Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its fourth quarter and fiscal year ended March 31, 2010 ("FY 2010").
Net sales were $9,125,418 for the thirteen weeks ended March 31, 2010, an increase of $807,994 or 10% as compared to $8,317,424 for thirteen weeks ended March 31, 2009. For FY 2010, the Company reported net sales of $34,867,746 as compared to net sales of $30,347,285 for the fiscal year ended March 31, 2009 (“FY 2009”), an increase of $4,520,461 or 15%.
For the thirteen weeks ended March 31, 2010, the Company reported net income of $469,429 or $0.10 per diluted share as compared to net loss of ($270,495) or ($0.06) per diluted share, for the thirteen weeks ended March 31, 2009. For FY 2010, net income was $1,147,830 or $0.25 per diluted share, as compared to a net loss of ($9,563,927) or ($1.98) per diluted share for FY 2009. The net loss for FY 2009 includes a pre-tax, non-cash goodwill and intangible asset impairment charge of approximately $9.3 million.
The increase in net sales for the fiscal year is primarily attributable to an increase in net sales of $2.0 million in sales of integrated component sub-systems for jamming and electronic modernization, the $1.5 million in sales of space qualified components, and the inclusion of $0.7 million of sales of RFID equipment from a product line acquired in March, 2009.
Micronetics' backlog was $30 million as of March 31, 2010.
David Robbins, Micronetics CEO stated, "We remain optimistic about our FY 2011 outlook based on our ongoing core business bookings. We are close to delivering critical development milestones in our longer term growth drivers.
Robbins continued “Some particular integrated subsystems opportunities could increase the trajectory of our growth rate should they come to fruition. These include an electronic systems modernization program on a strategic airborne platform, integration of state-of-the-art Electronic Warfare equipment to enable compatibility with existing platforms, an in-flight satellite data link, a RFID forklift mounted antenna system for warehouse management, a domestic and an international Counter Radio Controlled Improvised Explosive Device (C-RCIED) jamming system for troop protection, and a broadband mobile terrestrial public safety network.”