Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its
fourth quarter and fiscal year ended March 31, 2009 ("FY2009").
Net sales were $8,317,424 for the thirteen weeks ended March 31,
2009, an increase of $594,409 or 8% as compared to $7,723,015 for
thirteen weeks ended March 31, 2008. For FY2009, the Company
reported net sales of $30,347,285 as compared to net sales of
$32,624,946 for FY2008, a decrease of $2,277,661 or (7%).
For the thirteen weeks ended March 31, 2009, the Company
reported a net loss of ($270,495) or ($0.06) per diluted share as
compared to net income of $303,097 or $0.06 per diluted share, for
the quarter ended March 31, 2008. For FY2009, the net loss was
($9,563,927) or ($1.98) per diluted share, as compared to net
income of $1,662,383 or $0.34 per diluted share for FY2008, a
decrease of $11,126,310. The net loss for FY 2009 includes a
pre-tax, non-cash goodwill and intangible asset impairment charge
of approximately $9.3 million.
The decrease in net sales for the fiscal year is primarily
attributable to a decrease in net sales of high performance
amplifiers for commercial WIMAX and public safety applications of
approximately $6.8 million. This decrease was offset in part by an
increase of $2.8 million in sales of integrated component
sub-systems for jamming and electronic modernization and an
increase of approximately $1.7 million in sales of other
components.
Dave Robbins, Micronetics CEO, stated, �We are diversifying our
high power amplifier (HPA) business into defense and airborne
platforms and are starting to get traction evidenced by our booking
development contracts with large defense contractors for
communications on the move (COTM) and jamming applications. In
addition we are developing digital pre-distortion technology which
may greatly improve the linearity, cost, and efficiency of HPAs, we
believe these will be important requirements for wide-scale
deployment of emerging communication systems.�
Micronetics� backlog increased to a record $26 million on over
$10 million in bookings for the quarter ended March 31, 2009.
Mr. Robbins, continued, �Q4 earnings were affected by a non cash
write-down of inventory primarily related to the uncertainty in
today's commercial markets, and because of the mix of revenue
related to development contracts. We remain optimistic about our
outlook based on our ongoing robust bookings. We continue to
execute against critical milestones and have received positive
customer feedback on delivered prototype integrated subsystems. In
addition, we foresee a strong pipeline of opportunities in jamming
and electronic system modernization for defense programs as well as
RFID and In-flight internet commercial programs. We continue to
focus on converting our backlog into cash and completing
qualification deliveries of integrated subsystems that we expect
will contribute to significant growth potential over the next
several years.�
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, Anaren Microwave, Anritsu, Augusta
Aerospace, BAE Systems, Boeing, Comtech, EADS, EDO/Benchmark,
General Dynamics, ITT Electronic Warfare Systems, L-3
Communications, Lockheed Martin, NAVICP, Nextwave/Jabil Circuit,
Northrop Grumman, Pegasus GSS, 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, 2009.
INCOME STATEMENT DATA
($000s omitted except per share data) � � Thirteen Weeks
Ended March 31,
2009
�
2008
� Net sales $ 8,317 $ 7,723 � Gross profit 1,390 3,248 � Research
and development 655 417 � Selling, general and administrative
expenses 2,036 1,973 � Amortization of intangibles 66 183 � Other
expense (94 ) (155 ) � (Loss) income before income taxes (1,461 )
520 � (Benefit) provision for income taxes (1,191 ) 217 � Net
(loss) income ($ 270 ) $ 303 � Net (loss) income per common share:
Basic ($ .06 ) $ .06 Diluted ($ .06 ) $ .06 � Weighted average
shares Outstanding: Basic 4,554 4,995 Diluted 4,554 5,013
INCOME STATEMENT DATA
($000s omitted except per share data) � � Year Ended March 31,
2009
�
2008
� � Net sales $ 30,347 $ 32,625 � Gross profit 9,184 12,919 �
Research and development 1,869 1,018 � Selling, general and
administrative expenses 7,899 7,590 � Goodwill impairment charge
7,965 -- � Intangible asset impairment charge 1,295 -- �
Amortization of intangibles 566 733 � Other expense (328 ) (565 ) �
(Loss) Income before income taxes (10,738 ) 3,013 � (Benefit)
provision for income taxes (1,174 ) 1,351 � Net (loss) income ($
9,564 ) $ 1,662 � Net (loss) income per common share: Basic ($ 1.98
) $ .34 Diluted ($ 1.98 ) $ .34 � Weighted average shares
Outstanding: Basic 4,836 4,932 Diluted 4,836 4,951
BALANCE SHEET DATA
($000s omitted) � Year
Ended March 31,
2009
�
2008
� Cash, cash equivalents and short term investments $ 620 $ 3,563
Working capital 8,544 11,197 Total assets 25,526 33,386 Non-current
liabilities 3,993 5,551 Shareholders' equity 12,230 22,409
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