MKRS - .43
Mikros Systems Corporation Reports First Quarter Financial Results
PRINCETON, N.J., May 17, 2017 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCQB:MKRS) today announced first quarter 2017 results.
Revenues for the first quarter of 2017 were $1,754,973, as compared to $987,929
for the first quarter of 2016, an increase of $767,044 or 78%. Cost of sales for
the three months ended March 31, 2017 was $651,536 compared to $324,328 for the
three months ended March 31, 2016, an increase of $327,208 or 101%. As a
percentage of revenue, cost of sales increased to 37% of revenues for the three
months ended March 31, 2017 as compared to 33% of revenues for the three months
ended March 31, 2016. Finally, the Company reported net income of $90,307 for
the first quarter of 2017 as compared to net income of $1,846 for the first
quarter of 2016.
The increases in profits and revenue were largely the result of a new production
order for the Company’s ADEPT systems and the receipt of six additional
contracts for engineering services, support, repairs, and calibration services
for the US Navy.
During the first quarter, Mikros continued to invest considerable resources in
the further development and marketing of its Diagnostic Profiler® and
Prognostics Framework® commercial offerings. This is a natural extension of the
technology Mikros has developed for the US Navy to the commercial sector.
Highlights for the quarter included:
production of 11 ADEPT Units which will be delivered in the fourth quarterextending our ADSSS® system to a second ship class, the Aegis surface combatant fleet, and to a fourth Navy radar system (the MK 99)receipt of multiple new contract awards and deliver orders, including providing training for our ADEPT® product line at Navy facilities throughout the world.
Tom Meaney, Mikros President and CEO, commented, “We are very pleased to deliver
another strong quarter for our investors. We are now starting to see tangible
results from the $83 million of IDIQ contracts we were awarded in the fourth
quarter of 2016 and the first quarter of 2017. As we continue to generate
additional delivery orders under these contracts, we expect increases in both
revenue and net profit through the balance of the year.”
Mr. Meaney continued, “Another important element of our business plan is to
deliver the benefits of condition based maintenance support to commercial
customers. We continue to pursue select opportunities in these markets which
have the potential to greatly expand the reach of our services and generate
meaningful returns for our stockholders.”
Additional information regarding the Company’s financial data may be found in
the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2017
filed with the U.S. Securities and Exchange Commission. The Form 10-Q may be
accessed at www.sec.gov or at the Company's website at www.mikrossystems.com.
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.
