Micronetics Reports Third Quarter Results for Fiscal Year 2011
January 28 2011 - 6:01PM
Business Wire
Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its
third quarter ended December 25, 2010 (Q3 FY 2011).
Net sales for Q3 FY 2011 were $7.6 million, a decrease of 16%
compared to $9.0 million for Q3 FY 2010.
Net sales for the thirty-nine weeks ended December 25, 2010 were
$26.0 million, an increase of 1% compared to $25.7 million for the
thirty-nine weeks ended December 26, 2009.
David Robbins, Micronetics’ CEO stated "At our customer's
request, we initiated a series of manufacturing process upgrades
that delayed Q3 product shipments in our subsystems division, and
this is reflected in our sales results. We have already seen how
the implementation of these new processes has improved
manufacturing efficiency and throughput and enabled us to better
respond to our production contracts."
Net income for Q3 FY 2011 was $101,123 or $0.02 per diluted
share as compared to net income of $504,143 or $0.11 per diluted
share for Q3 FY 2010.
Net income for the thirty-nine weeks ended December 25, 2010 was
$1,073,690 or $0.24 per diluted share as compared to net income of
$678,401 or $0.15 per diluted share for the thirty-nine weeks ended
December 26, 2009.
Backlog was $27 million at the end of Q3 FY 2011.
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
Dec. 25,
2010
Dec. 26,
2009
Net sales $7,601 $9,009 Gross profit 2,335 3,307
Research and development 447 411
Selling, general and administrative
expenses
1,756 1,878 Gain on sale of asset (10) — Amortization
of intangibles 73 87 Other expense 54 96 Income
before income taxes 15 835 (Benefit) provision for income
taxes (86) 331 Net income 101 504 Net income per
common share: Basic 0.02 0.11 Diluted 0.02 0.11
Weighted average shares
Outstanding:
Basic 4,555 4,554 Diluted 4,568 4,554
INCOME STATEMENT DATA
($000s omitted except per share data)
Thirty-nine Weeks Ended
Dec. 25,
2010
Dec. 26,
2009
Net sales $25,952 $25,742 Gross profit 8,811 8,665
Research and development 1,278 1,257
Selling, general and administrative
expenses
5,381 5,714 Net loss on disposal of assets 4 —
Amortization of intangibles 247 261 Other expense 199 295
Income before income taxes 1,702 1,138 Provision for
income taxes 628 460 Net income 1,074 678 Net income
per common share: Basic 0.24 0.15 Diluted 0.24 0.15 Weighted
average shares Outstanding: Basic 4,554 4,554 Diluted 4,565 4,554
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