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Micronetics Reports Record Net Sales For Fiscal Year 2012

Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its fourth quarter and fiscal year ended March 31, 2012 ("FY 2012").

Net sales were $12,258,367 for the quarter ended March 31, 2012, an increase of $2,913,873 or 31% as compared to $9,344,494 for quarter ended March 31, 2011. For FY 2012, the Company reported record net sales of $45,970,284 as compared to net sales of $35,296,705 for the fiscal year ended March 31, 2011, an increase of $10,673,579 or 30%.

The increase in net sales for fiscal year 2012 is primarily attributable to an increase in sales of integrated sub-systems for defense jamming electronic modernization and in-flight internet of approximately $4.1 million, and an increase in space and defense components of approximately $6.6 million

For the quarter ended March 31, 2012, the Company reported net income of $863,123 or $0.18 per diluted share as compared to net income of $444,137 or $0.10 per diluted share, for the quarter ended March 31, 2011. For FY 2012, net income was $3,412,565 or $0.74 per diluted share, as compared to net income of $1,517,827 or $0.33 per diluted share for FY 2011.

Backlog as of March 31, 2012 was over $26M and bookings in the quarter ended March 31, 2012 were $12M.

David Robbins, Micronetics CEO stated “We are pleased with this fiscal year’s financial performance. We achieved improved operating margins and cash flow driven from subsystems business momentum and steady components revenue growth. We expanded our product portfolio to include high performance microwave subsystems. We believe that our positive engagements with many of our key customers point toward further growth in the niche markets in which we compete.”

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 Exelis, L-3 Communications, Lockheed Martin, Northrop Grumman, Raytheon, Rockwell, Telecom Industries, 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, including statements regarding positive engagement with key customers and further growth in niche markets. 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, 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, 2012 as well as its other filings with the Securities and Exchange Commission.

INCOME STATEMENT DATA ($000s omitted except per share data)

 
  Quarter
Ended March 31,
2012 2011
(unaudited)
 
Net sales $ 12,258 $ 9,345
 
Gross margin 3,690 2,741
 
Research and development 364 513
Selling, general and administrative expenses
2,038 1,518
 
Amortization of intangibles 79 73
 
Other expense 19 40
 
Income before income taxes 1,190 597
 
Provision for income taxes 327 153
 
Net income 863 444
 
Earnings per common share:
Basic 0.19 0.10
Diluted 0.18 0.10
 

Weighted average shares outstanding:

 
Basic 4,573 4,556
Diluted 4,642 4,565
 
INCOME STATEMENT DATA ($000s omitted except per share data)
 
  Year
Ended March 31,
2012   2011
(unaudited)
 
 
Net sales $ 45,970 $ 35,297
 
Gross margin 14,819 11,552
 
Research and development 1,455 1,791
 
Selling, general and administrative expenses
7,442 6,899
 
Loss on disposal of assets - 4
 
 
Amortization of intangibles 314 321
 
Other expense 166 238
 
Income before income taxes 5,442 2,299
 
Provision for income taxes 2,029 781
 
Net income 3,413 1,518
 
Earnings per common share:
Basic 0.75 0.33
Diluted 0.74 0.33
 

Weighted average shares outstanding:

 
Basic 4,565 4,555
Diluted 4,596 4,566
CONDENSED BALANCE SHEET DATA (Unaudited)
($000s omitted)
  Year
Ended March 31,
2012     2011
 
Cash and cash equivalents $ 857 $ 745
Working capital 13,239 9,608
Total assets 29,569 29,548
Non-current liabilities 1,252 1,593
Shareholders' equity 18,694 14,934




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