Dewey Electronics Corporation Reports A Loss For Fiscal Year Ended June 30, 2010

September 28, 2010

Dewey Electronics Corporation (OTCBB: DEWY.OB – $2.75) reported a loss year end loss of $300,468 or $0.22 per share compared to a profit of $142,946 or $0.10 for the same period in 2009. Revenues dropped to $8,424,936 in 2010 compared to $11,119,099 for the same period in 2009.

The balance sheet remains conservative with $777,511 in cash and only $1,080,063 in total liabilities. Nearly half of the total liability number is related to a long-term pension liability. The DEWY owns all of its property including 90 acres of land in Oakland, NJ with a 49,000 sq. ft. facility which is used for the corporate offices and manufacturing. All property, plant and equipment, including machinery, is on the balance sheet for less than $1 million. DEWY is actively pursuing possible methods to monetize 68 of the 90 acres that has not been developed.

Nearly all of the revenues for DEWY are derived from Government defense contracts. Currently, the primary program is with the US Army providing diesel generator sets. This dependency on a single contract is certainly an area of concern.

*Price per share represents the price of the last sale at the time the article was published.

Disclosure: The author does not hold any position in DEWY at the time of this article.

Print Friendly

Previous post:

Next post: