FOR IMMEDIATE RELEASE
MICRONETICS ANNOUNCES RISE IN INCOME; DECLINE IN REVENUE FOR 3Q99 AND NINE MONTHS
Net income for the nine months ended December 31, 1998 was $342,899, or $.10 per share, as compared with net income of $318,376, or $.09 per share, in the same period a year ago. Net sales were $3,297,823 versus $3,455,412 in the first nine months of Fiscal 1998.
Net income for 3Q99 was $114,913, or $.03 per share, as compared with net income of $111,477, or $.03 per share, in 3Q98. Net sales were $1,095,089 in 3Q99 versus $1,243,281 in 3Q98.
Richard S. Kalin, President, stated "For 3Q99, shipments of VCOs were up significantly, shipments of control components were approximately the same as last year, but instrument shipments were down. This is largely due to the transfer to 3G systems and the continued delay in receiving test equipment orders from the Far East. Preliminary indications suggest orders for test equipment are beginning to increase."
Based in Hudson, NH, Micronetics Wireless is a manufacturer of specialized RF components and test equipment used by manufacturers of cellular, PCS, wireless local loop, satellite and other manufacturers of communications and military equipment.
Statements in this press release contain forward-looking material. Actual results may vary due to a number of risks and uncertainties.
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