Micronetics Reports First Quarter Results for Fiscal Year 2011
August 02 2010 - 8:00AM
Business Wire
Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its
first quarter ended June 26, 2010 (Q1 FY 2011).
Net sales for Q1 FY 2011 were $9.4 million, an increase of 18%
or $1.5 million compared to $7.9 million for Q1 FY 2010.
The increase in net sales was primarily attributable to an
increase in sales of integrated sub-assemblies for defense
applications. For Q1 FY 2011, the Company reported a net income of
$499,850 or $0.11 per diluted share, as compared to a net loss of
$12,065 or $0.00 per diluted share for Q1 FY 2010.
David Robbins, Micronetics' CEO stated, "We are pleased with
this quarter’s revenue and profitability performance and
particularly pleased that the revenue and bookings composition from
this quarter consisted predominately of core business.”
Mr. Robbins continued, “We have completed or nearly completed
some key development contracts in our subsystems business and
anticipate moving to an initial production phase on these new
potential business growth opportunities in the next several
quarters. We continue to build the manufacturing infrastructure in
anticipation of ramping up production to support these contracts.
“
Backlog increased by $1 million to $31 million on approximately
$10 million in bookings for the quarter.
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 BAE Systems, Boeing, EADS, General Dynamics, ITT,
L-3 Communications, Lockheed Martin, Northrop Grumman, Raytheon,
Rockwell, Teradyne, 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 on Form 10-K for its fiscal year ended March 31, 2010 as
well as its other filings with the Securities and Exchange
Commission.
INCOME STATEMENT DATA ($000s
omitted except per share data)
Thirteen Weeks Ended
June 26, 2010
June 27, 2009
Net sales $ 9,366 $ 7,913 Gross margin 3,399
2,476 Research and development 487 306
Selling, general and
administrative expenses
1,885 2,024 Amortization of intangibles 87 87 Other
income (expense) (70 ) (80 )
Income (Loss) before income
taxes
870 (21 )
(Provision) Benefit for income
taxes
(370 ) 9 Net income (loss) 500 (12 ) Net income
(loss) per common share: Basic 0.11 0.00 Diluted 0.11 0.00
Weighted average shares
Outstanding:
Basic 4,554 4,554 Diluted 4,562 4,554
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