Micronetics Reports $34.9M In Net Sales, An Increase Of 15%, For Its 2010 Fiscal Year
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.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV