Micronetics Receives $3.9 Million Award To Supply Microwave Subsystems For U.S. Department Of Defense Electronic Warfare Modernization Program
Micronetics, Inc. (NASDAQ:NOIZ) announced today that it has been awarded a production contract release, valued at approximately $3.9 million, from a leading U.S. Department of Defense (DoD) prime contractor for the supply of high performance broadband microwave subsystems. Each subsystem, which consists of several Integrated Microwave Assemblies (IMA), fulfills the need to sustain and upgrade aircraft critical self protection capability on airborne platforms currently in use globally.
This award represents the first production release, equivalent to approximately 10% of the expected total program’s production and delivery requirements, for the supply of high reliability subsystems. We expect the total period of performance for this program will span between 4 to 8 years. Hardware deliveries under this award are targeted for completion over a 12-month time period beginning in the first quarter of Micronetics' FY2013.
Dave Robbins, CEO of Micronetics, remarked "We believe our competitive design and demonstrated performance along with our ability to satisfy the need for an increasingly reliable production capacity plan were among the keys to Micronetics being selected for this critically important U.S. DoD modernization and upgrade program. This order and our sole source role in this program further exemplify the strength of our customer relationships and the competitiveness of our technological capabilities and product offerings. Building off of our strong performance in our recently announced fiscal second quarter, this program win is further evidence of our belief that we are well positioned to benefit from the continuing demand for proven high performance 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 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.This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the microwave subsystems program’s expected total production and delivery requirements, the total period of performance for the program, and the expected period of hardware deliveries. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Micronetics control. Micronetics actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, the company's ability to attract new customers and retain existing customers, 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. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represents Micronetics views as of the date of this press release. The company anticipates that subsequent events and developments will cause its views to change. Micronetics undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Micronetics views as of any date subsequent to the date of this press release.
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