FOR IMMEDIATE RELEASE
MICRONETICS REPORTS INCREASED Q1 REVENUES AND PROFIT
Net sales in Q1 of FY2002 increased to 1,784,025 from $1,498,822 in Q1 FY2001, an increase of $285,203 or 19%. Net income increased to $137,665, or $.03 per share, as compared with $130,061, or $.03 per share, in the same quarter a year ago, an increase of $7,604 or approximately 6%. The diluted weighted average shares outstanding during the current year was 4,216,739 and for last year was 4,184,567.
Richard Kalin, President & CEO, stated "We are pleased to report increased revenues and earnings for Q1 of FY2002. These results reflect growth in all groups but our Test Solutions Group, where one large customer had reduced its purchases to utilize its in-stock inventory. While we are seeing some impact from the current economy, our current visibility supports double digit growth from each of our operating groups during the current fiscal year. We have significantly increased resources devoted to selling activities and research and development activities. Our new product pipeline is strong. Backlog remains approximately 15% higher at this point than last year, but bookings activity slowed in Q1. We have been able to increase margins due to better pricing and improved efficiencies, especially in our Components and Subassemblies Group. We currently expect FY2002 to be a record year."
Headquartered in Hudson, NH, Micronetics manufactures and designs innovative test equipment and test components that are used to test the strength, durability and integrity of communication signals in communications and internet infrastructure equipment. Micronetics also manufactures microwave and radio frequency (RF) components and integrated subassemblies used in a variety of commercial wireless and military products. Micronetics' products, some of which are patented, are used in or test communication and internet infrastructure equipment (including wireless base stations, repeaters, and cable modem equipment), fixed terminal point-to-point/multi-point data radios, consumer subscriber products (cellular/PCS/satellite handsets), home networking equipment and military/aerospace platforms (satellite communications, electronic warfare and electronic counter-measures). Micronetics serves a diverse customer base, including some of the world's leading technology companies, such as Adtran, Agere, Alcatel, BAE Systems, Cisco, ComDev, Datron, EADS, Ericsson, Honeywell, Hughes, L-3 Communications, Lockheed Martin, Lucent Technologies, Motorola, NEC, Nokia, Northrop Grumman, Raytheon, Tektronix, Teradyne and Thales.
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, governmental action relating to wireless communications licensing and regulation, internal projections as to the demand for certain types of technological innovation, competitive products and pricing, the success of new product development efforts, the timely release for production and the delivery of products under existing contracts, 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, 2001.
Contact |
home | about us | contact us | investor info | more press releases | articles | careers