Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its
fourth quarter and fiscal year ended March 31, 2011 ("FY
2011").
Net sales were $9,344,494 for the quarter ended March 31, 2011,
an increase of $219,076 or 2% as compared to $9,125,418 for quarter
ended March 31, 2010. For FY 2011, the Company reported net sales
of $35,296,705 as compared to net sales of $34,867,746 for the
fiscal year ended March 31, 2010, an increase of $428,959 or
1%.
For the quarter ended March 31, 2011, the Company reported net
income of $444,137 or $0.10 per diluted share as compared to net
income of $469,429 or $0.10 per diluted share, for the quarter
ended March 31, 2010. For FY 2011, net income was $1,517,827 or
$0.33 per diluted share, as compared to net income of $1,147,830 or
$0.25 per diluted share for FY 2010.
The increase in net sales for the fiscal year is primarily
attributable to an increase in sales of integrated component
sub-systems for defense jamming and electronic modernization of
approximately $0.9 million, and an increase in component sales of
approximately $1.6 million. These increases were offset by a
decrease of approximately $0.7 million related to the beta test
portion of a purchase agreement for a radio frequency
identification system product line (“RFID”) application and a
decrease of approximately $1.4 million related to a space based
components application.
David Robbins, Micronetics CEO stated, "We are pleased with our
strong core bookings, our backlog level, and our future revenue
outlook. In the coming quarters we look to continue converting
backlog into profitable revenue. At the same time, we expect to see
significant integrated subsystem bookings in support of defense and
electronics systems modernization, jamming, and in-flight data
links.
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, Cobham, 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 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, yearly and quarterly fluctuations in our operating
results, trends and factors affecting our markets which may reduce
demand and pricing pressure on our products, our reliance on a
limited number of customers, risk that federal government contracts
may be terminated at any time, factors which may negatively affect
our gross margins, our ability to attract and retain key technical
and management personnel, 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, 2011 as well as its other filings with the Securities and
Exchange Commission.
INCOME STATEMENT DATA (Unaudited) ($000s omitted except per share
data) Quarter Ended March 31, 2011 2010 Net
sales $ 9,345 $ 9,126 Gross margin 2,741 3,038
Research and development 513 452 Selling, general and
administrative expenses 1,518 1,536 Amortization of
intangibles 73 87 Other expense 40 94 Income before
income taxes 597 869 Provision for income taxes 153 399
Net income 444 470 Earnings per common share: Basic
0.10 0.10 Diluted 0.10 0.10 Weighted average shares
Outstanding: Basic 4,556 4,554 Diluted 4,565 4,554 INCOME STATEMENT
DATA (Unaudited) ($000s omitted except per share data) Year
Ended March 31, 2011 2010 Net sales $ 35,297 $ 34,868
Gross margin 11,552 11,703 Research and development
1,791 1,709 Selling, general and administrative expenses
6,899 7,250 Net loss on disposal of assets 4 --
Amortization of intangibles 321 348 Other expense 238 390
Income before income taxes 2,299 2,006 Provision for
income taxes 781 858 Net income 1,518 1,148 Earnings
per common share: Basic 0.33 0.25 Diluted 0.33 0.25 Weighted
average shares Outstanding: Basic 4,555 4,554 Diluted 4,566 4,554
CONDENSED BALANCE SHEET DATA (Unaudited) ($000s omitted)
Year Ended March 31, 2011 2010 Cash and cash
equivalents $ 745 $ 482 Working capital 9,608 8,744 Total assets
29,548 26,965 Non-current liabilities 1,593 2,822 Shareholders'
equity 14,934 13,340
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