FOR IMMEDIATE RELEASE
Micronetics= Q2 Reflects 34% Increase In Revenue; 66% Increase In Profit
Net sales for Q2 of FY2001 increased to $1,996,032 from $1,486,615 for Q2 of FY2000, an increase of $509,417 or over 34%. Net income for Q2 of FY2001 increased to $256,470, or $.06 per share, as compared to $154,572, or $.04 per share, in the same quarter a year ago. This is an increase of $101,898 or 66%. This is based on the weighted average number of shares outstanding of 3,950,000 during Q2 of FY2001 as compared to 3,744,380 during Q2 of FY2000.
Net sales in the first half of FY2001 increased to $3,494,854 from $2,829,531 in the first half of FY2000, an increase of $665,323 or over 23%. Net income for the first half of FY2001 increased to $386,531, or $.10 per share, as compared with $254,513, or $.07 per share, in the same period a year ago. This is an increase of $132,018 or over 51%. This is based on the weighted average number of shares outstanding of 3,950,000 during the first half of FY2001 as compared to 3,744,380 during the first half of FY2000.
Richard Kalin, President, stated ?The performance during the first half of FY2001 is a record in both revenues and profits. It reflects significant growth in the Equipment and VCO Products Groups, offset partially by a modest reduction in our Components Group (which occurred largely in Q1 while we were in the process of transferring to manufacturing more complex microwave integrated subassemblies). Our backlog remains at a record level. During the first half, we continued to make significant investments in growing our business, including improvements in our marketing efforts and engineering resources. These improvements are allowing us to better anticipate and respond to customer needs and to continue to improve our customer base.@
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, Airspan, Alcatel, Cisco, Daimler Benz Aerospace, Datron, Ericsson, Harris, Hughes, L-3 Communications, Lockheed Martin, Lucent Technologies, Metricom, Motorola, NEC, Nortel, Newbridge Networks, Northrop Grumman, Raytheon, Teradyne, Wireless, 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, 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, 2000.
INCOME STATEMENT DATA ($000s omitted except per share data)
6 Months Ended 3 Months Ended
September 30, September 30,
2000 1999 2000 1999
Net sales $3,495 $2,830 $1,996 $1,487
Net income 387 255 256 155
Net income per share $ .10 $ .07 $ .06 $ .04
Wgt. avg. shares
outstanding 3,950 3,744 3,950 3,744
BALANCE SHEET DATA
September 30, 2000 March 31, 2000
Working capital $4,676 $4,078
Total assets 7,582 6,873
Non-current liabilities 778 703
Shareholders= equity 6,037 5,427
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