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SARASOTA — Teltronics Inc., a technology manufacturer specializing in communications and alarms, filed for Chapter 11 bankruptcy protection this week.
Documents filed with the U.S. Bankruptcy Court for the Middle District of Florida show Teltronics had $19.8 million in liabilities on its balance sheet at the time of the filing, against just $9.1 million in assets.
Despite earning a small operating profit in the third quarter of 2010, Teltronics posted $1 million in operating losses in the first six months of last year, financial records show. The company has 133 employees.
According to the Dow Jones Daily Bankruptcy Review, Teltronics attempted to sell off some of its work contracts with the New York Department of Education, as well as restructure its loan with Wells Fargo, before eventually filing for Chapter 11. Now, the company has applied for a $2.5 million bankruptcy loan, also from Wells Fargo, its primary lender.
In April 2010, the U.S. Chamber of Commerce recognized Teltronics for its business achievements with its Faces of Trade award.
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