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Micronetics Reports Record First Quarter Results For Fiscal Year 2012

Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its first quarter ended July 2, 2011 (Q1 FY 2012).

Net sales for Q1 FY 2012 were $10,039,293, an increase of $672,599 or 7% compared to $9,366,694 for Q1 FY 2011.

The increase in net sales was primarily attributable to an increase in sales of components for defense applications. For Q1 FY 2012, the Company reported a net income of $564,372 or $0.12 per diluted share, as compared to a net income of $499,850 or $0.11 per diluted share for Q1 FY 2011.

David Robbins, Micronetics' CEO stated, ”Our Q1 FY 2012 revenue exceeds our historic reported revenue for any quarter by over $0.6M. We are pleased with this positive trend in revenue, earnings, backlog, and subsystems bookings for the quarter. We are also optimistic about booking additional subsystems orders this calendar year, which we expect will continue to fuel positive financial performance.”

Backlog is $31 million with approximately $10 million in bookings for the quarter.

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, Cobham, 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 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, yearly and quarterly fluctuations in our operating results, trends and factors affecting our markets which may reduce demand and pricing pressure on our products, our reliance on a limited number of customers, risk that federal government contracts may be terminated at any time, factors which may negatively affect our gross margins, our ability to attract and retain key technical and management personnel, 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, 2011 as well as its other filings with the Securities and Exchange Commission.

INCOME STATEMENT DATA ($000s omitted except per share data)
           
Thirteen Weeks Ended
July 2, 2011 June 26, 2010
 
 
Net sales $ 10,039     $ 9,366
 
Gross margin 3,180 3,399
 
Research and development 414 487
 
Selling, general and administrative expenses 1,757 1,885
 
Amortization of intangibles 78 87
 
Other (expense) income (43 ) (70 )
 
Income before provision for income taxes 888 870
 
Provision for income taxes 324 370
 
Net income 564 500
 
Earnings per common share:
Basic 0.12 0.11
Diluted 0.12 0.11
 
Weighted average shares outstanding:
Basic 4,558 4,554
Diluted 4,566 4,562




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