for the year increased to approximately $1.0 million, compared with an operating loss of approximately $4.4 million last year.
 
Net income for the year ended December 31, 2020 increased to approximately $248,000, or $0.02 per basic and diluted share, compared with a net loss of approximately $2.6 million, or $0.21 per basic and diluted share, last year.
 
Working capital totaled approximately $15.1 million, of which $13.3 million was comprised of cash, cash equivalents and trade receivables. This compares with working capital totaling approximately $14.5 million at 2019 year-end, which included $8.6 million of cash, cash equivalents and trade receivables. During 2020, we paid four quarterly dividends of $0.02 per share, utilizing cash of approximately $1.0 million.
 
Conference Call and Webcast
 
The Company will host a conference call and webcast for investors at 9:00 a.m. Eastern Time, on Thursday, March 4, 2021. Shareholders and other interested parties may participate in the conference call by dialing 888-506-0062; entry code 712978 (international participants dial 973-528-0011; entry code 712978) and asking to be connected to the “BK Technologies Corporation Conference Call” a few minutes before 9:00 a.m. Eastern Time on March 4, 2021. The call will also be webcast at http://www.bktechnologies.com. 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 11, 2021 by dialing 877-481-4010 PIN# 40001 (international participants dial 919-882-2331 PIN# 40001).
 
 
 
 
 
About BK Technologies
 
BK Technologies Corporation is an American holding company deeply rooted in the public safety communications industry, with its operating subsidiary manufacturing high-specification, American-made communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies. BK Technologies is honored to serve our public safety heroes with reliable equipment when every moment counts. The Company's common stock trades on the NYSE American market under the symbol "BKTI". Maintaining its headquarters in West Melbourne, Florida, BK Technologies can be contacted through its web site at www.bktechnologies.com or directly at 1-800-821-2900.
 
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, some of which have been, and may further be, exacerbated by the COVID-19 pandemic, include, among others, the following: changes or advances in technology; the success of our product lines; successful introduction of new products and technologies, including our ability to successfully develop and sell our anticipated new multiband product and other related products in the planned new BKR Series product line; competition; general economic and business conditions, including federal, state and local government budget deficits and spending limitations, any impact from a prolonged shutdown of the U.S. Government, and the ongoing effects of the COVID-19 pandemic; the availability, terms and deployment of capital; reliance on contract manufacturers and suppliers; risks associated with fixed-price contracts; heavy reliance on sales to agencies of the U.S. Government and our ability to comply with the requirements of contracts, laws and regulations related to such sales; allocations by government agencies among multiple approved suppliers under existing agreements; our ability to comply with U.S. tax laws and utilize deferred tax assets; our ability to attract and retain executive officers, skilled workers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and consummate, acquisition, disposition or investment transactions, and risks incumbent to being a noncontrolling interest stockholder in a corporation; the impact of the COVID-19 pandemic on the companies in which we hold investments; impact of our capital allocation strategy; risks related to maintaining our brand and reputation; impact of government regulation; rising health care costs; our business with manufacturers located in other countries, including changes in the U.S. Government and foreign governments' trade and tariff policies, as well as any further impact resulting from the COVID-19 pandemic; our inventory and debt levels; protection of our intellectual property rights; fluctuation in our operating results and stock price; acts of war or terrorism, natural disasters and other catastrophic events, such as the COVID-19 pandemic; any infringement claims; data security breaches, cyber-attacks and other factors impacting our technology systems; availability of adequate insurance coverage; maintenance of our NYSE American listing; risks related to being a holding company; 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, 2020, its Quarterly Report on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, September 30, 2020 and in the Company's other 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.
 
Company Contact:
 
Hayden IR
James Carbonara
james@haydenir.com
(646)-755-7412
 
# # #
(Financial Tables to Follow)
 
 
  
 
BK TECHNOLOGIES CORPORATION        
 
 
Consolidated Statements of Operations        
 
 
(In Thousands, Except Per Share Data)        
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
Twelve Months Ended
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
12/31/2020
 
 
12/31/2019
 
 
12/31/2020
 
 
12/31/2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales, net
 $10,553 
 $7,357 
 $44,139 
 $40,100 
 
    
    
    
    
Expenses:
    
    
    
    
Cost of products
  5,892 
  4,950 
  26,055 
  24,449 
Selling, general and administrative expenses
  3,771 
  4,789 
  17,036 
  20,036 
Total expenses
  9,663 
  9,739 
  43,091 
  44,485 
 
    
    
    
    
Operating income (loss)
  890 
  (2,382)
  1,048 
  (4,385)
 
    
    
    
    
Other income (expense):
    
    
    
    
Net interest (expense) income
  (5)
  16 
  (8)
  150 
Gain (loss) on investment in securities
  177 
  530 
  (620)
  716 
Other (expense) income
  (25)
  (6)
  (169)
  (104)
Total other income (expense)
  147 
  540 
  (797)
  762 
 
    
    
    
    
Income (loss) before income taxes
  1,037 
  (1,842)
  251 
  (3,623)
 
    
    
    
    
Income tax benefit (expense)
  27 
  533 
  (3)
  987 
 
    
    
    
    
Net income (loss)
 $1,064 
 $(1,309)
 $248 
 $(2,636)
 
    
    
    
    
 
    
    
    
    
Net income (loss) per share - basic
 $0.08 
 $(0.10)
 $0.02 
 $(0.21)
Net income (loss) per share - diluted
 $0.08 
 $(0.10)
 $0.02 
 $(0.21)
 
    
    
    
    
Weighted average common shares outstanding-basic
  12,519 
  12,645 
  12,553 
  12,705 
Weighted average common shares outstanding- diluted
  12,533 
  12,645 
  12,561 
  12,705 
 
 
 
 
 
BK TECHNOLOGIES CORPORATION    
 
 
Consolidated Balance Sheets    
 
 
(In thousands, except share data)    
 
 
 
 
 
 
 
 
 
 
 December 31,
 
 
 December 31,
 
 
 
 2020
 
 
 2019
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 $6,826 
 $4,676 
Trade accounts receivable, net
  6,466 
  3,964 
Inventories, net
  9,441 
  13,513 
Prepaid expenses and other current assets
  1,878 
  1,733 
Total current assets
  24,611 
  23,886 
 
    
    
Property, plant and equipment, net
  3,566 
  3,964 
Right-of-use (ROU) asset
  2,887 
  2,885 
Investment in securities
  2,014 
  2,635 
Deferred tax assets, net
  4,300 
  4,373 
Other assets
  112 
  197 
 
    
    
Total assets
 $37,490 
 $37,940 
 
    
    
LIABILITIES AND STOCKHOLDERS' EQUITY
    
    
Current liabilities:
    
    
Accounts payable
 $5,119 
 $5,310 
Accrued compensation and related taxes
  1,635 
  1,271 
Accrued warranty expense
  791 
  1,248 
Accrued other expenses and other current liabilities
  307 
  479 
Dividends payable
  250 
  252 
Short-term lease liability
  525 
  369 
Note payable-current portion
  82 
  78 
Deferred revenue
  757 
  369 
Total current liabilities
  9,466 
  9,376 
 
    
    
Note payable, net of current portion
  247 
  328 
Long-term lease liability
  2,702 
  2,606 
Deferred revenue
  2,551 
  2,354 
Total liabilities
  14,966 
  14,664 
 
    
    
Commitments and contingencies
    
    
 
    
    
Stockholders' equity:
    
    
Preferred stock; $1.00 par value; 1,000,000 authorized
    
    
   shares; none issued or outstanding
  - 
  - 
Common stock; $0.60 par value; 20,000,000 authorized shares;
    
    
   13,962,366 and 13,929,381 issued, and 12,511,966 and 12,596,923
    
    
   outstanding shares at December 31, 2020 and 2019, respectively
  8,377 
  8,357 
Additional paid-in capital
  26,346 
  26,095 
Accumulated deficit
  (6,797)
  (6,043)
Treasury Stock, at cost, 1,450,400 and 1,332,458 shares at
    
    
   December 31, 2020 and 2019, respectively
  (5,402)
  (5,133)
 
    
    
Total stockholders' equity
  22,524 
  23,276 
Total liabilities and stockholders' equity
 $37,490 
 $37,940 
 
 

The following information was filed by Bk Technologies, Inc. (BKTI) on Wednesday, March 3, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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