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Micronetics Press Release - June 14, 2010
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Micronetics Reports $34.9M in Net Sales, an Increase of 15%, for Its 2010 Fiscal Year
 Hudson,
NH -- (BUSINESS WIRE) - June 14, 2010 -- Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its fourth
quarter and fiscal year ended March 31, 2010 ("FY 2010").
Net sales were $9,125,418 for the thirteen weeks ended March 31, 2010, an increase of $807,994 or 10% as compared
to $8,317,424 for thirteen weeks ended March 31, 2009. For FY 2010, the Company reported net sales of $34,867,746
as compared to net sales of $30,347,285 for the fiscal year ended March 31, 2009 (“FY 2009”), an increase of
$4,520,461 or 15%.
For the thirteen weeks ended March 31, 2010, the Company reported net income of $469,429
or $0.10 per diluted share as compared to net loss of ($270,495) or ($0.06) per diluted share, for the thirteen
weeks ended March 31, 2009. For FY 2010, net income was $1,147,830 or $0.25 per diluted share, as compared to a
net loss of ($9,563,927) or ($1.98) per diluted share for FY 2009. The net loss for FY 2009 includes a pre-tax,
non-cash goodwill and intangible asset impairment charge of approximately $9.3 million.
The increase in net
sales for the fiscal year is primarily attributable to an increase in net sales of $2.0 million in sales of
integrated component sub-systems for jamming and electronic modernization, the $1.5 million in sales of space
qualified components, and the inclusion of $0.7 million of sales of RFID equipment from a product line acquired in
March, 2009.
Micronetics' backlog was $30 million as of March 31, 2010.
David Robbins, Micronetics
CEO stated, "We remain optimistic about our FY 2011 outlook based on our
ongoing core business bookings. We are
close to delivering critical development milestones in our longer term growth drivers.
Robbins continued
“Some particular integrated subsystems opportunities could increase the trajectory of our growth rate should they
come to fruition. These include an electronic systems modernization program on a strategic airborne platform,
integration of state-of-the-art Electronic Warfare equipment to enable compatibility with existing platforms, an
in-flight satellite data link, a RFID forklift mounted antenna system for warehouse management, a domestic and an
international Counter Radio Controlled Improvised Explosive Device (CRCIED) jamming system for troop protection,
and a broadband mobile terrestrial public safety network.”
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 communications equipment. Micronetics serves a diverse
customer base, including AeroSat, Anaren Microwave, Anritsu, Augusta Aerospace, BAE Systems, Boeing, Comtech,
EADS, EDO/Benchmark, General Dynamics, ITT Electronic Warfare Systems, L-3 Communications, Lockheed Martin,
NAVICP, Jabil Circuit, Northrop Grumman, Pegasus GSS, Qualcomm, Raytheon, Teradyne, Tektronix and Thales.
Additional information can be found on our website at http://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, 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' most recent filings with the SEC
including its’ Annual Report on Form 10-K for its fiscal year ended March 31, 2009.
Contact
David Robbins, CEO
Micronetics, Inc.
(603) 546-4131
About Micronetics
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 communications equipment. Micronetics serves a diverse customer base,
including AeroSat, Anaren Microwave, Anritsu, Augusta Aerospace, BAE Systems, Boeing, Comtech, EADS,
EDO/Benchmark, General Dynamics, ITT Electronic Warfare Systems, L-3 Communications, Lockheed Martin, NAVICP,
Nextwave/Jabil Circuit, Northrop Grumman, Pegasus GSS, Qualcomm, Raytheon, Teradyne, Tektronix and Thales.
Additional information can be found on our website at
http://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, 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 for its fiscal year
ended March 31, 2009.
Contact Information
Marc Frechette
Marketing Communications
Micronetics, Inc
Hudson, NH 03051
+1 603-546-4167
x167
www.micronetics.com
Posted 6/15/2010
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