Date of Report (Date of Earliest Event Reported):
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August 1, 2018
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BK
Technologies, Inc.
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|
|
(Exact
name of registrant as specified in its charter)
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Nevada
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001-32644
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59-3486297
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(State or other jurisdiction
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(Commission
|
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(I.R.S.
Employer
|
of incorporation)
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File Number)
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Identification No.)
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Registrant’s telephone number,
including area code:
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(321) 984-1414
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7100 Technology Drive, West Melbourne, FL
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32904
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Address
of principal executive offices)
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(Zip
Code)
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Registrant’s telephone number,
including area code:
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(321) 984-1414
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N/A
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|
|
Former
name or former address, if changed since last report
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BK
TECHNOLOGIES, INC.
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By:
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/s/
William
P. Kelly
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William P.
Kelly
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Executive
Vice President and
Chief Financial
Officer
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Three Months
Ended
|
Six Months
Ended
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||
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June
30,
2018
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June
30,
2017
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June
30,
2018
|
June
30,
2017
|
|
|
|
|
|
Sales,
net
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$13,656
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$10,762
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$25,402
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$18,142
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Expenses
|
|
|
|
|
Cost of
products
|
7,771
|
6,268
|
14,681
|
11,411
|
Selling, general
and administrative
|
4,554
|
3,521
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8,644
|
6,964
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Total
expenses
|
12,325
|
9,789
|
23,325
|
18,375
|
|
|
|
|
|
Operating income
(loss)
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1,331
|
973
|
2,077
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(233)
|
|
|
|
|
|
Other income
(expense):
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|
|
|
|
Interest
income
|
19
|
10
|
35
|
18
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(Loss) gain on
investment in securities
|
(55)
|
617
|
(1,201)
|
617
|
Loss on disposal of
property, plant and equipment
|
—
|
—
|
—
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(104)
|
Other
expense
|
(58)
|
(60)
|
(225)
|
(147)
|
Total other income
(expense)
|
(94)
|
567
|
(1,391)
|
384
|
|
|
|
|
|
Income before
income taxes
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1,237
|
1,540
|
686
|
151
|
|
|
|
|
|
Income tax
expense
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(290)
|
(222)
|
(183)
|
(101)
|
|
|
|
|
|
Net
income
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$947
|
$1,318
|
$503
|
$50
|
|
|
|
|
|
Net earnings per
share-basic
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$0.07
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$0.10
|
$0.04
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$0.00
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Net earnings per
share-diluted
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$0.07
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$0.10
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$0.04
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$0.00
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Weighted average
shares outstanding-basic
|
13,532,958
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13,785,046
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13,567,778
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13,759,732
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Weighted average
shares outstanding-diluted
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13,547,394
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13,814,690
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13,595,586
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13,902,587
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|
June
30,
2018
|
December
31,
2017
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|
(Unaudited)
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|
ASSETS
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|
|
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
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$10,723
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$7,147
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Available-for-sale-securities
|
—
|
9,184
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Trade accounts
receivable, net
|
6,983
|
5,524
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Inventories,
net
|
12,781
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14,358
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Prepaid expenses
and other current assets
|
871
|
772
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Total current
assets
|
31,358
|
36,985
|
|
|
|
Property, plant and
equipment, net
|
2,367
|
2,201
|
Investment in
securities
|
3,389
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—
|
Deferred tax
assets, net
|
3,139
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3,317
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Other
assets
|
239
|
298
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Total
assets
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$40,492
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$42,801
|
|
||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
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|
|
|
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Current
liabilities:
|
|
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Accounts
payable
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$3,534
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$5,971
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Accrued
compensation and related taxes
|
1,615
|
1,364
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Accrued warranty
expense
|
1,415
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1,389
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Accrued other
expenses and other current liabilities
|
974
|
1,159
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Dividends
payable
|
271
|
273
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Deferred
revenue
|
175
|
157
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Total current
liabilities
|
7,984
|
10,313
|
|
|
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Deferred
revenue
|
1,045
|
481
|
Total
liabilities
|
$9,029
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$10,794
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Commitments and
contingencies
|
|
|
Stockholders’
equity:
|
|
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Preferred stock;
$1.00 par value; 1,000,000 authorized shares; none issued or
outstanding
|
—
|
—
|
Common stock; $.60
par value; 20,000,000 authorized shares; 13,882,937 and 13,844,584
issued and 13,529,983 and 13,652,490 outstanding shares at June 30,
2018 and December 31, 2017, respectively
|
8,330
|
8,307
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Additional paid-in
capital
|
25,730
|
25,642
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Accumulated
deficit
|
(1,171)
|
(5,450)
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Accumulated other
comprehensive income
|
—
|
4,318
|
Treasury stock, at
cost, 352,954 and 192,094 shares at June 30, 2018 and December 31,
2017, respectively
|
(1,426)
|
(810)
|
Total
stockholders’ equity
|
31,463
|
32,007
|
Total liabilities
and stockholders’ equity
|
$40,492
|
$42,801
|
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