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TheStreet Open House

Micronetics Reports Record Second Quarter Results For Fiscal Year 2012

Stocks in this article: NOIZ

Eighth graph, final sentence of release should read: "...sales and earnings growth." (sted: "...sales and revenue growth.").

The corrected release reads:

MICRONETICS REPORTS RECORD SECOND QUARTER RESULTS FOR FISCAL YEAR 2012

Second Quarter Net Sales of $11.6 million, up 29% from Fiscal Year 2011

Second Quarter Net Income of $1.1 million, up 129% from Fiscal Year 2011

Year-to-Date Net Sales of $21.7 million, up 18% from Fiscal Year 2011

Year-to-Date Net Income of $1.6 million, up 69% from Fiscal Year 2011

Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its second quarter and six months ended October 1, 2011.

Net Sales for the second quarter ended October 1, 2011 were $11.6 million, an increase of 29% compared to $9.0 million for the second quarter ended September 25, 2010.

The increase in net sales for the quarter was primarily attributable to an increase in sales of core components for defense applications.

Net Income for the second quarter ended October 1, 2011 more than doubled that of the prior year’s second quarter. Net income was $1.1 million, or $0.24 per diluted share, an increase of 129% compared to $0.5 million, or $0.10 per diluted share, for the prior year’s second quarter.

Net Sales for the six months ended October 1, 2011 were $21.7 million, representing an increase of 18% compared to the $18.4 million in net sales for the six months ended September 25, 2010.

Net Income for the six months ended October 1, 2011 was $1.6 million, or $0.36 per diluted share, an increase of 69% compared to $1.0 million, or $0.21 per diluted share, for the comparable period in fiscal 2011.

Backlog was approximately $29 million with approximately $11 million in bookings for the quarter ended October 1, 2011.

David Robbins, Micronetics' CEO stated, “I am pleased to report that Micronetics had another quarter of continued strong financial performance and was positively impacted by operational leverage. Our second quarter fiscal year 2012 revenue and earnings exceeded any prior quarter’s reported revenue and earnings in our history. We remain positive in our ability to convert our existing backlog into profitable revenue while booking new subsystem business that we believe will support organic sales and earnings growth.”

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