FOR IMMEDIATE RELEASE
Micronetics Reports Q2 FY2005 Results; First Half Revenues Increase
Net sales for the second quarter of FY2005 increased to $3,413,670 compared to $3,328,860 for the second quarter of FY2004, a rise of 2.5%. Pre-tax earnings increased 7% over the same quarter last year, rising to $468,308 from $435,828. Net income for the second quarter of FY2005 was $304,400, or $.07 per share, basic and diluted, compared to $370,454, or $.08 per share, basic and diluted, for the same quarter a year ago. This reduction in earnings per share is the result of the absence of a carry-forward tax credit in the second quarter of FY2005 versus the second quarter of FY2004.
Net sales for the first half of FY2005 rose to $6,793,001 from $6,354,755 in the first half of FY2004, an increase of 7%. On a pre-tax basis, earnings rose 25% over the same period last year increasing to $1,006,689 from $806,100. Net income for the first half of FY2005 was $654,347, or $.15 per share, basic and diluted, compared with $685,185, or $.15 per share, basic and diluted in the same period a year ago.
David Robbins, Micronetics' President, stated, "Slower revenue growth in the second quarter was primarily due to the deferment of shipments by a customer on a long running program. We expect to resume shipments in the second half of FY2005. We continue to be optimistic about our financial performance throughout the remainder of FY2005, considering a growing backlog of over $12 million and a strong book-to-bill ratio of 1.3 to 1. We are successfully managing our costs in relation to our revenues, as demonstrated by our improving pre-tax margins for the quarter and first half of the fiscal year."
Micronetics 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, Southwest Research, Teradyne, Tektronix and Thales. Micronetics also operates through its wholly owned subsidiaries, Enon Microwave, Inc., Microwave & Video Systems, Inc. and Microwave Concepts, Inc. Additional information can be found on our website at http://www.micronetics.com.
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, 2004.
INCOME STATEMENT DATA
(000s omitted except per share data)
Six Months Ended Three Months Ended
September 30, September 30,
2004 2003 2004 2003
------ ------ ------ ------
Net sales $6,793 $6,355 $3,414 $3,329
Net income $ 654 $ 685 $ 304 $ 370
Net income per diluted share: $ .15 $ .15 $ .07 $ .08
Wgt. avg. shares
Outstanding-diluted: 4,418 4,600 4,451 4,694
BALANCE SHEET DATA
September 30, 2004 March 31, 2004
-------------------- ----------------
Working capital $ 7,865 $ 6,752
Total assets 13,811 12,964
Non-current liabilities 991 1,083
Shareholders' equity $11,130 $ 9,830
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