Micronetics Reports 104% Increase in Second Quarter Sales
November 14 2005 - 3:59PM
Business Wire
Micronetics, Inc. (Nasdaq:NOIZ), today reported record sales of
$6,958,065 for the second quarter of fiscal year ending March 31,
2006 (FY 2006) compared to second quarter of FY 2005 sales of
$3,413,670. The increase resulted from both the sales of recently
acquired Stealth Microwave, Inc. as well as continued growth in
sales of the Company's core microwave components. The consolidated
results announced today reflect Stealth's first full quarter as
part of Micronetics. Net sales for Micronetics, excluding Stealth,
increased by 33% to $4.5 million during the second quarter compared
to the same period one-year ago. Pre-Tax earnings increased 121% to
$1,033,926 for the second quarter of FY 2006 from $468,309 for the
second quarter of FY 2005. Net earnings increased 102% to $615,001
or $.14 per basic and diluted share during the quarter from
$304,401 or $.07 per basic and diluted share for the second quarter
of FY 2005. For the first six months of FY 2006, sales rose
approximately 60% to $10,899,197 compared to $6,793,001 for the
first half of FY 2005. Net sales for Micronetics, excluding
Stealth, for the first six months of FY 2006 were $8.1 million or a
19% increase over FY 2005. Net earnings for the first six months
increased to $934,700 compared to $654,348 during the first six
months of FY 2005. Bookings during the quarter were approximately
$6 million. At the end of the second quarter of FY 2006,
Micronetics' backlog was approximately $14 million compared to $15
million at the end of the first quarter of FY 2006. Dave Robbins,
Micronetics' CEO comments, "Our near term strategy of
first-to-market on high performance enabling microwave components
for BWA (Broadband Wireless Access) applications continues to win
in the marketplace. These wins are paving the way for our
longer-term strategy of supplying integrated subsystems by
combining Stealth products with our other microwave components.
This quarter's results show that our investment in Stealth
Microwave is already delivering results for Micronetics. Stealth's
product offerings are enabling it to grow rapidly and contribute to
our net earnings." Dave Robbins continued, "Our IFE&C
(In-Flight Entertainment and Communications) has been steadily
gathering momentum as we continue our trend of increased capacity.
In addition, our test equipment continues to gain acceptance in the
satellite market because it performs better than any other on the
market." At the end of the quarter, Micronetics cash balance was
$2.3 million with $7.1 million in total debt compared to $2.4
million in cash and $1.2 million in total debt at March 31, 2005.
Micronetics manufactures microwave and radio frequency (RF)
components and integrated subassemblies used in a variety of
defense, aerospace and commercial applications. Micronetics also
manufactures and designs test equipment and components that test
the strength, durability and integrity of communication signals in
communications equipment. Micronetics serves a diverse customer
base, including Aerosat, Airspan, BAE Systems, Boeing, EADS, IP
Wireless, ITT, L-3 Communications, Lockheed Martin, Northrop
Grumman, Qualcomm, Raytheon, Teradyne, Tektronix, Thales and
UTStarcom. Micronetics also operates through its wholly owned
subsidiaries, Enon Microwave, Inc.; Microwave & Video Systems,
Inc.; Microwave Concepts, Inc. and Stealth Microwave, Inc.
Additional information can be found on our website at
www.micronetics.com. Some of the statements contained in this news
release are forward-looking statements. The accuracy of these
statements cannot be guaranteed as they are subject to a variety of
risks, including but not limited to the success of the products
into which the Company's products are integrated, internal
projections as to the demand for certain types of equipment,
competitive products and pricing, the success of new product
development efforts, the timely release for production and the
delivery of products under existing contracts, access to financial
resources, future economic conditions generally, as well as other
factors. The information in this release should be reviewed in
conjunction with Micronetics' Annual Report for its fiscal year
ended March 31, 2005. -0- *T INCOME STATEMENT DATA (000s omitted
except per share data) Six Months Ended Three Months Ended
September 30, September 30, 2005 2004 2005 2004 ------- ------
------- ------- Net sales $10,899 $6,793 $6,958 $3,414 Net income $
935 $ 654 $ 615 $ 304 Net income per diluted share: $ .21 $ .15 $
.14 $ .07 Wgt. avg. shares Outstanding-diluted: 4,517 4,418 4,532
4,451 BALANCE SHEET DATA Sept. 30, March 31, 2005 2005 -------
-------- Working capital $ 9,725 $ 8,189 Total assets 24,700 14,636
Non-current liabilities 7,515 904 Shareholders' equity $12,977
$11,815 *T
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