Replies to post #2567 on Mikros Systems Corp. (fka MKRS)

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Mikros Systems Corporation Reports Third-Quarter Financial Results
YTD Revenue and Profit Continues to Grow; $5 Million ADEPT(R) Order
Mikros Systems Corp.
2 hours ago
GlobeNewswire
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PRINCETON, N.J., Nov. 17, 2014 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (MKRS) announced its financial results for the three and nine months ended September 30, 2014.

The Company continues to substantially outpace 2013 results by again reporting strong increases in revenue and net profit for both the third quarter and the first nine months of 2014. Third quarter revenues were $1,057,442 as compared to $904,908 for the third quarter of 2013, an increase of $152,534 or 17%. Year-to-date revenues were $3,150,662 representing an increase of $975,922 or 45% from the comparable prior year period. The Company reported even stronger increases in net income in both periods. For the third quarter, the Company reported net income of $127,435 as compared to a net loss of $109,628 for the third quarter of 2013. Year-to-date net income was $249,684 as compared to a net loss of $310,440 during the corresponding period in 2013.

Highlights of the third quarter included:

A $5,000,000 production contract for 54 ADEPT(R) units to be delivered over the next year for deployment on Navy "Aegis" destroyers and cruisers to support the AN/SPY-1 radar in air defense and ballistic missile defense missions;
$300,000 of additional funding to upgrade the operating system and capabilities of the first 66 ADEPT units deployed in the fleet;
Completing the critical design review for the Littoral Combat Ship (LCS) development program for the ADEPT Distance Support Sensor Suite network (ADSSS);
Installing pilot ADSSS system on USS Fort Worth (LCS 3) for shipboard testing;
Initiating development program for ADEPT instrumentation upgrades; and
Continuing efforts to modify ADEPT for AN/SPS-49 radar system and additional Navy systems
Tom Meaney, Mikros President and CEO, commented, "After coming off our most profitable quarter in five years, our sole focus in the third quarter was to continue to serve our important defense customers and maintain the strong momentum built in the prior months. We are very pleased to report that we delivered on both counts by generating over $125,000 in net income, over $1,000,000 in revenue for the second straight quarter, and obtaining fifteen new labor contracts so far this year. The recent $5,000,000 task order for additional ADEPT units not only contributed to our third quarter results, but also provides us with a good start to the fourth quarter and into 2015. We continue to execute our strategy of expanding the reach of our ADEPT technology and are making meaningful strides in this endeavor. As we look towards year end, we expect to finish strong and deliver a very profitable year for our shareholders."

Additional information regarding the company's financial data may be found in the Company's Quarterly Report on Form 10-Q for the third quarter ended September 30, 2014 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