CORRECTING and REPLACING Micronetics Reports $23.7M in Net Sales for FY2007
June 29 2007 - 10:43AM
Business Wire
In the Balance Sheet Data table the dollar amount for Working
Capital under March 31, 2007, should read $11,837 (sted 13,337) and
the amount for Total Assets under March 31, 2007, should read
$29,819 (sted 28,319) The corrected release reads: MICRONETICS
REPORTS $23.7M IN NET SALES FOR FY2007 Micronetics, Inc.
(NASDAQ:NOIZ) today reported results for its fourth quarter and
fiscal year ended March 31, 2007 ("FY2007"). Net sales were
$6,312,317 for the quarter ended March 31, 2007, a decrease of
$2,305,469 or 27% as compared to $8,617,786 for the quarter ended
March 31, 2006. For FY2007, the Company reported net sales of
$23,690,236 as compared to net sales of $26,908,611 for FY2006, a
decrease of $3,218,375 or 12%. For the quarter ended March 31,
2007, the Company reported net income of $340,063 or $0.07 per
diluted share, as compared to net income of $942,109 or $0.19 per
diluted share for the quarter ended March 31, 2006. Net income for
the quarter ended March 31, 2007 includes $119,887 in non-cash
stock-based compensation expense, net of income taxes or $.03 per
diluted share, resulting from the application of SFAS 123(R)
beginning April 1, 2006. For FY2007, net income was $1,040,720 or
$0.22 per diluted share, as compared to net income of $2,539,582 or
$0.54 per diluted share for FY2006. Net income for FY2007 includes
$562,817 in non-cash stock based compensation expense, net of
income taxes or $.12 per diluted share. The decrease in net sales
for the fiscal year is primarily attributable to a decrease in net
sales of high performance power amplifiers to the commercial market
of $2.3 million and the decrease in sales of microwave components
of $2.0 million, offset by growth in the high performance
components, voltage controlled components and microwave integrated
multifunction subassemblies of approximately $1.0 million. David
Robbins, Micronetics' President and CEO stated, �Although sales of
microwave components and high power amplifiers decreased, we
continue to see evidence that our high performance technologies are
key microwave components in fixed and mobile broadband platforms
(WiMAX), In-flight Entertainment and Communications (IFE&C),
and Improvised Explosive Device (IED) jamming. We believe we are
well-positioned to respond to the emerging and changing needs of
all of our high growth markets over the next several years,
validated by booking $7.0 million in orders for three successive
quarters. These stronger bookings indicate to us that we are
getting back on the track towards balanced growth." Backlog
increased to $12.9 million at March 31, 2007 from $10.9 million at
March 31,2006. Cash generated from operations was $1.1 million in
FY2007. 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 and Thales.
Additional information can be found on our website at
http://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 reductions in
spending by certain of our customers, our ability to operate�and
integrate acquired companies, our ability to manage our growth,
disruptions in supply or production, increased levels of debt, our
ability to protect our proprietary information, future economic
conditions in our industry and 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
31,2007. INCOME STATEMENT DATA ($000s omitted except per share
data) � � Quarter Ended March 31, 2007� 2006� � � Net sales $6,312�
$8,618� � Gross profit 2,456� 3,707� � Research and development
190� 183� � Selling, general and administrative expenses 1,403�
1,834� � Amortization of intangibles 217� 246� � Other (expense)
(9) (59) � Income before income taxes 637� 1,385� � Provision for
income taxes 297� 443� � Net income $340� $942� � Net income per
common share: Basic $.07� $.21� Diluted $.07� $.19� � Weighted
average shares Outstanding: Basic 4,655� 4,538� Diluted 4,723�
4,903� INCOME STATEMENT DATA ($000s omitted except per share data)
� � Year Ended March 31, 2007� 2006� � Net sales $23,690� $26,909�
� Gross profit 9,377� 11,695� � Research and development 782� 575�
� Selling, general and administrative expenses 5,684� 6,094� �
Amortization of intangibles 752� 794� � Other (expense) (156) (211)
� Income before income taxes 2,003� 4,021� � Provision for income
taxes 962� 1,481� � Net income $1,041� $2,540� � Net income per
common share: Basic $.22� $.57� Diluted $.22� $.54� � Weighted
average shares Outstanding: Basic 4,638� 4,465� Diluted 4,789�
4,697� BALANCE SHEET DATA ($000s omitted) � March 31, 2007� 2006� �
Cash, cash equivalents and marketable securities $7,059� $5,849�
Working capital 11,837� 10,337� Total assets 29,819� 27,748�
Non-current liabilities 6,355� 6,291� Shareholders' equity 17,977�
15,859�
Micronetics (NASDAQ:NOIZ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Micronetics (NASDAQ:NOIZ)
Historical Stock Chart
From Jul 2023 to Jul 2024