FOR IMMEDIATE RELEASE
MICRONETICS' FIRST HALF REVENUES INCREASE
Net sales for the first half of FY2002 increased to $3,701,599 from $3,494,854 in the first half of FY2001, an increase of $206,745 or 5.9%. Net income for the first half of FY2002 was $330,776, or $.08 per share, as compared with $386,531, or $.09 per share, in the same period a year ago. This is a decrease of $55,755, or approximately 14%.
Net sales for Q2 of FY2002 were $1,917,574 as compared to $1,996,032 for Q2 FY2001, a decrease of $78,458 or 3.9%. This is an increase of $133,549, or 7.5% over Q1 FY2002 revenues. Net income for Q2 FY2002 was 193,112, or $.05 per share, as compared with $256,470, or $.06 per share, in the same quarter a year ago, a decrease of $63,358 or 24.7%. This is an increase of $55,447, or 40.3%, from Q1 FY2002.
Richard Kalin, President & CEO, stated "During the first half of FY2002 our Components and Subassemblies Group experienced significant revenue increases relating to its defense-related activities, which increases were largely offset by reductions in sales in our Test Solutions Group (due to a temporary reduction in sales to a significant commercial customer). Our margins overall increased. During the first half of FY2002, we increased our new product development activities. We remain optimistic that sales will increase during the second half, as overall bookings activity increased significantly in Q2 over the previous quarter, especially in our Components and Subassemblies Group."
Headquartered in Hudson, NH, Micronetics manufactures 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 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, IFF and electronic counter-measures). Micronetics serves a diverse customer base, including some of the world's leading technology companies, such as Adtran, Alcatel, BAE Systems, Boeing, ComDev, CSC, Datron, EADS, Ericsson, L-3 Communications, Lockheed Martin, Lucent Technologies, Motorola, NEC, Nokia, Northrop Grumman, Raytheon, Tektronix, Teradyne, Thales and TRW.
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.
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