FOR IMMEDIATE RELEASE
Micronetics Reports 38% Rise in Q2 Revenues; Profit Rises 67%
Net sales for the first half of FY2003 increased to $4,995,911 from $3,701,599 in the first half of FY2002, an increase of $1,294,312 or 35%. Net income for the first half of FY2003 was $590,823, or $.13 per share, as compared with $330,776, or $.08 per share, in the same period a year ago. This is an increase of $260,047 or 78.6% during the current six month period.
Net sales for Q2 of FY2003 were $2,654,262 as compared to $1,917,574 for Q2 FY2002, an increase of $736,688 or 38.4%. This is an increase of $312,619, or 13.4% over Q1 FY2003 revenues. Net income for Q2 FY2003 was 323,670, or $.07 per share, as compared with $193,112, or $.05 per share, in the same quarter a year ago. This is an increase of $130,558 or 67.6% from a year ago.
Richard Kalin, President & CEO, stated "During the first half of FY2003 our Defense Electronics Group experienced a significant revenue increase, a large portion of which were revenues from Enon Microwave, Inc. which we acquired late last year. Gross margins increased from 43.1% to 44.8%. During the first half of FY2003, we received the first orders and recorded the first shipments from our new line of Wave3G multipath faders in our Test Solutions Group. We are optimistic that sales will continue to increase during the second half, as backlog increased significantly over that of a year ago. We presently believe FY2003 will be a record in terms of sales and profits."
Micronetics, operating through its Defense Electronics Group, manufactures microwave and radio frequency (RF) components and integrated subassemblies used in a variety of defense, aerospace and commercial applications. Operating through its Test Solutions and VCO Products Groups, Micronetics manufactures and designs test equipment and components that test the strength, durability and integrity of signals in communications equipment. Micronetics serves a diverse customer base, including Aerosat, Alcatel, BAE Systems, Boeing, Credence, EADS, Ericsson, Honeywell, L-3 Communications, Lockheed Martin, Motorola, NEC, Northrop Grumman, Raytheon, Southwest Research, Teradyne, Tektronix and Thales. Micronetics also operates through its wholly-owned subsidiaries, Microwave & Video Systems, Inc. and Enon Microwave, 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, 2002.
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