Dépêches
Micronetics Reports Third Quarter Results for Fiscal Year 2011
Dépèche transmise le 28 janvier 2011 par Business Wire
HUDSON, N.H.--(BUSINESS WIRE)--Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its third quarter ended December 25, 2010 (Q3 FY 2011).
Net sales for Q3 FY 2011 were $7.6 million, a decrease of 16% compared to $9.0 million for Q3 FY 2010.
Net sales for the thirty-nine weeks ended December 25, 2010 were $26.0 million, an increase of 1% compared to $25.7 million for the thirty-nine weeks ended December 26, 2009.
David Robbins, Micronetics’ CEO stated "At our customer's request, we initiated a series of manufacturing process upgrades that delayed Q3 product shipments in our subsystems division, and this is reflected in our sales results. We have already seen how the implementation of these new processes has improved manufacturing efficiency and throughput and enabled us to better respond to our production contracts."
Net income for Q3 FY 2011 was $101,123 or $0.02 per diluted share as compared to net income of $504,143 or $0.11 per diluted share for Q3 FY 2010.
Net income for the thirty-nine weeks ended December 25, 2010 was $1,073,690 or $0.24 per diluted share as compared to net income of $678,401 or $0.15 per diluted share for the thirty-nine weeks ended December 26, 2009.
Backlog was $27 million at the end of Q3 FY 2011.
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, 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 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 on Form 10-K for its fiscal year ended March 31, 2010 as well as its other filings with the Securities and Exchange Commission.
INCOME STATEMENT DATA |
||||
($000s omitted except per share data) |
||||
Thirteen Weeks Ended |
||||
Dec. 25, 2010 |
Dec. 26, 2009 |
|||
Net sales | $7,601 | $9,009 | ||
Gross profit | 2,335 | 3,307 | ||
Research and development | 447 | 411 | ||
Selling, general and administrative expenses |
1,756 | 1,878 | ||
Gain on sale of asset | (10) | — | ||
Amortization of intangibles | 73 | 87 | ||
Other expense | 54 | 96 | ||
Income before income taxes | 15 | 835 | ||
(Benefit) provision for income taxes | (86) | 331 | ||
Net income | 101 | 504 | ||
Net income per common share: | ||||
Basic | 0.02 | 0.11 | ||
Diluted | 0.02 | 0.11 | ||
Weighted average shares |
||||
Outstanding: |
||||
Basic | 4,555 | 4,554 | ||
Diluted | 4,568 | 4,554 | ||
INCOME STATEMENT DATA |
||||
($000s omitted except per share data) |
||||
Thirty-nine Weeks Ended |
||||
Dec. 25, 2010 |
Dec. 26, 2009 |
|||
Net sales | $25,952 | $25,742 | ||
Gross profit | 8,811 | 8,665 | ||
Research and development | 1,278 | 1,257 | ||
Selling, general and administrative expenses |
5,381 | 5,714 | ||
Net loss on disposal of assets | 4 | — | ||
Amortization of intangibles | 247 | 261 | ||
Other expense | 199 | 295 | ||
Income before income taxes | 1,702 | 1,138 | ||
Provision for income taxes | 628 | 460 | ||
Net income | 1,074 | 678 | ||
Net income per common share: | ||||
Basic | 0.24 | 0.15 | ||
Diluted | 0.24 | 0.15 | ||
Weighted average shares | ||||
Outstanding: | ||||
Basic | 4,554 | 4,554 | ||
Diluted | 4,565 | 4,554 |
- 06/06Crash d’un Morane-Saulnier 733 à proximité de la base aérienne de Rochefort
- 06/06 Les Flying Bulls feront le show dans les airs au Red Bull Motormania
- 06/06Meeting Cerny-La Ferté-Alais 2025 : programme des vols avec horaires pour le samedi
- 06/06 Radia présente le WindRunner pour la première fois en France au Salon du Bourget
- 06/06 Air Niugini divulgue une commande de deux nouveaux avions A220
- 05/06 Air Transat prolonge sa liaison Bordeaux - Montréal à l’hiver 2025-2026
- 05/06 Emirates et Air Mauritius renouvellent leur partenariat
- 05/06 Vietjet a commandé des Airbus A330neo supplémentaires
- 05/06 United Airlines inaugure une nouvelle liaison saisonnière sans escale entre Nice et Washington D.C.
- 05/06 easyJet inaugure des nouvelles liaisons vers l'Italie
- 04/06 Cathay Pacific relance sa liaison vers Adélaïde
- 04/06 Nesher Aviation commande des Tecnam P-Mentor
- 04/06 Airbus livre le premier A321XLR motorisé par Pratt & Whitney à Wizz Air
- 04/06 Finnair étoffe son programme hivernal
- 04/06 Le premier Bombardier Global 8000 de série effectue son vol inaugural
- 04/06 Le Groupe Qatar Airways annonce les meilleurs résultats financiers de son histoire
- 04/06 Corsair signe un partenariat avec Hertz
- 01/06Incident au sol d'un Spitfire à Biscarrosse
- 31/05Meeting Cerny-La Ferté-Alais 2025 : et si vous voliez en DC-3
- 31/05 Le deuxième prototype du Cessna Citation CJ4 Gen3 prend son envol avec succès