press release
May 16, 2011, 1:14 p.m. EDT
Mikros Systems Corporation Reports Substantial Increases in First-Quarter Revenue and Profits; Quarterly Revenues up 119% and Net Income Remains Positive
PRINCETON, N.J., May 16, 2011 /PRNewswire via COMTEX/ -- Mikros Systems Corporation (OTCBB MKRS) announced its financial results for the quarter ended March 31, 2011.
Highlights for the First Quarter 2011 included:
Revenues for the first quarter 2011 were $1,232,405, an increase of $670,024 or 119% from $562,381 for the first quarter of 2010.
Gross Margin for the first quarter 2011 was $618,486, an increase of $314,324 or 103% from $304,162 for the first quarter of 2010.
Operating Income for the first quarter 2011 was $91,159, a positive increase from a loss of ($115,853) in the first quarter of 2010.
Net Income for the first quarter 2011 was $73,382, a positive increase from a loss of ($109,996) in the first quarter of 2010.
Tom Meaney, Mikros President and CEO, said, "Our current strategy has delivered another profitable quarter. We continue to move forward into new business areas including wireless and autonomous power-buoys, while consistently delivering quality products, such as the Adaptive Diagnostic Electronic Portable Testset (ADEPT) to our current US Navy customers. We are highly confident that our sustained quarterly successes will translate into positive year-end results."
The Company expects to eventually deliver multiple ADEPT systems for use on every US Navy Aegis Cruiser and Destroyer. Marc Dalby, Mikros VP Business Development and Operations, added "We are in discussion with our customer on ways to extend the ADEPT systems for use on other electronic systems, and could see positive direction in this area as well as additional orders shortly. We also continue to develop several SBIR projects with the U.S. Navy for mission-planning applications and autonomous self-powered buoys. When completed, we anticipate that these projects, along with continued ADEPT developments, will generate significant increases in revenues and earnings for Mikros over the next several years."
Additional information regarding the company's financial data may be found in the Company's Quarterly Report on Form 10-Q for the first quarter ended March 31, 2011 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 .
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.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 the 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, 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, 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, 2010 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
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