<SEC-DOCUMENT>0001654954-19-005578.txt : 20190509
<SEC-HEADER>0001654954-19-005578.hdr.sgml : 20190509
<ACCEPTANCE-DATETIME>20190509171550
ACCESSION NUMBER:		0001654954-19-005578
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190509
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190509
DATE AS OF CHANGE:		20190509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BK Technologies Corp
		CENTRAL INDEX KEY:			0000002186
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
		IRS NUMBER:				593486297
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32644
		FILM NUMBER:		19811772

	BUSINESS ADDRESS:	
		STREET 1:		7100 TECHNOLOGY DRIVE
		CITY:			WEST MELBOURNE
		STATE:			FL
		ZIP:			32904
		BUSINESS PHONE:		321-984-1414

	MAIL ADDRESS:	
		STREET 1:		7100 TECHNOLOGY DRIVE
		CITY:			WEST MELBOURNE
		STATE:			FL
		ZIP:			32904

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BK Technologies, Inc.
		DATE OF NAME CHANGE:	20180604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RELM WIRELESS CORP
		DATE OF NAME CHANGE:	19980129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADAGE INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>bkti_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">UNITED
STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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WASHINGTON, D.C. 20549</font></div>
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FORM 8-K</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
CURRENT REPORT</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Pursuant to Section&#xA0;13 or 15(d) of the Securities Exchange Act
of 1934</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;"></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Date
of Report (Date of Earliest Event Reported):</font> <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">May
9, 2019</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 32px">
BK Technologies Corporation</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
__________________________________________</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(Exact name of registrant as specified in its charter)</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Nevada</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 2px solid rgb(0, 0, 0);">
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
001-32644</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
83-4064262</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 20%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(State or other jurisdiction</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(Commission</font></div>
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<div><font>&#xA0;</font></div>
</td>
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(I.R.S. Employer</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
of incorporation)</font></div>
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<div><font>&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
File Number)</font></div>
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<div><font>&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Identification No.)</font></div>
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</div>
<div style="null"><font>&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7100 Technology Drive, West Melbourne, FL</font></div>
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<div><font>&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
32904</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(Address of principal executive offices)</font></div>
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<td style="width: 1%;">
<div><font>&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(Zip Code)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;
Registrant&#x2019;s telephone number, including area code:</font>
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(321) 984-1414</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
N/A</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
______________________________________________</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Former name or former address, if changed since last
report</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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[&#xA0;&#xA0;]&#xA0;&#xA0;Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
[&#xA0;&#xA0;]&#xA0;&#xA0;Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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[&#xA0;&#xA0;]&#xA0;&#xA0;Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
[&#xA0;&#xA0;]&#xA0;&#xA0;Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933
(&#xA7;&#x2009;230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&#xA7;&#x2009;240.12b-2 of this
chapter).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Emerging
growth company&#x2003;<font style="color: #000000">[&#xA0;&#xA0;]&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.&#x2003; <font style="color: #000000">[&#xA0;&#xA0;]&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Securities
registered pursuant to Section 12(b) of the Act:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Title
of each class</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trading
Symbol(s)</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 0.5pt 0.5pt 2px;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Name of
each exchange on which registered</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 20%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Common Stock, par value $0.60 per share</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
BKTI</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
NYSE American</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="id_3"><!--anchor--></a></font></div>
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</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
7.01&#xA0; <font style="text-decoration: underline">Regulation FD
Disclosure</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On May
9, 2019, our management discussed our financial results for the
first quarter ended March 31, 2019 and certain aspects of our
business plan on an earnings conference call with analysts and
investors. A transcript of the conference call is furnished
herewith as Exhibit 99.1.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
information contained in Item 7.01 to this Current Report on Form
8-K, including the exhibit, is being &#x201C;furnished&#x201D; and,
as such, shall not be deemed to be &#x201C;filed&#x201D; for the
purposes of Section&#xA0;18 of the Securities Exchange Act of 1934,
as amended (the &#x201C;Exchange Act&#x201D;), or otherwise subject
to the liabilities of that section, nor shall it be incorporated by
reference into any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set
forth by specific reference in such filing.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Item
9.01</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
<font style="font-weight: bold; text-decoration: underline">Financial
Statements and Exhibits</font><font style="font-weight: bold">.</font></font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -96px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(d)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Exhibits.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
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99.1</a>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;May
9, 2019 Earnings Conference Call Transcript.</font></div>
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SIGNATURE</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</font></div>
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<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 38%;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">BK
TECHNOLOGIES CORPORATION</font></td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Date: <font style="font-family: Times New Roman; font-size: 13px">May 9,
2019</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/ William P.
Kelly&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Executive Vice
President and</font>
<font style="font-family: Times New Roman; font-size: 13px">Chief
Financial Officer</font></div>
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<TYPE>EX-99.1
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<DESCRIPTION>CALL TRANSCRIPT
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Exhibit 99.1</font></div>
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Transcript of</font></div>
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<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 24px">
BK Technologies</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">First
Quarter 2019 Investor Conference Call</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">May
9, 2019</font></div>
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Participants</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Tim
Vitou &#x2013; President</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Bill
Kelly &#x2013; Chief Financial Officer</font></div>
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Analysts</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Ed
Schultes &#x2013; Private Investor</font></div>
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Presentation</font></div>
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Operator</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Good
morning, ladies and gentlemen, and welcome to BK Technologies Inc.
conference call for the first quarter ended March 31, 2019. This
call is being recorded. All participants have been placed in a
listen-only mode.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Following
management&#x2019;s remarks, the call will be open for questions.
Before turning the call over to Mr. Vitou for opening remarks, I
will provide the following Safe Harbor statement. Statements made
during this conference call that are not based on historical facts
are forward-looking statements. These statements are subject to
known and unknown factors and risks. The company&#x2019;s actual
results, performance or achievements may differ materially from
those expressed or implied by these forward-looking statements.
Some of the factors and risks that could cause or contribute to
such material differences have been described in yesterday&#x2019;s
press release and in BK&#x2019;s filings with the SEC. These
statements are based on information and understandings that are
believed to be accurate as of today, May 9, 2019, and we do not
undertake any duty to update forward-looking
statements.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">I will
now turn the call over to Mr. Tim Vitou, President of BK
Technologies. Mr. Vitou, you may begin.</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Tim Vitou &#x2013; President</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Thank
you, Kristy, and good morning, everyone. Welcome to the BK
Technologies investor conference call for the first quarter ended
March 31, 2019. I&#x2019;ll provide some short insight about the
business before Bill takes us through the financial and operating
results.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Q1 2019
was one of mixed results. As we all know, we entered the year with
the government shutdown, and it remained shut down through most of
January. This adversely impacted sales in both January and February
and was primarily responsible for our sales decline and operating
loss versus the first quarter last year. However, after the
shutdown ended, orders rebounded in March with record bookings and
orders have maintained their momentum in April. I see this as an
encouraging indicator.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Also,
during Q1, our selling, general and administrative expenses
increased relative to Q1 last year, primarily due to product
development costs as we continue pursuing an aggressive schedule to
overhaul our product offerings and add new technology and
capabilities. Although these expenses have had an impact on recent
financial and operating results, we believe they are essential to
ensure BK&#x2019;s longer term growth and success and will
ultimately provide a return on the investment. We anticipate that
the initial returns should start later this year, driven by our new
multi-band portable radio, the BKR 9000.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The BKR
9000 was unveiled and demonstrated in March at our industry&#x2019;s
largest trade show, the International Wireless Communications Expo,
IWCE. It drew a high level of interest and received very positive
reviews from the user community. The BKR 9000 is scheduled to
commence shipping during the second half of this year.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As the
multi-band development is winding down to its final stages, we also
launched the development of a broad line of new portable and mobile
radios that combine extensive features and capabilities with a bold
new look and design. The first model from this initiative is also
anticipated to be available later this year.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Meanwhile, in
addition to developing our completely new product portfolio, we
have created a new corporate structure. We recently completed a
holding company reorganization. This reorganization created a new
holding company, BK Technologies Corporation, that is now the new
parent company of BK Technologies Inc. The holding company is
intended to create a more efficient corporate structure, providing
increased operational flexibility in helping to facilitate future
strategic growth. As I&#x2019;ve mentioned before, BK is undergoing
an extensive transformation which takes time and investment, both
of which have been brought to bear over the past several quarters.
I believe we&#x2019;re making meaningful progress toward our
objectives and should start to generate positive benefits and
returns.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">This
concludes my overview this morning. I&#x2019;ll now turn the call
over to Bill Kelly, our Chief Financial Officer, who will review
the financial and operating highlights for Q1 2019 before returning
for some closing thoughts. Bill?</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Bill Kelly &#x2013; Chief Financial Officer</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Thanks,
Tim. Following is a summary of our financial and operating results
for the first quarter ended March 31, 2019. Net sales for the first
quarter totaled approximately $7.6 million compared with
approximately $11.7 million for the first quarter last year. The
decline in sales for the quarter was attributed primarily to the
federal government shutdown.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Gross
profit margins as a percentage of sales for the first quarter 2019
were approximately 31.9% compared with 41.2% for the first quarter
of 2018. Gross profit margins for the first quarter were adversely
impacted by increased material costs for certain components and a
mix of sales more heavily weighted toward lower margin products.
Also, lower volumes contributed to sub-optimal utilization and
absorption of manufacturing and support expenses.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For the
first quarter of 2019, selling, general and administrative expenses
totaled approximately $4.8 million compared with $4.1 million for
last year&#x2019;s first quarter. The increase in SG&amp;A expenses
was attributed primarily to new product development.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For the
first quarter of 2019, we recognized other income totaling
approximately $645,000 related to gains on our investment in 1347
Property Insurance Holdings. During last year&#x2019;s first
quarter, we recognized other expenses totaling approximately $1.3
million related to losses on investments and exchange
losses.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">For the
first quarter of 2019, we reported a net loss of approximately $1.3
million or $0.10 per diluted share compared with a net loss of
$443,000 or $0.03 per diluted share for the first quarter last
year.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Our
capital return program has paid 12 consecutive quarterly dividends,
the last one being paid on April 16, 2019. We&#x2019;ve also
repurchased approximately 1.14 million shares since the
program&#x2019;s inception.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">I&#x2019;ll now turn
the call back over to Tim.</font></div>
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Tim Vitou &#x2013; President</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Thanks,
Bill. While the last two quarters have presented challenges,
especially with the government shutdown, we have embraced and are
implementing a strategic vision designed to drive longer term and
lasting shareholder value. I believe we&#x2019;re on a course to
ultimately realize that vision.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">We&#x2019;ll move on
to the question and answer portion of the call. Kristy, we&#x2019;re
now ready to open the floor for questions.</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Operator</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Thank
you. The floor is now open for questions. [Operator instructions].
It looks like we have a question from Ed Schultes [ph], a private
investor. Please go ahead.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Q:</font> Yes, good morning. Thank you for
taking my questions. Just two questions here this morning. First
off, on the 10-Q, it looks like you had a large increase in the
purchase commitments. I guess, that&#x2019;s for the next 12 months
or so. Just looking to get a little bit of feedback on that. Is
that something where we expect to see additional sales and
that&#x2019;s why the purchase commitments had gone up so much or
are you getting better terms purchasing quantity or is it something
where you might see a shortage of components somewhere and you just
want to lock in those components at this time?</font></div>
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Bill Kelly &#x2013; Chief Financial Officer</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Ed,
it&#x2019;s primarily driven by our sales outlook. We&#x2019;re
heading into Q2 and Q3, which seasonally are our busy months so we
do have increased purchase commitments there. And secondarily, we
also have purchased commitments related to the BKR 9000
anticipating second-half shipments of that. Some items are
long-lead components that we have to get now in order to be ready
for that. Those are the two primary drivers.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Q:</font> Thank you. And then, the other
question I have is there was an article, I believe it was last
week, talking about your expansion plans for down in Florida, 2020
and 2021. The article indicated that you&#x2019;d be moving from
about 100 employees to about 135, and you&#x2019;d be purchasing
about $2 million or $3 million worth of equipment. I was wondering
if you could just expand on that for us.</font></div>
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Tim Vitou &#x2013; President</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Good
morning, Ed. Thanks for the question. Yes, we have engaged in part
of this strategic vision I&#x2019;ve been talking about over the
last several quarters, a very strong growth component to it,
including people. We&#x2019;ve historically run very lean and mean
and we&#x2019;ll continue to run as lean and mean as possible. But,
as we&#x2019;re advancing our projects and our penetration into new
markets, especially with our new products, it&#x2019;s given us the
opportunity to grow the business internally and
externally.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
people growth you&#x2019;ll see in that article, I believe, they
even listed out the different types of people, primarily engineers
and some assembly people as well. It didn&#x2019;t even talk about
the sales growth. We&#x2019;ll have sales people growth as well to
attack new markets.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">We&#x2019;re very
excited about the future. We&#x2019;ve seen with the introduction of
the BKR 9000 the type of response it got in Vegas out in March at
IWCE. It&#x2019;s allowing us to attack a whole different sector of
customers that we haven&#x2019;t been able to go after before. So, I
believe that with the equipment that the article talked about,
it&#x2019;s expanding some of our abilities that we haven&#x2019;t
traditionally had, unless you go way back in our history with the
production and manufacturing process that had been outsourced in
the past. We&#x2019;re bringing that back in.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">So,
we&#x2019;re very excited about the future and the growth so
we&#x2019;re making plans for that right now. We think it&#x2019;ll
start this year in 2019 and continue in 2020 and 2021.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Q:</font> Thank you. That&#x2019;s all I had
today.</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Tim Vitou &#x2013; President</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Thank
you, Ed.</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Operator</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">[Operator
instructions]. There appear to be no further questions so
I&#x2019;ll turn it back over to Tim for closing
remarks.</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Tim Vitou &#x2013; President</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Thank
you, Kristy, and thank you all for participating in today&#x2019;s
call. We look forward to talking with you again when we report our
Q2 and six-month 2019 results in August. All the best to all of you
and have a great day. Thank you.</font></div>
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