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Mikros Systems Announces $200,000 SBIR Contract Award to Focus on Facility Health Monitoring for U.S. Navy Buildings
7:00 AM ET, 05/05/2020 - PR Newswire
PRINCETON, N.J., May 5, 2020 /PRNewswire/ -- Mikros Systems Corporation (OTCQB: MKRS) announced today the receipt of a $200,000Small Business Innovation Research (SBIR) Phase I contract for SBIR topic number N201-X02-A02: "ADAPT - Naval Depot Modernization and Sustainment" with a focus area of "Facility Health Monitoring and Prioritization". This is a joint SBIR solicitation from NAVSEA Naval Shipyards, NAVAIR Fleet Readiness Centers (FRC), and USMC Logistics Command (MARCORLOGCOM).
Mikros Systems will develop a solution to collect data from critical building infrastructure systems including HVAC, mechanical systems, communication systems, chillers, pumps, electrical switchgear, seismometers and surveillance systems, as well as monitor energy usage data, water level data, and data from other critical infrastructure systems. The Phase I objective is to demonstrate proposed solution feasibility and Mikros Systems will be developing a limited scale system to illustrate the concept.
"This new award complements the Mikros MindR™ system, which was developed for commercial building management applications," said Jeffry McClenton, Lead Engineer for this effort.
This system can be expanded to include Navy facilities worldwide and provide critical infrastructure monitoring while complying with the stringent cybersecurity requirements of the Navy. "This Phase I award is a great opportunity to blend Mikros' commercial and Department of Defense business opportunities," said Lori Ogles, VP of Business Development and Programs.
"We see multiple future applications for this new technology across Navy and other DOD applications," said Tom Meaney CEO. "We have built our business on developing new technologies through the SBIR process and continue to work diligently to seek additional awards. Many of the Phase I SBIR programs have ultimately led to large DOD procurement programs and we are very excited to assist the Navy in proving feasibility of this initiative."
About Mikros
Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems technology for advanced maintenance in military, industrial and commercial applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering. For more information on Mikros, please visit: www.mikrossystems.com.
MIKROS SYSTEMS CORPORATION ANNOUNCES STOCK REPURCHASE PROGRAM 07/17/2018 09:00
https://globenewswire.com/news-release/2018/07/17/1538331/0/en/MIKROS-SYSTEMS-CORPORATION-ANNOUNCES-STOCK-REPURCHASE-PROGRAM.html
PRINCETON, N.J., July 17, 2018 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCQB: MKRS), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, announced today that its board of directors has approved a stock repurchase program that will enable the Company to repurchase up to $250,000 of its common stock through June 30, 2020.
The share repurchases may occur from time-to-time through open market purchases at prevailing market prices or through privately negotiated transactions in accordance with applicable securities laws and other legal requirements. The Company expects to fund all purchases from existing cash balances and future cash flows from operations. The program allows the Company to repurchase shares at its discretion. The timing and extent to which the Company repurchases its shares will depend on a number of factors, including, but not limited to, market conditions, price, trading volume, corporate and regulatory requirements, alternative investment opportunities, and other economic conditions. The program does not obligate the Company to repurchase any specific number of shares and, subject to compliance with applicable securities laws and other legal requirements, may be suspended or terminated at any time without prior notice.
President Mark Malone said, “We are pleased to announce that the board has authorized a share repurchase program. We believe this reflects the board’s confidence in Mikros Systems’ financial strength, overall commitment to shareholders, and its long-term corporate strategy.”
About Mikros
Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems technology for advanced maintenance in military, industrial and commercial applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering.
Important Information about Forward-Looking Statements
All statements in this news release other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company's actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Such factors include, but are not limited to, changes in business conditions, a decline or redirection of the U.S. Defense budget, significant delays or reductions in appropriations for our projects, the termination of any contracts with the U.S. Government, changes in our sales strategy and product development plans, changes in the marketplace, continued services of our executive management team, our limited marketing experience, competition between us and other companies seeking SBIR grants, competitive pricing pressures, market acceptance of our products under development, delays in the development of products, our ability to adequately integrate our software offerings into our business model, our ability to market our solutions to commercial customers, numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature, statements of assumption underlying any of the foregoing, and other factors disclosed in our annual report on Form 10-K for the year ended December 31, 2017 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements.
Source: Mikros Systems Corporation
CONTACT: Mark J. Malone - (609) 987-1513
The April 2018 Investor Presentation can be viewed on the website, under Investor Relations:
https://www.mikrossystems.com/investor-relations/
Mikros Systems is pleased to announce that we will be exhibiting at the Surface Navy Association (SNA) 30th Annual National Symposium at the Hyatt Regency in Crystal City, VA, Jan 9-11, 2018. The theme this year will be “Surface Forces & Cross-Domain Integration”.
As we have done in the past, Mikros will be showcasing and demonstrating our four main products:
--> ADEPT {Adaptive Diagnostic Electronic Portable Testset} AN/PSM-132
--> ADSSS {ADEPT Distance Support Sensor Suite} AN/SYM-3
--> Prognostics Framework
--> Diagnostic Profiler
Please visit us at Booth # 908 (upper level) to see our latest technology, catch up with our team, and enter for a chance to win a new Apple iPad Mini!
For more information on SNA 2018, please go to the following link:
https://navysnaevents.org/national-symposium/
We hope to see you next week!
Kind regards,
Holly Straub
Mikros Systems Corporation
office: 215.628.3143 | mobile: 610.513.0832
email: holly.straub@mikrossystems.com
220 Commerce Dr., Suite 300
Fort Washington, PA 19034
“Assuring System Readiness”
The information contained in this message may be privileged, confidential, and protected from disclosure. If the reader of this message is not the intended recipient, or any employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to the message and deleting it from your computer.
Mikros Systems Completes First Littoral Combat System Installation
Mikros Systems' ADSSS brings predictive maintenance analytics to the U.S. Navy's Littoral Combat Ship Class
PR Newswire
FORT WASHINGTON, Pa., Dec. 5, 2017
FORT WASHINGTON, Pa., Dec. 5, 2017 /PRNewswire/ -- Mikros Systems Corporation (OTCQB: MKRS), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, has successfully completed the first ship and shore installation and testing of its ADEPT Distance Support Sensor Suite (ADSSS) on the Littoral Combat Ship USS INDEPENDENCE (LCS 2).
ADSSS provides condition-based maintenance for mission-critical complex distributed systems using smart sensors, model-based prognostics and secure fault-tolerant networking. ADSSS's model-based prognostics framework converts large amounts of data into actionable information for operations, maintenance and logistics, while a secure fault-tolerant network helps protect critical operational data.
As installed on LCS 2, ADSSS will use Mikros' proprietary model-based Prognostics Framework technology to monitor combat system elements to detect and predict on-ship system failures and apply predictive analytics to on-shore systems to detect broader maintenance trends and patterns across the fleet.
"Mikros has been a proud partner of the U.S. Navy for over fifteen years," said ADSSS Program Manager Lori Ogles. "We are honored to continue to support the readiness of U.S. Navy combat systems with our condition-based maintenance solution and we look forward to expanding the ADSSS technology to additional LCS and U.S. Naval platforms."
About Mikros Systems
Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems technology for advanced maintenance in military, industrial and commercial applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering.
Important Information about Forward-Looking Statements
All statements in this news release other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company's actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Such factors include, but are not limited to, changes in business conditions, a decline or redirection of the U.S. Defense budget, significant delays or reductions in appropriations for our projects, the termination of any contracts with the U.S. Government, changes in our sales strategy and product development plans, changes in the marketplace, continued services of our executive management team, our limited marketing experience, competition between us and other companies seeking SBIR grants, competitive pricing pressures, market acceptance of our products under development, delays in the development of products, our ability to adequately integrate our software offerings into our business model, our ability to market our solutions to commercial customers, numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature, statements of assumption underlying any of the foregoing, and other factors disclosed in our annual report on Form 10-K for the year ended December 31, 2016 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements.
View original content with multimedia:http://www.prnewswire.com/news-releases/mikros-systems-completes-first-littoral-combat-system-installation-300566349.html
SOURCE Mikros Systems Corporation
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20171205:nPn8vMNnRA
PRINCETON, N.J., November 16, 2017 — Mikros Systems Corporation (OTCQB: MKRS), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, recently announced several changes and additions to its leadership team and product operations to drive continued growth. As previously announced, Mark Malone has been named President of Mikros Systems, effective November 1, 2017. In addition, the following appointments have been made:
Peter Snyder, formerly Mikros director of Systems Engineering, has been promoted to Vice President of Engineering. In this role he will provide technical and managerial oversight of all engineering departments and product development activities. Snyder is a 15-year veteran of the aerospace and defense industry and has worked at Mikros since 2014.
Bix Goodwin, formerly Mikros director of Business Development, has been promoted to Vice President of Navy Programs. He is a 30-year veteran of the aerospace and defense industry and has worked at Mikros for six years.
Mark Laureigh has been named Program Manager for the Adaptive Diagnostic Electronic Portable Testset (ADEPT®) product line. He will also continue to serve as director of Operations for Mikros’ manufacturing facility in Largo, Florida. Prior to joining Mikros in 2006, Laureigh served as Master at Arms MA1(SW) in the U.S. Navy.
Neal Gerhart has been hired as a Senior Systems Engineer focusing on embedded software development and systems integration. Gerhart has more than 20 years of experience in the field.
Jeffry McClenton has been hired as a Senior Software Engineer focusing on software development of Mikros’ condition-based maintenance solution for commercial customers. McClenton has 31 years of software engineering experience.
Daniel Dowlin has been hired as a Senior Test Engineer focusing on verifying critical system requirements for Mikros Systems products, and he has over 17 years of engineering experience.
Over the last 18 months, Mikros Systems has announced more than $80 million in Indefinite Delivery, Indefinite Quantity (IDIQ) contracts with the U.S. Navy. Additionally, in August, Mikros announced a Memorandum of Understanding with Elliott-Lewis Corporation to offer military-grade, cybersecure technology to enable remote monitoring and predictive maintenance for commercial building management. Currently, Mikros has two active pilot systems underway.
On Wednesday, Mikros Systems announced that its year-to-date revenues increased 60% to over $5 million, and its year-to-date net income increased six fold over 2016 results.
As Mikros has added to its sales backlog over the last 18 months, it has more than doubled its employee count adding new employees in every department from business development and accounting, to highly skilled technical areas such as software and systems engineering.
To accommodate this growth, Mikros has increased the size of its headquarters in Fort Washington, Pa. by over 70 percent.
“These strategic hires and organizational changes position Mikros to meet and exceed the needs of our valued customers and better align our talent and investment strategy,” said Chief Executive Officer Tom Meaney. “With more than $80 million in long-term U.S. government IDIQ contracts and opportunities to transition our military-grade technologies into commercial markets, these appointments put the right people in the right roles to drive continued business growth.”
About Mikros Systems
Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems technology for advanced maintenance in military, industrial and commercial applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering.
https://www.mikrossystems.com/mikros-systems-announces-key-new-hires-and-promotions-to-support-growth/
Mikros Systems Announces Strong Financial Results for Third Quarter
https://globenewswire.com/news-release/2017/11/15/1193574/0/en/Mikros-Systems-Announces-Strong-Financial-Results-for-Third-Quarter.html
PRINCETON, N.J., Nov. 06, 2017 (GLOBE NEWSWIRE) -- Mikros Systems (OTCQB:MKRS) announced today that Mark J. Malone has been appointed President, effective immediately. He will continue to report to Tom Meaney, the Company’s Chief Executive Officer.
Mr. Malone, previously Mikros corporate vice president, will take on additional operational responsibilities to guide Mikros’ continued growth with U.S. government clients and in select commercial markets.
“Mark is a proven executive with a track record of developing new business, raising capital, and managing executive level relationships in the private and public sector,” said Meaney. “With over $80 million in long-term IDIQ contracts and opportunities to transition our military-grade technologies into commercial markets, Mark brings critical skills that will support our growth trajectory.”
Malone stated, “Mikros is an outstanding company with a solid backlog, strong customer relationships, and significant opportunity to apply our technology to the industrial Internet of Things. I am honored to be named President. I look forward to working with our team to advance our progress across our markets as we continue to deliver value for our shareholders.”
Malone joined Mikros in May 2017. Prior to joining Mikros, Malone spent over 20 years in several major investment banks. Most recently, he was managing director in the Institutional Equity Capital Markets division of Guggenheim Partners. Prior to that, he held senior positions at Janney Capital Markets and Lazard Capital Markets.
About Mikros Systems
Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems technology for advanced maintenance in military, industrial and commercial applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering.
Important Information about Forward-Looking Statements
All statements in this news release other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as “anticipates,” “believes,” “could,” “expects,” “intends,” “may,” “should” and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company’s actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Such factors include, but are not limited to, changes in business conditions, a decline or redirection of the U.S. Defense budget, significant delays or reductions in appropriations for our projects, the termination of any contracts with the U.S. Government, changes in our sales strategy and product development plans, changes in the marketplace, continued services of our executive management team, our limited marketing experience, competition between us and other companies seeking SBIR grants, competitive pricing pressures, market acceptance of our products under development, delays in the development of products, our ability to adequately integrate our software offerings into our business model, our ability to market our solutions to commercial customers, numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature, statements of assumption underlying any of the foregoing, and other factors disclosed in our annual report on Form 10-K for the year ended December 31, 2016 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements.
Trish Kapp
VP, Finance, Corporate Secretary, and Treasurer
Mikros Systems
609-987-1513
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20171106:nGNXOGQTQa
Form 8-K
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 1, 2017, Mikros Systems Corporation (the “Company,” “we” or “us”) appointed Mark J. Malone to serve as President.
Mark J Malone, 51, has served as Vice President, Commercial Markets of the Company since May 1, 2017. Mr. Malone has more than 20 years of experience in the investment banking and capital markets field. Prior to joining the Company, he served as Managing Director in the Institutional Equity Capital Markets division of Guggenheim Partners from February 2015 through March 2017. He was Managing Director at Janney Capital Markets from December 2013 through February 2015 and Managing Director at Lazard Capital Markets from March 2008 until December 2013. In these senior positions, Mr. Malone performed a variety of executive management functions in equity sales, including revenue/profit responsibilities, and has extensive experience in new business development, capital raising, and relationship management. Malone earned a BS in Business Administration from the University of Richmond and is the son-in-law of Thomas J. Meaney, the Chief Executive Officer and a director of the Company.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MIKROS SYSTEMS CORPORATION
Dated: November 3, 2017 /s/ Thomas J. Meaney
Thomas J. Meaney
Chief Executive Officer
http://archive.fast-edgar.com//20171103/ACZNM22CZC2292ZZ2K2K2MZZQ6ACZ6S7Z292/
Mikros Systems Receives $2.4 Million U.S. Navy Production Order or ADEPT® Advanced Maintenance Systems
https://www.mikrossystems.com/mikros-systems-receives-2-4-million-u-s-navy-production-order-for-adept-advanced-maintenance-systems/
$3.5 Million in U.S. Navy ADEPT Production Received Year-to-Date
Princeton, N.J., September 28, 2017: Mikros Systems Corporation (OTCQB: MKRS) announced today that it has received the second production order awarded under its recent multi-year $35M contract with the Naval Surface Warfare Center in Crane, IN.
The order covers new production deliveries of Mikros’ Adaptive Diagnostic Electronic Portable Testset (ADEPT) and is valued at $2.4 million. Year-to-date, Mikros has received $3.5 million in U.S. Navy ADEPT production awards. The ADEPT units will be produced at the Mikros Manufacturing and Depot Center in Largo, FL.
Mikros’ Director of Operations Mark Laureigh commented, “Our Largo facility is up and running after Hurricane Irma. We experienced minimal disruption from the storm and we are ready to execute this new production order. This is the eleventh round of production orders for ADEPT and will increase the total number of manufactured systems beyond 250. We expect to deliver additional ADEPT systems over the next year and continue to support the systems already deployed on U.S. Navy AEGIS surface combatants.”
The Mikros Systems Manufacturing and Depot Center in Largo, Florida was established in 2009 to manufacture and provide sustainment and logistics support for the ADEPT system and other Mikros products. The center has produced and delivered over 200 systems to the U.S. Navy and provides life-cycle support for the systems including calibration, repair and training.
For more information on Mikros Systems’ manufacturing capabilities, please visit: https://www.mikrossystems.com/product/custom-manufacturing/
_______________________________________________________________
Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems technology for advanced maintenance in military, industrial and commercial applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering. Please visit www.mikrossystems.com/news-events for more information.
Source: Mikros Systems Corporation
CONTACT: Thomas J. Meaney – (609) 987-1513
Form 3 MIKROS SYSTEMS CORP For: Sep 12 Filed by: Malone Mark J.
http://archive.fast-edgar.com//20170920/A3Z2P22CZC22W2ZX222M2CZZ4EA7G6Q7Z292/
Chief Technology Officer Henry Silcock and Vice President of Commercial Markets Mark Malone will present at the second annual MicroCap Leadership Summit, hosted by MicroCapClub.
Princeton, N.J., September 19, 2017: Mikros Systems Corporation (OTCQB:MKRS) Chief Technology Officer Henry Silcock and Vice President of Commercial Markets Mark Malone will present at the second annual MicroCap Leadership Summit, hosted by MicroCapClub, on Friday, September 22, 2017, at the Westin Chicago Northwest Hotel in Itasca, Illinois.
Mikros Systems, an advanced maintenance technology company, recently announced strong second quarter 2017 financial results highlighting a 78% increase in quarterly revenue from the second quarter of 2016 and an 854% increase in its net income from the second quarter of 2016. Additionally, the company continues to expand its condition-based maintenance software solutions to commercial customers. In August, Mikros announced a memorandum of understanding with Elliott-Lewis Corporation to offer a condition-based maintenance solution for Heating Ventilation, Air Conditioning and Refrigeration (HVAC) equipment.
The MicroCap Leadership Summit uses a small group format where Mikros will present to approximately 50 retail and institutional microcap investors throughout the day. A link to the presentation material will be posted on the Mikros Systems investor relations website, located at https://www.mikrossystems.com/investor-relations/.
For more information about the MicroCap Leadership Summit, please visit http://microcapclub.com/summit/
About Mikros Systems Corporation
Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems technology for advanced maintenance in military, industrial and commercial applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering. Please visit www.mikrossystems.com/news-events for more information.
CONTACT: Mark Malone – (215) 371-3913
About MicroCapClub
MicroCapClub is an exclusive forum for experienced microcap investors focused on microcap companies (sub $300m market cap) trading on United States, Canadian, UK, and Australian equity marketplaces. MicroCapClub was created to be a platform for experienced microcap investors to share and discuss stock ideas. Investors can join our community by applying to become a member or subscribing to gain instant view only access. MicroCapClub’s mission is to foster the highest quality microcap investor Community, produce Educational content for investors, and promote better Leadership in the microcap arena. Please visit http://microcapclub for more information.
From Mikros Systems website:
https://www.mikrossystems.com/mikros-systems-chief-technology-officer-and-vice-president-of-commercial-markets-to-present-at-the-microcapclub-leadership-summit/
Mikros Systems Chief Technology Officer and Vice President of Commercial Markets to Present at the MicroCapClub Leadership Summit
https://microcapclub.com/summit/
Mikros Systems Receives $548,000 Contract Award for ADEPT Enhancements
https://www.mikrossystems.com/mikros-systems-receives-548000-contract-award-for-adept-enhancements/
Mikros Systems Announces Memorandum of Understanding with Elliott-Lewis Corporation to Offer Secure, Predictive HVAC Maintenance Solution
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20170816:nGNXODCCJa
Mikros Systems Announces Strong Second Quarter Results:
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20170815:nGNXODBQPa
Additional Navy Funding for Engineering and Technical Support of the ADEPT Program
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20170809:nGNXOCYOEa
Mikros Systems Corporation (OTCBB:MKRS) announced today that HP Indigo Division has renewed its software support contract for Mikros’ Diagnostic Profiler software for the fifth consecutive year.
Mikros supplies two software products, Prognostics Framework® and Diagnostic Profiler®, to several commercial customers for Condition Based Maintenance in various industrial applications. These software products generate recurring revenues when customers renew their software maintenance support contracts on a yearly basis. Recently, Hewlett Packard Indigo Division, which manufactures large printing presses, has renewed their software license for Mikros Diagnostic Profiler for the fifth year running. Mikros is also working with HP to design new software upgrades to the system. HP Indigo uses Mikros Diagnostic Profiler to detect errors and maximize system up-time on their printing presses at over 100 installations.
HP’s Dan Koran commented: “HP Indigo Division has been partnered with Mikros on an ongoing contract for five years to provide HP an efficient and effective diagnostician tool for our advanced printing presses. Both companies have had a great relationship and continue to work together. We look forward to continuing the working relationship and other endeavors.”
Tom Meaney, Mikros President and CEO stated that, “First, these orders represent a major vote of confidence from our commercial customers. Second, they indicate that there is significant potential for recurring revenue streams and lasting relationships as we support both hardware and software products in real world applications for commercial customers. We thank our current customers for their continuing support, and believe that life-cycle support of our product lines will continue to be a successful and profitable enterprise.”
Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems technology for advanced maintenance in military, industrial and commercial applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering. For more information on Mikros, please visit: www.mikrossystems.com.
Important Information about Forward-Looking Statements
All statements in this news release other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company's actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Such factors include, but are not limited to, changes in business conditions, a decline or redirection of the U.S. Defense budget, significant delays or reductions in appropriations for our projects, the termination of any contracts with the U.S. Government, changes in our sales strategy and product development plans, changes in the marketplace, continued services of our executive management team, our limited marketing experience, competition between us and other companies seeking SBIR grants, competitive pricing pressures, market acceptance of our products under development, delays in the development of products, our ability to adequately integrate our commercial software offerings into our business model, our ability to market our solutions to commercial customers, numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature, statements of assumption underlying any of the foregoing, and other factors disclosed in our annual report on Form 10-K for the year ended December 31, 2016 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements.
CONTACT: Thomas J. Meaney - (609) 987-1513
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20170711:nGNXNZZYLa
Mikros Systems Corporation (OTCQB:MKRS) announced today that it has received a second contract from the United States Navy for development of a new upgrade to Mikros’ ADSSS® (ADEPT Distance Support Sensor Suite) product line. The new award increases existing funding from $1.5 million to $2 million.
The new variant of the Company’s flagship Condition Based Maintenance (CBM) product will be applied to the Navy’s AN/SPG-62 radar, part of the mission-critical MK 99 Fire Control System. This will be the first time Mikros CBM technology, first introduced on the Littoral Combat Ship (LCS), has been applied to the Navy’s Aegis Weapons System in the surface combatant fleet. Over 300 radars are currently installed on Navy cruisers and destroyers.
Mikros develops and manufactures advanced maintenance systems for the Navy, including the ADEPT® (Adaptive Diagnostic Electronic Portable Testset) Maintenance Automation Workstation and ADSSS. ADSSS is a network-based system which collects maintenance data in real-time to detect and predict failures in complex distributed systems, such as radars and other Navy combat system elements. Early detection and prediction of faults is critical to maintaining weapons system readiness.
In April, Mikros received a $1.5 million contract from the Navy to extend the capabilities of the ADSSS system to support the MK 99. The new award is a Small Business Innovation Research (SBIR) contract which provides an additional $500,000 to further support this effort.
“Working with the United States Navy to customize our ADSSS condition based maintenance solution for use on the Aegis surface combatant fleet marks an important milestone for Mikros Systems,” said Henry Silcock, Mikros Chief Technology Officer. “Extending our product and service offerings to additional combat systems and ship classes is a critical element of our long term strategic plan and this new contract provides an excellent opportunity for us to prove the value of our condition based maintenance system to another ship class.”
Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems technology for advanced maintenance in military, industrial and commercial applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering. For more information on Mikros, please visit: www.mikrossystems.com.
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20170612:nGNXNXEMLa
Mark Malone joins Mikros Systems Corporation as Vice President
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20170522:nGNXNWTUEa
Mikros Systems Corporation (OTCQB:MKRS) today announced first quarter 2017 results.
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20170517:nGNXNUZGNa
Mikros Systems Announces New Delivery Order for Worldwide Navy Training Efforts
PR Newswire
PRINCETON, N.J., May 9, 2017
PRINCETON, N.J., May 9, 2017 /PRNewswire/ -- Mikros Systems Corporation (OTCQB: MKRS) announced today that it has received a new delivery order from the Navy to provide training services for its ADEPT® product line at Navy facilities worldwide.
Mikros produces advanced maintenance systems for the Navy, including the ADEPT (Adaptive Diagnostic Electronic Portable Testset) Maintenance Automation Workstation and the ADSSS® (ADEPT Distance Support Sensor Suite) Condition Based Maintenance (CBM) system.
The new award is the fourth delivery order under Mikros' $35 million Indefinite Delivery Indefinite Quantity (IDIQ) contract and covers continuing training of Navy sailors in the use of the Company's ADEPT system. Mikros has been providing ADEPT training at Navy bases around the world for the past decade. The Company's Manufacturing and Depot Center, in Largo FL, is staffed largely by Navy veterans who provide training and other logistics support for over 200 ADEPT systems in the field. This award provides the latest funding increment to continue this training. The next training sessions are currently planned for Norfolk, VA and Pearl Harbor, HI.
"This award enables Mikros to deliver high quality training for ADEPT users in the fleet," said Austin Hartley, Mikros' Operations and Training Lead in Largo. "Providing training at Navy waterfront locations allows us to train sailors in a relevant and timely fashion."
Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems for advanced maintenance in military, industrial and commercial applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering. For more information on Mikros, please visit: www.mikrossystems.com.
Important Information about Forward-Looking Statements
All statements in this news release other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company's actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Such factors include, but are not limited to, changes in business conditions, a decline or redirection of the U.S. Defense budget, significant delays or reductions in appropriations for our projects, the termination of any contracts with the U.S. Government, changes in our sales strategy and product development plans, changes in the marketplace, continued services of our executive management team, our limited marketing experience, competition between us and other companies seeking SBIR grants, competitive pricing pressures, market acceptance of our products under development, delays in the development of products, our ability to adequately integrate our new software offerings into our business model, our ability to market our solutions to commercial customers, numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature, statements of assumption underlying any of the foregoing, and other factors disclosed in our annual report on Form 10-K for the year ended December 31, 2016 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mikros-systems-announces-new-delivery-order-for-worldwide-navy-training-efforts-300454406.html
SOURCE Mikros Systems Corporation
See Mikros' Micro Cap Presentation with filing of Form 8-K today.
http://archive.fast-edgar.com//20170404/AQZ2MQ2CZ222CZZN222K2ZZZQ6AC66X7Z292/
Mikros Systems Corporation Demonstrates Adept System at U.S. Navy's Fleet Maintenance and Modernization Symposium
PRINCETON, N.J., Sept. 29 /PRNewswire/ -- Mikros Systems Corporation (OTC Bulletin Board:MKRS.ob - News), exhibited its ADEPT system at the U.S. Navy's Fleet Maintenance and Modernization Symposium in Virginia Beach on September 14-15. Sponsored by the American Society of Naval Engineers (ASNE), this year's theme was Meeting Challenges: Warfighting, Effectiveness, Current Readiness, Service Life and Affordability. During the keynote address, Admiral John C. Harvey, Commander of the U.S. Fleet Forces, addressed the importance of maintenance in the fleet.
During the conference, Mikros presented a technical paper entitled 'Remote Maintenance with ADEPT'. Chuck Bristow, Vice President of Engineering at Mikros, presented results obtained during distance support testing of ADEPT during the Trident Warrior 2009 exercise. The presentation was well received by both military and civilian attendees. As a result, the Company expects to attend various follow up meetings in Norfolk, Virginia with Navy maintenance personnel.
While the majority of the attendees exhibited products for Hull, Mechanical & Electrical (HM & E) systems, Mikros was among the few participants exhibiting a product to increase combat system readiness. During the two days of the conference, Mikros provided several live demonstrations of ADEPT and its distance support capabilities. Mr. Bristow stated "We are very pleased with the interest and feedback we received from Naval officers, engineers and civilian contractors. Our live demonstrations showed just how effective ADEPT can be in maintaining fleet readiness at sea in a real time and very cost effective manner. We were able to forge many new relationships with Navy leaders, prime contractors, and other attendees and plan to attend next year's event."
Mikros Systems Corporation Receives $750,000 Award for SBIR Phase II MicroBuoy
Press Release Source: Mikros Systems Corporation On Thursday August 5, 2010, 7:00 am
PRINCETON, N.J., Aug. 5 /PRNewswire-FirstCall/ -- Mikros Systems Corporation (OTC Bulletin Board:MKRS.ob - News) -- announced today the receipt of a $750,000 Small Business Innovation Research (SBIR) Phase 2 contract from the Naval Sea Systems Command for development of a "Wave Energy MicroBuoy" to be used as an at-sea platform for a communications relay or network gateway. Ocean Power Technologies Inc. (OPT), a current Mikros Partner, has been a key team member in the pursuit of the contract and will be a major subcontractor.
Mikros and OPT will collaborate in the design and development of a miniaturized, self-powered ocean buoy which can be deployed at sea for extended periods to support various on-board payload packages, such as network communications nodes. The main objective of the SBIR Phase II Program is the development and testing of a prototype MicroBuoy and demonstration of a persistent power level specified for the Navy system.
They seriously need to update it!
LATEST INVESTOR BRIEFING posted:
http://mikrossystems.com/04-21-10_Presentation_to_Investors.pdf
The Company will host an audio webcast to review its 2009 results, project status, and related matters on April 19, 2010 at 10:00 a.m. Eastern Time (3:00 p.m. GMT). Tom Meaney, President, will host the webcast. Additional information on how to access this event will be made available to the public the morning of the webcast.
10K is in
Letter to Shareholders - Form 8-K for MIKROS SYSTEMS CORP
26-Jan-2010
Regulation FD Disclosure, Financial Statements and Exhibits
Item 7.01 Regulation FD Disclosure.
On January 27, 2010, Mikros Systems Corporation will be distributing a letter to each of its shareholders of record. A copy of the letter is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description of Exhibit
99.1 Letter to Shareholders dated January 27, 2010
Mikros Systems Corporation
January 27, 2010
Dear Shareholder:
As we begin the New Year, we want to take the opportunity to provide you with a preliminary business outlook for Mikros Systems Corporation in 2010.
Mikros is continuing efforts to position itself as a leading engineering and systems integration firm in the areas of electronics, communications, and wireless technologies. While some of our current work may have future commercial applicability, the defense and homeland security markets will continue to be our strategic focus.
We foresee steadily increasing revenues and predict a strong backlog by year-end. This will be accomplished by securing additional orders for our ADEPT® product, gaining additional R&D work from existing customers, and winning new business from the Small Business Innovative Research (SBIR) program and our growing industry partnerships.
Over the past year, our ADEPT product has gained widespread customer acceptance. In June 2009, we participated in the Navy’s annual Trident Warrior exercise which submits systems and products to rigorous testing in real time simulations. Upon completion of the program, ADEPT earned the highest assessments. ADEPT’s proven ability to increase readiness and provide enhanced distance support capabilities should promote continued funding for procurement and development. We continue to work with the Navy to implement a multiple-year production and support contract, which could be awarded as soon as the first quarter of this year.
We were recently awarded a research and development contract from the Navy to assess vulnerability of tactical data links in the presence of hostile jammers. This contract extends previous development efforts and will result in a software application that could be integrated into various defense-wide mission planning initiatives. We also are continuing our development work with the Navy in the area of shipboard wireless network planning, and recently completed a study of wireless network planning methodologies and applications for the Navy. This effort has extended our engineering knowledge and expertise and positions us well to secure future work on the Navy’s Consolidated Afloat Network and Enterprise Services (CANES) Program.
Mikros continues to work with Ericsson Federal in the areas of emergency cellular communications. We are jointly marketing Ericsson technologies to defense and homeland security customers, and see a strong interest from entities like the National Guard. The Navy and first responder communities are other markets we are exploring. We intend to provide engineering support, logistics and training to Ericsson customers in the Federal marketplace.
Our partner Ocean Power Technologies (OPT) recently won a contract for research and development of PowerBuoy® technologies in support of a littoral vessel tracking system. We have a strong business relationship with OPT and are a subcontractor on this contract, providing engineering and systems integration support. We are also marketing OPT PowerBuoy technologies for other defense-related applications, and expect to see increased opportunities in this area over the next couple of years.
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We continue to expand our stakeholder communications and marketing activities. In 2009, we released over 50% more press releases than in previous years. A planned update of our website will be completed by April of this year. We also plan to investigate other avenues for improving communications and advancing Mikros’ visibility within the investment community.
The Mikros team has worked very hard this past year advancing the opportunities in front of us. Although we experienced significant contracting delays in 2009, we continue to maintain current operations without incurring debt. We see positive things on the horizon and anticipate a great 2010. All of us at Mikros Systems Corporation wish everyone a happy and prosperous New Year.
Sincerely,
/s/ Tom Meaney
Tom Meaney
President and CEO
Mikros Systems Corporation Announces Third Quarter Results; Reports Net Profit and Expects New Contract for Procurement, Installation, and Support of ADEPT Systems
Press Release
Source: Mikros Systems Corporation
On 12:15 pm EST, Friday November 13, 2009
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Companies:Mikros Systems Corp.
PRINCETON, N.J., Nov. 13 /PRNewswire-FirstCall/ -- Mikros Systems Corporation (OTC Bulletin Board: MKRS - News), announced today the results of operation for the fiscal quarter ended September 30, 2009. The Company reported third quarter revenue of $588,719 and net income of $5,954. Year to date revenue and net income were $1,732,505 and $15,071, respectively.
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MKRS.OB 0.31 +0.01
{"s" : "mkrs.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""} The Company anticipates the award of a five-year indefinite-delivery, indefinite-quantity (IDIQ) contract for immediate and future procurement of ADEPT systems, as well as continued research, development, and lifecycle support. "We continue to work through the Government contracting process for ADEPT," stated Tom Meaney, Mikros President. "The Government's review of our proposal has taken much longer than expected, but we are steadily proceeding through the process. As a result of the contracting delays, revenue growth was limited this quarter. However, cash reserves and cash flow remain at healthy levels and we have not incurred any debt during this period. We anticipate better revenue growth in the fourth quarter of 2009 due to the completion of ADEPT units ordered earlier this year."
The initial delivery order under the anticipated IDIQ contract is expected to include procurement of between 10 and 35 ADEPT systems with continued funding for development and support. Procurements for up to 30 additional ADEPT units are expected within the first six-months of award. By the end of calendar year 2010, Mikros could see orders for up to 60 units. Mikros believes that, if awarded, this contract could generate up to $4-5 million of revenue annually for the Company over the next five years.
Mikros has also submitted proposals to the Government for continued development of the Network Vulnerability to Electronic Attack analysis and autonomous PowerBuoy technologies. These contract awards are anticipated within the next three to six months. If awarded, these contracts would initially provide up to $2 million of revenue for additional research and development work on these projects. The Company has also recently received multiple subcontracts to support Ocean Power Technologies, Inc., DRS C3 Systems, Inc., and Technology Service Corporation on various projects.
"We believe that we are well positioned for a very positive 2010," stated Tom Meaney. "We are finally beginning to see some closure on the Government contracts anticipated all year, and are prepared to finally deliver ADEPTs in significant quantities to the US Navy. We are also pleased to see such strong interest from our customers in the NVEA and PowerBuoy technologies. Mikros will continue to pursue other avenues for revenue growth as well, including international sales of ADEPT and strategic partnerships into new business areas."
About Mikros
Mikros Systems Corporation is an advanced technology company specializing in the research and development of electronic systems technology primarily for military applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, combat/command, control, communications, computers and intelligence systems engineering, and communications engineering. Mikros' primary business is to pursue and obtain contracts from the Department of Homeland Security, U.S. Navy, and other governmental authorities. For more information on Mikros visit: www.mikros.us
Form 10-Q for MIKROS SYSTEMS CORP
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13-Nov-2009
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Position and Results of Operations
Mikros Systems Corporation (the "Company," "we" or "us") was founded in 1978. We are an advanced technology company specializing in the research and development of electronic systems technology primarily for military applications. Classified by the U.S. Department of Defense (DoD) as a small business, our capabilities include technology management, electronic systems engineering and integration, radar systems engineering, combat/command, control, communications, computers and intelligence (C4I) systems engineering, and communications engineering.
Overview
Our primary business focus is to pursue Small Business Innovation Research (SBIR) programs from the U.S. Department of Defense, Department of Homeland Security, and other governmental authorities, and to expand this government funded research and development into products, services, and business areas of the Company. Since 2002, we have been awarded a number of Phase I, II, and III SBIR contracts.
Revenues from our government contracts represented 100% of our revenues for the three and nine months ended September 30, 2009 and 2008. We believe that we can utilize the intellectual property developed under our various SBIR awards to develop proprietary products for both the government and commercial marketplace.
Below is a brief description of certain of the material projects we are working on at this time.
Adaptive Diagnostic Electronic Portable Testset (ADEPT�)
Originally designated as the Multiple Function Distributed Test and Analysis Tool (MFDAT), the Adaptive Diagnostic Electronic Programmable Test-Set (ADEPT�) began as an SBIR investigation in 2002. Additional ADEPT development was completed through a series of SBIR grants and contracts. ADEPT is an automated maintenance workstation designed to significantly reduce the man-hours required to align the AN/SPY-1 Radar System aboard U.S. Navy AEGIS cruisers and destroyers, while optimizing system performance and readiness. ADEPT represents a new approach to Navy shipboard maintenance, integrating modular instrumentation cards in a rugged enclosure with an onboard computer, input and output devices, networking hardware, removable hard drives, and a touch screen display. A custom software application provides the user interface and integrates the hardware with a database that stores user information, instrument readings, maintenance requirements, and training aids. ADEPT is designed to be adapted to other complex shipboard systems, and to provide integrated distance support capabilities for remote diagnostics and troubleshooting by shore-based Navy experts.
Key anticipated benefits of ADEPT include:
� Significant reduction in system calibration, alignment, maintenance, and repair times;
� Improved system readiness, availability, and performance;
� More effective use of technical manpower through increased automation, distance support, and interactive training;
� Distance support capable enabling "expert" remote (shore-based) system support and fleet-wide system analysis;
� Reduction in the amount of electronic test equipment required for organizational level support; and
� Modular and programmable to overcome current test equipment obsolescence issues and to support capability enhancements in future systems.
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ADEPT is being provided to the Navy's Cruisers (CGs) and Destroyers (DDGs), through the US Navy's Cruiser and Destroyer modernization program. On September 29, 2008, we were awarded an $800,000 modification to our contract with Naval Air Warfare Center Weapons Division (NAWCWD), located in China Lake, California. NAWCWD, a division of Naval Air Systems Command (NAVAIR), is responsible for "Arming the Fleet". NSWCPHD for eight ADEPT LRIP units and additional logistics development work. The logistics effort includes development of fielding support and calibration plans required for widespread use of ADEPT aboard U.S. Navy ships. In April 2009, we received a $450,000 contract award for four ADEPT V2 systems which are scheduled for delivery to the USS Mobile Bay (CG-53) and the USS Philippine Sea (CG-58) by the end of 2009.
In October 2009, we were awarded a contract by Technology Service Corporation (TSC) to provide project management and engineering support for the Common Digital Sensor Architecture (CDSA) project and new acquisition radar programs. This contract also provides for continuation of pre-production engineering tasks in support of the Adaptive Diagnostic Electronic Portable Testset (ADEPT).
The goal for ADEPT is to obtain a multi-year Indefinite-Delivery, Indefinite-Quantity (IDIQ) contract for production, engineering, and logistics support. We anticipate this contract award and additional orders for ADEPT equipment by the end of calendar year 2009. It should be noted that contracting with the Federal Government is a lengthy and complex process and that many factors could materialize that would negatively impact our ability to secure this contract and future ADEPT orders.
Wireless Local Area Network Systems
Since June 2004, we have been working with the Office of Naval Research regarding emerging Wireless Local Area Network systems (WLANs) and DoD radar systems to, among other things, evaluate and quantify the potential improvements which may be afforded by selected mitigation techniques. We continue to perform contracts in connection with this project and are working closely with engineers from the NAWCWD. The technical objective of this effort is to develop simulation models that can be used to predict the performance of data links in a jamming environment.
Radar Wireless Spectral Efficiency (RWSE)
From May 2006 through June 2009, we were involved in research and development under the SBIR topic entitled RWSE, which is focused on the real world implications of incorporating wireless networks into the aircraft carrier (CVN platform) environment. The overall technical objective is to facilitate the introduction of commercial wireless communication systems, e.g. Wi-Fi, onto U.S. Navy ships through the: (1) identification and testing of potential own-ship electromagnetic interference (EMI) issues; (2) development and testing of viable mitigation technologies to overcome adverse EMI effects; and (3) development of a CVN Wi-Fi network planning tool to support networking within a highly reconfigurable shipboard environment. This project was initially for the CVN platform, but is expected to eventually be applicable to other U.S. Navy ships.
Additional Contracts and Recent Developments
In October 2007, we were awarded an SBIR Phase I contract through SPAWAR. This $100,000 effort titled "Small Buoy for Energy Harvesting" will collaborate in the design and development of a miniaturized, self-powered ocean buoy which can be deployed at sea for extended periods to support various on-board payload packages, such as network communications nodes. This communication package is designed to allow submarines to communicate with the Battle Group while operating at speed and depth. This contract was structured as a base effort worth $70,000, and an option worth $30,000. The option was exercised on October 30, 2008, and we are pursuing an SBIR Phase II follow-on contract with this customer. If awarded, we could receive $750,000 or more to further develop this technology.
In February 2009, we were awarded a $68,000 production support contract on the Navy's Next Generation Command and Control Processor (NGC2P) program by Northrop Grumman Corporation. The NGC2P system is a tactical data link (TDL) communications processor which provides warfighters with critical real-time information during combat operations. We anticipate future work with Northrop Grumman in areas associated with our expertise in electronic systems development and wireless technologies.
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In February 2009, we were awarded a $9,991 subcontract from Gnostech, Inc of Warminster, Pennsylvania for engineering services in support of Gnostech's program entitled "GPS Scenario Development and Test Support for both Electronic Protection and Electronic Attack Threat Environment."
In April 2009, we were awarded a $22,000 purchase order from Ocean Power Technologies, Inc. (OPT), to support proposal development for the Littoral Expeditionary Autonomous Power Buoy system for the U.S. Navy's NUWC Keyport Program Office. As a direct result of this effort, in October 2009, OPT was awarded a prime contract for the first year of a proposed four-year program to develop and deploy a Vessel Detection System based on the Littoral Expeditionary Autonomous Power Buoy (LEAP) technology. In turn, OPT awarded us a $275,000 subcontract for the first year. The LEAP system is designed for persistent littoral surveillance applications, and combines the OPT PowerBuoy technology with advanced multistatic radar and data fusion capabilities originally developed at the Rutgers University Instiitute of Marine and Coastal Sciences. We will provide system architecture, design and integration support for the program.
In May 2009, we were awarded a $45,000 contract by the Navy to continue wireless network design studies for the new CVN-78 aircraft carrier USS Gerald R. Ford. This program is a follow-on to work we performed in 2008 on network modeling and simulation for the Navy's PMW 750 Carrier Integration group.
In June 2009, we were awarded a $225,000 contract by DRS C3 Systems of Gaithersburg, Maryland to develop interface definitions for distance support applications in the Common Digital Sensor Architecture (CDSA) program. The CDSA Program will provide a common computing platform for above water sensors and will reduce the knowledge and skills required to operate and maintain the sensor systems, as well as improve the quality, quantity, and compatibility of collected field data. This work is an extension of the distance support experience Mikros gained under Adaptive Diagnostic Electronic Portable Testset (ADEPT) development contracts with the US Navy.
Key Performance Indicator
As substantially all of our revenue is derived from SBIR contracts with the Federal Government, our key performance indicator is the dollar volume of contracts awarded to us. Increases in the number and value of contracts awarded will generally result in increased revenues in future periods and assuming relatively stable variable costs associated with our fulfilling such contracts, increased profits in future periods. The timing of such awards is uncertain as we sell to federal government agencies where the process of obtaining such awards can be lengthy and at times uncertain.
Competition in the SBIR arena is intense, and we compete against numerous small businesses for SBIR awards. We believe that the primary competitive factors in obtaining SBIR contracts are technical expertise, prior relevant experience, and cost. Our history of completing projects in a timely and efficient manner as well as the experience of our management and technical personnel position us well to compete for future SBIR grants.
Outlook
Our strategy for continued growth is three-fold. First, we expect to continue expanding our technology base, backlog and revenue by continuing our active participation in the DoD SBIR program and bidding on projects that fall within our areas of expertise. These areas include electronic systems engineering and integration, radar systems engineering, combat/C4I (Command, Control, Communications, Computers & Intelligence) systems engineering, and communications engineering. We believe that we can utilize the intellectual property developed under our various SBIR awards to develop proprietary products, such as the ADEPT described above, with broad appeal in both the government and commercial marketplace. This state-of-the-art test equipment can be used by many commercial and governmental customers, such as the FAA, radio and television stations, cell phone stations, and airlines. Second, we will continue to pursue SBIR projects with the Department of Homeland Security, the U.S. Navy, and other government agencies. Third, we believe that through our marketing of products such as ADEPT we will develop key relationships with prime defense system contractors. Our strategy is to develop these relationships into longer-term, key subcontractor roles on future major defense programs awarded to these prime contractors.
In 2009, our primary strategic focus is to continue to: (i) establish ourselves as a premium provider of research and development and product development services to the defense industry; and (ii) grow our business, generate profits and increase our cash reserves through obtaining additional SBIR contracts and positioning ourselves to obtain future SBIR contracts. From an operational prospective, we expect to focus substantial resources on generating sales of our ADEPT product. We intend to capitalize on the Navy modernization program, which could result in two or three ADEPT units being placed on each destroyer and cruiser in the U.S. Navy, with the potential to install multiple units on additional U.S. Navy ships and submarines.
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Over the longer term, we expect to further develop technology based on existing and additional SBIR contracts and to develop these technologies into products for wide deployment to DoD customers and contractors as well as developing potential commercial applications. For example, we recently entered into a memorandum of understanding with a global provider of telecommunications equipment and related services pursuant to which we will assist the global provider in marketing its products to the DoD.
Changes to Critical Accounting Policies and Estimates
Our critical accounting policies and estimates are set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2008. As of September 30, 2009, there have been no changes to such critical accounting policies and estimates.
The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to bad debts, recoverability of long-lived assets, income taxes and commitments. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Results of Operations
Three Months Ended September 30, 2009 and 2008
We generated revenues of $588,719 during the three months ended September 30, 2009 compared to $822,764 during the three months ended September 30, 2008, a decrease of $234,045 or 28.5%. The decrease was primarily due to the delay in receipt of follow-on contracts from the Federal Government.
Cost of revenues consist of direct contract costs such as labor, materials, subcontracts, travel, and other direct costs. Cost of revenues for the three months ended September 30, 2009 was $271,347 compared to $439,361 for the three months ended September 30, 2008, a decrease of $168,014 or 38.2%. The decrease was primarily due to the delay in receipt of follow-on contracts from the Federal Government, resulting in lower subcontractor and material costs and the change of distribution of direct costs from 2008 to 2009.
Substantially all of our engineering costs consist of (i) salary, wages and related fringe benefits paid to engineering employees, (ii) rent-related costs, and (iii) consulting fees paid to engineering consultants. As the nature of these costs benefit the entire organization and all research and development efforts, and their benefit cannot be identified with a specific project or contract, these engineering costs are classified as part of "engineering overhead" and included in operating expenses. Engineering costs for the three months ended September 30, 2009 were $145,541 compared to $144,897 for the three months ended September 30, 2008, an increase of $644 or .4%.
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General and administrative expenses consist primarily of salary, consulting fees paid to bid and proposal consultants and related costs, professional fees, business insurance, corporate taxes, stock registrar and public company related costs, travel, and unallowable expenses. General and administrative costs for the three months ended September 30, 2009 were $158,920 compared to $183,225 for the three months ended September 30, 2008, a decrease of $24,305 or 13.3%. The decrease was due primarily to a reduction of general and administrative salaries, outside services, and no incentive compensation costs or general and administrative consultant costs.
The application of the estimated effective income tax rate to the financial activity of the three months ended September 30, 2009 resulted in a tax expense of $6,957. At September 30, 2009, the anticipated effective income tax rate of 64.1% is attributable to state income taxes and income tax related to permanent differences.
We generated net income of $5,954 during the three months ended September 30, 2009 as compared to net income of $21,464 during the three months ended September 30, 2008. The decrease was primarily due to a delay in receiving follow-on contracts from the Federal Government.
Nine Months Ended September 30, 2009 and 2008
We generated revenues of $1,732,505 during the nine months ended September 30, 2009 compared to $2,536,878 for the nine months ended September 30, 2008, a decrease of $804,373 or 31.7%. The decrease was primarily due to the delay in receipt of follow-on contracts from the Federal Government.
Cost of revenues for the nine months ended September 30, 2009 were $756,068 compared to $1,363,387 for the nine months ended September 30, 2008, a decrease of $607,319 or 44.5%. The decrease was primarily due to the delay in receipt of follow-on contracts from the Federal Government resulting in lower subcontractor and material costs and the change of distribution of direct costs from 2008 to 2009.
Engineering costs for the nine months ended September 30, 2009 were $442,688 compared to $430,327 for the nine months ended September 30, 2008, an increase of $12,361 or 2.9%. The increase was due to additional engineering salaries and medical benefit expenses, offset by no costs for engineering consultants and incentive compensation in 2009.
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General and administrative costs for the nine months ended September 30, 2009 were $499,920 compared to $588,823 for the nine months ended September 30, 2008, a decrease of $88,903 or 15.1%. The decrease was due primarily to a reduction of general and administrative salaries, professional fees, general and administrative travel and no incentive compensation costs in 2009. These amounts were offset by increases in bid and proposal salaries and consultant costs in connection with seeking new business.
The application of the estimated effective income tax rate to the financial activity of the nine months ended September 30, 2009 results in a tax expense of $18,761. At September 30, 2009, the anticipated effective income tax rate of 64.1% is attributable to state income taxes and income tax related to permanent differences.
We generated net income of $15,071 during the nine months ended September 30, 2009 as compared to net income of $66,583 during the nine months ended September 30, 2008. The decrease was due to a delay in receiving follow-on contracts from the Federal Government.
Liquidity and Capital Resources
Since our inception, we have financed our operations through debt, private and public offerings of equity securities, and cash generated by operations.
Net cash used in operations was $294,965 for the nine months ended September 30, 2009 compared to net cash provided by operating activities of $129,582 for the nine months ended September 30, 2008. The increase in cash used in operations was due primarily to an increase in receivables from government contracts of approximately $264,000, the payment of approximately $72,000 of accrued incentive compensation and an approximately $33,000 decrease in accounts payable and accrued payroll liability in 2009. We had working capital of $601,931 as of September 30, 2009 compared to working capital of $554,352 at December 31, 2008.
On January 9, 2009, we entered into a $50,000 line of credit agreement with Sun National Bank ("Sun"). The line of credit is available to us for one year and is secured by a $50,000 Certificate of Deposit with Sun.
We believe our available cash resources and expected cash flows from operations will be sufficient to fund operations for the next twelve months. We do not expect to incur any material capital expenditures during the next twelve months.
In order to pursue strategic opportunities, obtain additional SBIR contracts, or acquire strategic assets or businesses, we may need to obtain additional financing or seek strategic alliances or other partnership agreements with other entities. In order to raise any such financing, we anticipate considering the sale of additional debt or equity securities under appropriate market conditions. There can be no assurance, assuming we successfully raise additional funds or enter into business alliances, that any such transaction will achieve profitability or generate positive cash flow.
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Contractual Obligations
We lease our engineering office in Fort Washington, Pennsylvania pursuant to a five-year lease which continues through November 30, 2010. Our current monthly lease payment is $5,613, and is subject to annual increase.
In February 2009, we entered into a lease for a facility in Largo, Florida which will support production of our Advanced Diagnostic Electronic Portable Testset (ADEPT) product line, including quality assurance, field support, and life cycle management. The lease runs through February 2010 at a total cost of $8,162 per year.
Off-Balance Sheet Arrangements
As of September 30, 2009, we did not have any relationships with unconsolidated entities or financial partners, such as entities often referred to as structured finance or special purpose entities, established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. As such, we are not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such relationships.
October 2009 - Trident Warrior 09 Testing with ADEPT featured at the Maritime Science and Technology Conference
ADEPT was the topic of discussion at the Maritime Science and Technology Conference last week in Sweden. Speakers, Captain J.M. Iacovetta, USN and Joel Timm, presented the briefing "Remote Repair, Validation and Verification", in which ADEPT was used as a case example. Please click on the following link for the full briefing: Remote Repair, Validation and Verification 21Oct09
ABOVE FROM MIKROS WEBSITE:
http://www.mikros.us/whatsnew.htm
http://www.mikros.us/Remote%20Repair%20and%20Validation_Presentation_Final_1.pdf
Mikros Systems Corporation Names Paul G. Casner, Jr. Chairman of Board
Press Release
Source: Mikros Systems Corporation
On 7:00 am EDT, Thursday October 22, 2009
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PRINCETON, N.J., Oct. 22 /PRNewswire-FirstCall/ -- Mikros Systems Corporation (OTC Bulletin Board: MKRS - News), announced today the election of Paul G. Casner, Jr. to serve as Chairman of the Board of Directors.
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Mr. Casner brings more than 40 years of defense industry experience to this position. He has been a member of the Mikros Board of Directors since May 2002. Mr. Casner is the Chief Executive Officer and President of Integral Systems and former Chief Operating Officer of DRS Technologies. He holds a Bachelor of Science degree in Electrical Engineering from Drexel University and Master of Science degree in Management Science from the John's Hopkins University, where he was a principal member of their technical staff.
Mr. Casner also serves on the Board of Directors of Atair Aerospace, Aurora Flight Sciences Corporation, and Integral Systems. Mikros President Tom Meaney stated, "Mr. Casner brings a high level of energy and industry knowledge to our Board. We look forward to his guidance and leadership as we work to develop and deploy business strategies to advance the company to the next level."
Mikros Systems Corporation Receives Contract Award for Littoral Expeditionary Autonomous PowerBuoy (LEAP) Program
Press Release
Source: Mikros Systems Corporation
On 7:00 am EDT, Tuesday October 13, 2009
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PRINCETON, N.J., Oct. 13 /PRNewswire-FirstCall/ -- Mikros Systems Corporation (OTC Bulletin Board: MKRS - News), announced today that it has received a $275,000 contract as part of the Navy's new Littoral Expeditionary Autonomous PowerBuoy (LEAP) program. Mikros will be a subcontractor to the LEAP prime contractor, Ocean Power Technologies, Inc. (OPT), of Pennington, NJ. The prime contract, to be performed over a one year period, is the initial award under a proposed four-year project to develop a Vessel Detection System Testbed for deployment off the New Jersey coast. The Vessel Detection System will enhance the U.S. Navy's anti-terrorism and force protection capability by providing an at sea platform based on OPT's PowerBuoy technology to support sensors for littoral maritime surveillance. The system capability includes detection, tracking and communication of information on a timely basis.
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{"s" : "mkrs.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""} Mikros will provide system engineering services to OPT for the VDST development. These services include the design and development of system interfaces to the Navy's Tactically Integrated Sensors (TIS) system which will provide a Common Operating Picture of littoral activity to the VDST user.
Mikros Systems Corporation Announces Contract Award for U.S. Navy Distance Support Application Development
Press Release
Source: Mikros Systems Corporation
On Monday July 6, 2009, 7:00 am EDT
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PRINCETON, N.J., July 6 /PRNewswire-FirstCall/ -- Mikros Systems Corporation (OTC Bulletin Board: MKRS - News), announced today that it received a new contract for engineering and development of distance support applications for U.S. Navy radars. The contract, valued at $225,000, is for the definition of the interface for distance support applications for the Common Digital Sensor Architecture (CDSA) program. This work will take place over the next 8 months. The contract was awarded by DRS C3 Systems, Gaithersburg, MD.
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{"s" : "mkrs.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""} Mikros will provide engineering and technical support tasks relating to the advancement of Distance Support capabilities for the CDSA program. The objective is to develop a common interface design for legacy radar systems related to Distance Support. The interface will be used to automate support processes.
Distance support of complex electronic systems helps reduce the knowledge and skills required to operate and maintain equipment, and improves the quality, quantity, and compatibility of collected field data. Distance support also increases the U.S. Navy's capability to collect, process, and transfer off-ship all relevant reliability, maintainability, and availability (RM&A), logistics, readiness, and other data required to implement cost-effective sustainability strategies.
Mikros gained extensive experience with distance support technologies while integrating these capabilities into its Adaptive Diagnostic Electronic Portable Testset (ADEPT). Mikros also developed knowledge of U.S. Navy distance support operations while working to secure System Security Approval Authority (SSAA), IT-21 accreditation, and Interim Authority To Operate (IATO) for demonstration of the distance support applications with ADEPT for Trident Warrior 2009.
"This new contract confirms our ability to develop and deliver distance support solutions for U.S. Navy radars and other electronic systems," said Mikros President, Tom Meaney. "We are very pleased to work with DRS C3, and look forward to transferring our knowledge and experience with U.S. Navy distance support programs into the DRS C3 products."