Micronetics Reports Record First Quarter Results for Fiscal Year 2012
August 01 2011 - 12:30PM
Business Wire
Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its
first quarter ended July 2, 2011 (Q1 FY 2012).
Net sales for Q1 FY 2012 were $10,039,293, an increase of
$672,599 or 7% compared to $9,366,694 for Q1 FY 2011.
The increase in net sales was primarily attributable to an
increase in sales of components for defense applications. For Q1 FY
2012, the Company reported a net income of $564,372 or $0.12 per
diluted share, as compared to a net income of $499,850 or $0.11 per
diluted share for Q1 FY 2011.
David Robbins, Micronetics' CEO stated, ”Our Q1 FY 2012 revenue
exceeds our historic reported revenue for any quarter by over
$0.6M. We are pleased with this positive trend in revenue,
earnings, backlog, and subsystems bookings for the quarter. We are
also optimistic about booking additional subsystems orders this
calendar year, which we expect will continue to fuel positive
financial performance.”
Backlog is $31 million with 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, 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 ($000s omitted except per share data)
Thirteen Weeks Ended July 2,
2011 June 26, 2010 Net sales $ 10,039 $
9,366 Gross margin 3,180 3,399 Research and
development 414 487 Selling, general and administrative
expenses 1,757 1,885 Amortization of intangibles 78 87
Other (expense) income (43 ) (70 ) Income before
provision for income taxes 888 870 Provision for income
taxes 324 370 Net income 564 500 Earnings per common
share: Basic 0.12 0.11 Diluted 0.12 0.11 Weighted average
shares outstanding: Basic 4,558 4,554 Diluted 4,566 4,562
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