Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its
thirteen and thirty-nine weeks ended December 26, 2009.
Net sales for the third quarter (Q3 FY2010) were $9.0 million,
an increase of 7% or $.6 million compared to $8.4 million for Q3
FY2009. The increase in net sales for Q3 FY2010 is primarily due to
integrated component sub-systems. Sales of components were
approximately equal to last year with increases in high power
amplifiers and an existing space based contract offset by declines
in other components.
For Q3 FY2010 the Company reported net income of $504,143 or
$0.11 per diluted share, as compared to a net loss of $9.4 million
or $1.96 per diluted share for Q3 FY2009. The net loss for Q3
FY2009 was primarily attributable to a non-cash goodwill and
intangible asset impairment charge of $9.3 million.
Net sales for the thirty-nine weeks ended December 26, 2009 were
$25.7 million, an increase of 17% or $3.7 million compared to $22.0
million for the thirty-nine weeks ended December 27, 2008. The
increase in net sales is primarily attributable to an increase in
sales of integrated component sub-systems for jamming and
electronic modernization of approximately $2.1 million, an RFID
beta test product sale of $.7 million and sales related to a space
based contract of $1.0 million.
For the thirty-nine weeks ended December 26, 2009, the Company
reported net income of $678,401 or $0.15 per diluted share, as
compared to a net loss of $9.3 million or $1.88 per diluted share
for the thirty-nine weeks ended December 27, 2008.
Backlog increased to approximately $32 million on $10 million in
bookings for the quarter.
David Robbins, Micronetics' CEO stated, "We are pleased with our
third quarter performance. Our optimistic outlook is driven by
continued strong defense bookings and some positive signs of
recovery in the commercial market coupled with our demonstrated
ability to convert backlog into profitable revenue.”
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, Anritsu, BAE Systems, Boeing Company,
General Dynamics, ITT Electronic Warfare Systems, L-3
Communications, Northrop Grumman, Raytheon, and Thales. In
addition, direct government customers including DFAS, Hill AFB,
Augusta Aerospace and NAVICP. 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 changes in economic conditions, reductions in
spending by certain of our customers, our ability to operate and
integrate acquired businesses and products, 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 as well as its other filings with the
Securities and Exchange Commission.
INCOME STATEMENT DATA ($000s omitted except per share data)
Thirteen Weeks Ended
Dec. 26, 2009
Dec. 27, 2008
Net sales $ 9,009 $8,398 Gross profit 3,307 2,746
Research and development 411 484
Selling, general andadministrative
expenses
1,878 1,956 Goodwill impairment charge 7,965 Intangible
asset impairment charge 1,295 Amortization of intangibles 87
161 Other expense 96 197 Income (loss) before income
taxes 835 (9,312 ) Provision for income taxes 331 72
Net income (loss) 504 (9,384 ) Net income (loss) per common
share: Basic $ 0.11 $ (1.96 ) Diluted $ 0.11 $ (1.96 )
Weighted average
sharesOutstanding:
Basic 4,554 4,788 Diluted 4,554 4,788 INCOME STATEMENT DATA ($000s
omitted except per share data)
Thirty Nine Weeks Ended
Dec. 26, 2009
Dec. 27, 2008
Net sales $ 25,742 $22,030 Gross profit 8,665 7,793
Research and development 1,257 1,214
Selling, general andadministrative
expenses
5,714 5,862 Goodwill impairment charge 7,965 Intangible
asset impairment charge 1,295 Amortization of intangibles
261 499 Other expense 295 234 Income (loss) before
income taxes 1,138 (9,276 ) Provision for income taxes 460
17 Net income (loss) 678 (9,293 ) Net income per
common share: Basic $ 0.15 $ (1.88 ) Diluted $ 0.15 $ (1.88
)
Weighted average
sharesOutstanding:
Basic 4,554 4,934 Diluted 4,554 4,934
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