FOR IMMEDIATE RELEASE
July 29, 2003

Micronetics Reports Record Q1 FY2004 Results - Revenues Increase 29.2%; Profits up 17.8%
Hudson, NH -- (BUSINESS WIRE) -- July 29, 2003 -- Micronetics, Inc. (NASDAQ/NOIZ) today reported results for the first quarter of its fiscal year ending March 31, 2004 ("FY2004").

For Q1 of FY2004, the Company had net sales of $3,025,895, as compared to net sales of $2,341,649 for Q1 of FY2003, an increase of $684,246 or approximately 29.2%. For Q1 of FY2004, the Company had net income of $314,731, or $.07 per share, as compared to net income for Q1 of the prior fiscal year of $267,152, or $.06 per share. This is an increase of $47,539 or approximately 17.8%. The current period included revenues for Microwave Concepts, Inc., acquired in January 2003, which accounted for roughly 20% of the increase. The weighted average shares outstanding for FY2004 were 4,505,380 and for FY2003 were 4,468,262.

Richard Kalin, President & CEO, stated "These results reflect growth in our Defense Electronics and VCO Products Groups, offset by modest declines in our Test Solutions Group. Most of the revenue growth in FY2004 was organic. Our transition to increased production of integrated microwave subassemblies in our Defense Electronics Group has taken hold enabling us to increase sales/marketing initiatives targeted at these sub- assembly opportunities."

Mr. Kalin continued, "Based on current backlog, we are optimistic our financial performance in Fiscal 2004 will continue to reflect increased revenues and profitability over FY2003."

Micronetics, operating through its Defense Electronics, Test Solutions and VCO Products Groups, 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, BAE Systems, Boeing, EADS, Honeywell, ITT, L-3 Communications, Lockheed Martin, NEC, Northrop Grumman, Raytheon, Teradyne, Tektronix and Thales. Micronetics, with facilities in CT, MA, NH and NJ, also operates through its wholly-owned subsidiaries, Enon Microwave, Inc., Microwave & Video Systems, Inc. and Microwave Concepts, Inc.

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 the success of the products into which the Company's products are integrated, internal projections as to the demand for certain types of equipment, competitive products and pricing, the success of new product development efforts, the timely release for production and the delivery of products under existing contracts, access to financial resources, future economic conditions 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, 2003.

INCOME STATEMENT DATA
($000s omitted except per share data)
			                   Three Months Ended
                                                June 30 
			                   2003         2002

Net sales                                 3,026        2,342

Gross profit                              1,264        1,064

Selling, general and 
 administrative expenses                    702          598                   

Research and development expense            194          155      

Other/interest income (expense)               2          (14) 

Income before income taxes                  370          296                 

Net income                                  315          267

Net income per common share                 .07          .06

Weighted average shares outstanding       4,505        4,450


BALANCE SHEET DATA
		 		          June 30,    March 31,
				            2003        2003 

Cash and cash equivalents                  2,368       2,629
Working capital				   6,538       6,570
Total assets		                  12,119      12,147	    
Non-current liabilities			   1,184       1,560 	  
Shareholders' equity			   9,490       9,084