Micronetics, Inc. (NASDAQ:NOIZ) announced today that its New Jersey based subsidiary, Microwave Concepts (Micro-Con), has received orders valued at over $4 million from a major defense OEM for highly integrated microwave subassemblies. These subassemblies are used as part of a high performance airborne jamming system. The anticipated period of performance on this program is approximately 24 months.
David Robbins, CEO of Micronetics, stated, “This follow-on contract at our microwave subsystems division, Micro-Con, is significant for several reasons. First, the platforms that these subsystems enable are important strategically because they support current military assets. These platforms are expected to be in service for many years and will require ongoing support. Second, this contract is a repeat order from an existing customer which validates Micro-Con’s track record of successfully converting engineering prototypes into production hardware. Micronetics’ record $30 million backlog consists of over 70% subsystems, which suggests long term organic growth for the future.”
Tony Pospishil, General Manager of Micro-Con, added, “This additional production order reinforces our significant backlog that is providing us with a strong base. This fuels our current development programs, which are expected to result in future production orders for more highly integrated, microwave subsystems.”
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 AeroSat Avionics, BAE Systems, Boeing, Comtech, EADS, General Dynamics, ITT Electronic Warfare Systems, L-3 Communications, Lockheed Martin, Northrop Grumman, Qualcomm, Raytheon, Teradyne, Tektronix and Thales. Additional information can be found on our website at http://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, 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' most recent filings with the SEC including its’ Annual Report on Form 10-K for its fiscal year ended March 31, 2010.