MKRS-Mikros Systems Corporation Reports Record Second-Quarter Revenue; Quarterly Revenue Up 144% and Net Income Up More Than 670%
PRINCETON, N.J., Aug. 16, 2010 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCBB:MKRS - News) announced its financial results for the second quarter ended June 30, 2010.
Highlights for the Second Quarter 2010 included:
•Revenues for the second quarter 2010 were $1,553,315, an increase of $916,839 or 144% from $636,476 for the second quarter of 2009.
•Gross Margin for the second quarter 2010 was $577,404, an increase of $223,519, or 63% from $353,885 for the second quarter of 2009.
•Operating income for the second quarter 2010 was $142,858, an increase of $99,455, or 229% from $43,403 reported for the same period of 2009.
•Net income during the second quarter of 2010 was $146,892, an increase of $127,896 or 673% from $18,996 in the second quarter of 2009.
•The announcement of over $4,000,000 in new orders year-to-date.
Highlights for the Six Months ended June 30, 2010 included:
•Revenues for the six months ended June 30, 2010 were $2,115,696 compared to $1,143,785 for the six months ended June 30, 2009, an increase of $971,911 or 85%.
•Gross Margin for the six months ended June 30, 2010 was $881,566 compared to $659,064 for the six months ended June 30, 2009, an increase of $222,502 or 34%.
•Operating income for the six months ended June 30, 2010 was $27, 015 compared to $20,918 for the six months ended June 30, 2009, an increase of $6,097 or 29%.
•Net income for the six months ended June 30, 2010 was $36,896 compared to $9,117 during the six months ended June 30, 2009, an increase of $27,779 or 305%
Tom Meaney, Mikros President and CEO, said, "We are very pleased with the financial performance of the Company during the first half of 2010. We are on track to see our best year ever. With this exceptional quarter behind us, we are in an excellent position to capture the additional orders and opportunities available to us in the second half of this year and into the future. We have achieved this success by positioning Mikros as a provider of mission-readiness solutions for defense, security, and homeland defense markets. We have spent the past several years preparing for the increased focus on Operational Readiness being seen in the U.S. Navy and other defense agencies. We are confident that we have the talent, expertise, and products available to meet these developing requirements."
The Company will soon begin to deliver 27 Adaptive Diagnostic Electronic Portable Testset (ADEPT) systems for use on U.S. Navy Aegis Cruisers and Destroyers. These systems represent the initial order placed under the Company's $26 million contract, which was awarded this past March. Marc Dalby, Mikros VP Business Development and Operations, added: "We expect to receive new orders this year for additional ADEPT systems and engineering services. These new orders will help the Company develop and deliver ADEPT systems for use with other types of equipment and ships in the U.S. Navy. We remain committed to advancing the Small Business Innovative Research (SBIR) projects recently awarded, as well as submitting additional SBIR proposals this year that could result in future awards. We also see several emerging opportunities with our partners that could result in additional contract awards later this year."
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 June 30, 2010, 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.
The Company will host an audio webcast at 10:00 AM ET, August 17, 2010, to review its second quarter results, project status, and related matters.
To access the live webcast, log on at: http://investor.shareholder.com/media/eventdetail.cfm?eventid=84821&CompanyID=ABEA-4IA7CN&e=1&mediaKey=362B21947983FB924102BEEE2987DC23