Micronetics Reports Second Quarter Results for Fiscal Year 2011
November 02 2010 - 9:30AM
Business Wire
Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its
second quarter ended September 25, 2010 (Q2 FY 2011).
Net sales for Q2 FY 2011 were $9.0 million, an increase of 2%
compared to $8.8 million for Q2 FY 2010.
Net income for Q2 FY 2011 was $472,717 or $0.10 per diluted
share as compared to net income of $186,323 or $0.04 per diluted
share for Q2 FY 2010.
Net sales for the twenty-six weeks ended September 25, 2010 were
$18.4 million, an increase of 10% compared to $16.7 million for the
twenty-six weeks ended September 26, 2009. Sales increased due to
growth in our integrated sub-systems business.
Net income for the twenty-six weeks ended September 25, 2010 was
$972,567 or $0.21 per diluted share as compared to net income of
$174,258 or $0.04 per diluted share for the twenty-six weeks ended
September 26, 2009.
Backlog was $29 million at the end of Q2 FY 2011.
David Robbins, Micronetics' CEO stated, "We are pleased that our
operating profit has remained consistent over the past three
quarters. We look forward to converting growth opportunities, now
in the pipeline for our integrated subsystems, into contracts over
the next few quarters. At the same time, we expect to see continued
steady bookings in our core components business".
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
Sep. 25,
2010
Sep. 26,
2009
Net sales $8,984 $8,820 Gross profit 3,076
2,882 Research and development 344 540
Selling, general and administrative
expenses
1,740 1,813 Loss on disposal of asset 14 —
Amortization of intangibles 87 87 Other expense 74 119
Income before income taxes 817 323 Provision for
income taxes 344 137 Net income 473 186 Net income
per common share: Basic 0.10
0.04
Diluted 0.10
0.04
Weighted average shares Outstanding: Basic 4,554 4,554
Diluted 4,565 4,554
INCOME STATEMENT DATA
($000s omitted except per share data)
Twenty-Six Weeks Ended
Sep. 25,
2010
Sep. 26,
2009
Net sales $18,351 $16,733 Gross profit 6,476 5,358
Research and development 831 846
Selling, general and administrative
expenses
3,625 3,837 Loss on disposal of asset 14 —
Amortization of intangibles 174 174 Other expense 145 199
Income before income taxes 1,687 302 Provision for
income taxes 714 128 Net income 973 174 Net income
per common share: Basic 0.21 0.04 Diluted 0.21 0.04 Weighted
average shares Outstanding: Basic 4,554 4,554 Diluted 4,564 4,554
Micronetics (NASDAQ:NOIZ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Micronetics (NASDAQ:NOIZ)
Historical Stock Chart
From Jul 2023 to Jul 2024