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FOR IMMEDIATE RELEASE: June 29, 2009MICRONETICS REPORTS $30.4M IN NET SALES FOR ITS 2009 FISCAL YEARHudson, NH -- (BUSINESS WIRE) - June 29, 2009 -- Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its fourth quarter and fiscal year ended March 31, 2009 ("FY2009"). Net sales were $8,317,424 for the thirteen weeks ended March 31, 2009, an increase of $594,409 or 8% as compared to $7,723,015 for thirteen weeks ended March 31, 2008. For FY2009, the Company reported net sales of $30,347,285 as compared to net sales of $32,624,946 for FY2008, a decrease of $2,277,661 or (7%). For the thirteen weeks ended March 31, 2009, the Company reported a net loss of ($270,495) or ($0.06) per diluted share as compared to net income of $303,097 or $0.06 per diluted share, for the quarter ended March 31, 2008. For FY2009, the net loss was ($9,563,927) or ($1.98) per diluted share, as compared to net income of $1,662,383 or $0.34 per diluted share for FY2008, a decrease of $11,126,310.The net loss for FY 2009 includes a pre-tax, non-cash goodwill and intangible asset impairment charge of approximately $9.3 million. The decrease in net sales for the fiscal year is primarily attributable to a decrease in net sales of high performance amplifiers for commercial WIMAX and public safety applications of approximately $6.8 million. This decrease was offset in part by an increase of $2.8 million in sales of integrated component sub-systems for jamming and electronic modernization and an increase of approximately $1.7 million in sales of other components. Dave Robbins, Micronetics CEO, stated, "We are diversifying our high power amplifier (HPA) business into defense and airborne platforms and are starting to get traction evidenced by our booking development contracts with large defense contractors for communications on the move (COTM) and jamming applications. In addition we are developing digital pre-distortion technology which may greatly improve the linearity, cost, and efficiency of HPAs, we believe these will be important requirements for wide-scale deployment of emerging communication systems." Micronetics' backlog increased to a record $26 million on over $10 million in bookings for the quarter ended March 31, 2009. Mr. Robbins, continued, "Q4 earnings were affected by a non cash write-down of inventory primarily related to the uncertainty in today's commercial markets, and because of the mix of revenue related to development contracts. We remain optimistic about our outlook based on our ongoing robust bookings. We continue to execute against critical milestones and have received positive customer feedback on delivered prototype integrated subsystems. In addition, we foresee a strong pipeline of opportunities in jamming and electronic system modernization for defense programs as well as RFID and In-flight internet commercial programs. We continue to focus on converting our backlog into cash and completing qualification deliveries of integrated subsystems that we expect will contribute to significant growth potential over the next several years." 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, Anaren Microwave, Anritsu, Augusta Aerospace, BAE Systems, Boeing, Comtech, EADS, EDO/Benchmark, General Dynamics, ITT Electronic Warfare Systems, L-3 Communications, Lockheed Martin, NAVICP, Nextwave/Jabil Circuit, Northrop Grumman, Pegasus GSS, Qualcomm, Raytheon, Teradyne, Tektronix and Thales. 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 reductions in spending by certain of our customers, our ability to operate and integrate acquired companies, our ability to manage our growth, disruptions in supply or production, increased levels of debt, our ability to protect our proprietary information, future economic conditions in our industry and 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, 2009.
INCOME STATEMENT DATA ($000s omitted except per share data)
Thirteen Weeks
Ended March 31,
2009 2008
Net sales $8,317 $7,723
Gross profit 1,390 3,248
Research and development 655 417
Selling, general and
administrative expenses 2,036 1,973
Amortization of intangibles 66 183
Other expense (94) (155)
(Loss) income before income taxes (1,461) 520
(Benefit) provision for income taxes (1,191) 217
Net (loss) income ($ 270) $ 303
Net (loss) income per common share:
Basic ($ .06) $ .06
Diluted ($ .06) $ .06
Weighted average shares
Outstanding:
Basic 4,554 4,995
Diluted 4,554 5,013
INCOME STATEMENT DATA
($000s omitted except per share data)
YearEnded March 31,
2009 2008
------ ------
Net sales $30,347 $ 32,625
Gross profit 9,184 12,919
Research and development 1,869 1,018
Selling, general and
administrative expenses 7,899 7,590
Goodwill impairment charge 7,965 --
Intangible asset impairment charge 1,295 --
Amortization of intangibles 566 733
Other expense (328) (565)
(Loss) Income before income taxes (10,738) 3,013
(Benefit) provision for income taxes (1,174) 1,351
Net (loss) income ($ 9,564) $ 1,662
Net (loss) income per common share:
Basic ($ 1.98) $ .34
Diluted ($ 1.98) $ .34
Outstanding:
Basic 4,836 4,932
Diluted 4,836 4,951
BALANCE SHEET DATA
($000s omitted)
Year Ended March 31,
2009 2008
------ ------
Cash, cash equivalents and
short term investments $ 620 $ 3,563
Working capital 8,544 11,197
Total assets 25,526 33,386
Non-current liabilities 3,993 5,551
Shareholders' equity 12,230 22,409
Contact David Robbins, President Micronetics, Inc. (603) 883-2900 x 317 |
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26 Hampshire Drive, Hudson NH 03051, 1-603-883-2900 - web@micronetics.com
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26 Hampshire Drive, Hudson NH 03051, 1-603-883-2900 - web@micronetics.com
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