Micronetics Receives Production Orders Exceeding $4M for Microwave Subassemblies Used in Jamming Systems
June 22 2010 - 12:00PM
Business Wire
Micronetics, Inc. (NASDAQ:NOIZ) announced today that its New
Jersey based subsidiary, Microwave Concepts (Micro-Con), has
received orders valued at over $4 million from a major defense OEM
for highly integrated microwave subassemblies. These subassemblies
are used as part of a high performance airborne jamming system. The
anticipated period of performance on this program is approximately
24 months.
David Robbins, CEO of Micronetics, stated, “This follow-on
contract at our microwave subsystems division, Micro-Con, is
significant for several reasons. First, the platforms that these
subsystems enable are important strategically because they support
current military assets. These platforms are expected to be in
service for many years and will require ongoing support. Second,
this contract is a repeat order from an existing customer which
validates Micro-Con’s track record of successfully converting
engineering prototypes into production hardware. Micronetics’
record $30 million backlog consists of over 70% subsystems, which
suggests long term organic growth for the future.”
Tony Pospishil, General Manager of Micro-Con, added, “This
additional production order reinforces our significant backlog that
is providing us with a strong base. This fuels our current
development programs, which are expected to result in future
production orders for more highly integrated, microwave
subsystems.”
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
communication equipment. Micronetics serves a diverse customer
base, including AeroSat Avionics, BAE Systems, Boeing, Comtech,
EADS, General Dynamics, ITT Electronic Warfare Systems, 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' most
recent filings with the SEC including its’ Annual Report on Form
10-K for its fiscal year ended March 31, 2010.
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