Micronetics, Inc. (NASDAQ:NOIZ) announced today that it has been awarded an initial production order valued at approximately $2.4 million from a leading precision antenna system manufacturer for the supply of high performance microwave subsystems. Each subsystem, which consists of a transceiver, on board computer, power supply, and a high power amplifier (HPA), will help satisfy the demanding need for a reliable, high-speed broadband satellite based connection into commercial and military aircraft for a broad range of uses. Hardware deliveries are targeted to commence in this fiscal year with a 6-month period of performance. David Robbins, Micronetics' CEO stated, "We are happy to have secured this initial contract. This product and design win reflects our latest in engineering expertise and we are optimistic that demand for this product will contribute to our growth. We targeted airborne high speed data links based on the strength and diversity of commercial and military applications, consistent with our strategy to leverage our strong technology capabilities and breadth of product offerings across multiple end markets.” 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, such as our statement related to future demand of the product and growth. 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 in general, as well as factors affecting DOD contract spending levels. 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.
Shares of Micronetics (Nasdaq:NOIZ) have taken a tremendous swing upward. The stock is trading at $7.33 as of 9:35 a.m. ET, 25.3% above Thursday's closing price of $5.85. Volume is at 40,334, 4.1 times the daily average of 9,800.