This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Micronetics Reports Third Quarter Results For Fiscal Year 2011

Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its third quarter ended December 25, 2010 (Q3 FY 2011).

Net sales for Q3 FY 2011 were $7.6 million, a decrease of 16% compared to $9.0 million for Q3 FY 2010.

Net sales for the thirty-nine weeks ended December 25, 2010 were $26.0 million, an increase of 1% compared to $25.7 million for the thirty-nine weeks ended December 26, 2009.

David Robbins, Micronetics’ CEO stated "At our customer's request, we initiated a series of manufacturing process upgrades that delayed Q3 product shipments in our subsystems division, and this is reflected in our sales results. We have already seen how the implementation of these new processes has improved manufacturing efficiency and throughput and enabled us to better respond to our production contracts."

Net income for Q3 FY 2011 was $101,123 or $0.02 per diluted share as compared to net income of $504,143 or $0.11 per diluted share for Q3 FY 2010.

Net income for the thirty-nine weeks ended December 25, 2010 was $1,073,690 or $0.24 per diluted share as compared to net income of $678,401 or $0.15 per diluted share for the thirty-nine weeks ended December 26, 2009.

Backlog was $27 million at the end of Q3 FY 2011.

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

Dec. 25, 2010

Dec. 26, 2009

 
Net sales $7,601 $9,009
 
Gross profit 2,335 3,307
 
Research and development 447 411
 

Selling, general and administrative expenses

1,756 1,878
 
Gain on sale of asset (10)
 
Amortization of intangibles 73 87
 
Other expense 54 96
 
Income before income taxes 15 835
 
(Benefit) provision for income taxes (86) 331
 
Net income 101 504
 
Net income per common share:
Basic 0.02 0.11
Diluted 0.02 0.11
 

Weighted average shares

Outstanding:

Basic 4,555 4,554
Diluted 4,568 4,554
 
 

INCOME STATEMENT DATA

($000s omitted except per share data)

   
 

Thirty-nine Weeks Ended

Dec. 25, 2010

Dec. 26, 2009

 
Net sales $25,952 $25,742
 
Gross profit 8,811 8,665
 
Research and development 1,278 1,257
 

Selling, general and administrative expenses

5,381 5,714
 
Net loss on disposal of assets 4
 
Amortization of intangibles 247 261
 
Other expense 199 295
 
Income before income taxes 1,702 1,138
 
Provision for income taxes 628 460
 
Net income 1,074 678
 
Net income per common share:
Basic 0.24 0.15
Diluted 0.24 0.15
 
Weighted average shares
Outstanding:
Basic 4,554 4,554
Diluted 4,565 4,554




1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs