Micronetics Receives Initial $3.7 Million Contract Award to Supply Mission-Critical Microwave Subsystems for U.S. Department ...
June 14 2011 - 8:00AM
Business Wire
Micronetics, Inc. (NASDAQ:NOIZ) announced today that it has been
awarded a follow-on production contract, valued at approximately
$3.7 million, from a leading U.S. Department of Defense (DoD) prime
contractor for the supply of high performance broadband microwave
subsystems. Each subsystem, which consists of several Integrated
Microwave Assemblies (IMA), satisfies a demanding modernization
requirement for Airborne Electronic Warfare (EW) Systems,
particularly those focused on Aircraft Self-Protection Suites
(SPS).
The award represents an initial manufacturing release for these
products. This is a significant integrated sub-system booking and
is incremental to our March 31, 2011 backlog of $31 million.
Hardware deliveries are targeted for completion over a 12-month
time period beginning in Micronetics’ FY2012 second quarter. In
addition, the company expects to see potential follow-on and
derivative orders that could reach $20 million over the next
several years.
“This award represents a significant milestone for Micronetics –
one that we expect will continue to strengthen the financial
positioning of the company in a positive and meaningful way,” says
the company’s CEO, Dave Robbins. “We’ve worked for many years to
earn an opportunity like this one.”
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.
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