Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its
fourth quarter and fiscal year ended March 31, 2010 ("FY
2010").
Net sales were $9,125,418 for the thirteen weeks ended March 31,
2010, an increase of $807,994 or 10% as compared to $8,317,424 for
thirteen weeks ended March 31, 2009. For FY 2010, the Company
reported net sales of $34,867,746 as compared to net sales of
$30,347,285 for the fiscal year ended March 31, 2009 (“FY 2009”),
an increase of $4,520,461 or 15%.
For the thirteen weeks ended March 31, 2010, the Company
reported net income of $469,429 or $0.10 per diluted share as
compared to net loss of ($270,495) or ($0.06) per diluted share,
for the thirteen weeks ended March 31, 2009. For FY 2010, net
income was $1,147,830 or $0.25 per diluted share, as compared to a
net loss of ($9,563,927) or ($1.98) per diluted share for FY 2009.
The net loss for FY 2009 includes a pre-tax, non-cash goodwill and
intangible asset impairment charge of approximately $9.3
million.
The increase in net sales for the fiscal year is primarily
attributable to an increase in net sales of $2.0 million in sales
of integrated component sub-systems for jamming and electronic
modernization, the $1.5 million in sales of space qualified
components, and the inclusion of $0.7 million of sales of RFID
equipment from a product line acquired in March, 2009.
Micronetics' backlog was $30 million as of March 31, 2010.
David Robbins, Micronetics CEO stated, "We remain optimistic
about our FY 2011 outlook based on our ongoing core business
bookings. We are close to delivering critical development
milestones in our longer term growth drivers.
Robbins continued “Some particular integrated subsystems
opportunities could increase the trajectory of our growth rate
should they come to fruition. These include an electronic systems
modernization program on a strategic airborne platform, integration
of state-of-the-art Electronic Warfare equipment to enable
compatibility with existing platforms, an in-flight satellite data
link, a RFID forklift mounted antenna system for warehouse
management, a domestic and an international Counter Radio
Controlled Improvised Explosive Device (C-RCIED) jamming system for
troop protection, and a broadband mobile terrestrial public safety
network.”
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, 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' most
recent filings with the SEC including its’ Annual Report on Form
10-K for its fiscal year ended March 31, 2009.
INCOME STATEMENT DATA
(Unaudited)
($000s omitted except per share data) Thirteen Weeks Ended
March 31,
2010
2009
Net sales $ 9,126 $ 8,317 Gross profit 3,038 1,390
Research and development 452 655 Selling, general and
administrative expenses 1,536 2,036 Amortization of
intangibles 87 66 Other expense 94 94 Income (loss)
before income taxes 869 (1,461 ) Provision (benefit) Income
taxes 399 (1,191 ) Net income (loss) 470 ($ 270 ) Net
income (loss) per common share: Basic 0.10 ($ .06 ) Diluted 0.10 ($
.06 ) Weighted average shares Outstanding: Basic 4,554 4,554
Diluted 4,557 4,554
INCOME STATEMENT DATA
(Unaudited)
($000s omitted except per share data) Year Ended March 31,
2010
2009
Net sales $ 34,868 $ 30,347 Gross profit
11,703
9,184 Research and development 1,709 1,869 Selling,
general and administrative expenses 7,250 7,899 Goodwill
impairment charge -- 7,965 Intangible asset impairment
charge -- 1,295 Amortization of intangibles 348 566
Other expense 390 328 Income (loss) before income taxes
2,006 (10,738 ) Provision (benefit) for income taxes 858
(1,174 ) Net income (loss) 1,148 ($ 9,564 ) Net
income (loss) per common share: Basic 0.25 ($ 1.98 ) Diluted 0.25
($ 1.98 ) Weighted average shares Outstanding: Basic
4,554
4,836 Diluted
4,554
4,836
CONDENSED BALANCE SHEET
DATA (Unaudited)
($000s omitted) Year Ended March 31,
2010
2009
Cash, cash equivalents and short term investments $ 482 $
620 Working capital 8,744 8,544 Total assets 26,965 25,526
Non-current liabilities 2,822 3,993 Shareholders' equity 13,340
12,230
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