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TheStreet Open House

Micronetics Reports Second Quarter Results For Fiscal Year 2011

Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its second quarter ended September 25, 2010 (Q2 FY 2011).

Net sales for Q2 FY 2011 were $9.0 million, an increase of 2% compared to $8.8 million for Q2 FY 2010.

Net income for Q2 FY 2011 was $472,717 or $0.10 per diluted share as compared to net income of $186,323 or $0.04 per diluted share for Q2 FY 2010.

Net sales for the twenty-six weeks ended September 25, 2010 were $18.4 million, an increase of 10% compared to $16.7 million for the twenty-six weeks ended September 26, 2009. Sales increased due to growth in our integrated sub-systems business.

Net income for the twenty-six weeks ended September 25, 2010 was $972,567 or $0.21 per diluted share as compared to net income of $174,258 or $0.04 per diluted share for the twenty-six weeks ended September 26, 2009.

Backlog was $29 million at the end of Q2 FY 2011.

David Robbins, Micronetics' CEO stated, "We are pleased that our operating profit has remained consistent over the past three quarters. We look forward to converting growth opportunities, now in the pipeline for our integrated subsystems, into contracts over the next few quarters. At the same time, we expect to see continued steady bookings in our core components business".

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, 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 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' Annual Report on Form 10-K for its fiscal year ended March 31, 2010 as well as its other filings with the Securities and Exchange Commission.

INCOME STATEMENT DATA

($000s omitted except per share data)

 

Thirteen Weeks Ended

Sep. 25, 2010

 

Sep. 26, 2009

 
Net sales $8,984 $8,820
 
Gross profit   3,076 2,882
 
Research and development 344 540
 

Selling, general and administrative expenses

1,740 1,813
 
Loss on disposal of asset 14
 
Amortization of intangibles 87 87
 
Other expense 74 119
 
Income before income taxes 817 323
 
Provision for income taxes 344 137
 
Net income 473 186
 
Net income per common share:
Basic 0.10

 

0.04

Diluted 0.10

 

0.04

 
Weighted average shares
Outstanding:
Basic 4,554 4,554
Diluted 4,565 4,554
 

INCOME STATEMENT DATA

($000s omitted except per share data)

 

Twenty-Six Weeks Ended

Sep. 25, 2010

Sep. 26, 2009

 
Net sales $18,351 $16,733
 
Gross profit 6,476 5,358
 
Research and development 831 846
 

Selling, general and administrative expenses

3,625 3,837
 
Loss on disposal of asset 14
 
Amortization of intangibles 174 174
 
Other expense 145 199
 
Income before income taxes 1,687 302
 
Provision for income taxes 714 128
 
Net income 973 174
 
Net income per common share:
Basic 0.21 0.04
Diluted 0.21 0.04
 
Weighted average shares
Outstanding:
Basic 4,554 4,554
Diluted 4,564 4,554




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