[July 06, 2009] Micronetics Reports 4Q Financials Tweet Jul 02, 2009 (Close-Up Media via COMTEX) -- Micronetics reported results for its fourth quarter and fiscal year ended March 31. In a release dated June 29, the company stated: - Net sales were $8,317,424 for the thirteen weeks ended March 31, an increase of $594,409 or 8 percent as compared to $7,723,015 for thirteen weeks ended March 31, 2008. For FY2009, the company reported net sales of $30,347,285 as compared to net sales of $32,624,946 for FY2008, a decrease of $2,277,661 or (7 percent). - For the thirteen weeks ended March 31, the company reported a net loss of ($270,495) or ($0.06) per diluted share as compared to net income of $303,097 or $0.06 per diluted share, for the quarter ended March 31, 2008. For FY2009, the net loss was ($9,563,927) or ($1.98) per diluted share, as compared to net income of $1,662,383 or $0.34 per diluted share for FY2008, a decrease of $11,126,310. The net loss for FY 2009 includes a pre-tax, non-cash goodwill and intangible asset impairment charge of approximately $9.3 million. - The decrease in net sales for the fiscal year is primarily attributable to a decrease in net sales of high performance amplifiers for commercial WIMAX and public safety applications of approximately $6.8 million. This decrease was offset in part by an increase of $2.8 million in sales of integrated component sub-systems for jamming and electronic modernization and an increase of approximately $1.7 million in sales of other components. Dave Robbins, Micronetics CEO, said, "We are diversifying our high power amplifier (HPA) business into defense and airborne platforms and are starting to get traction evidenced by our booking development contracts with large defense contractors for communications on the move (COTM) and jamming applications. In addition we are developing digital pre-distortion technology which may greatly improve the linearity, cost, and efficiency of HPAs, we believe these will be important requirements for wide-scale deployment of emerging communication systems." - Micronetics' backlog increased to a record $26 million on over $10 million in bookings for the quarter ended March 31. Robbins said, "Q4 earnings were affected by a non cash write-down of inventory primarily related to the uncertainty in today's commercial markets, and because of the mix of revenue related to development contracts. We remain optimistic about our outlook based on our ongoing robust bookings. We continue to execute against critical milestones and have received positive customer feedback on delivered prototype integrated subsystems. In addition, we foresee a strong pipeline of opportunities in jamming and electronic system modernization for defense programs as well as RFID and In-flight internet commercial programs. We continue to focus on converting our backlog into cash and completing qualification deliveries of integrated subsystems that we expect will contribute to significant growth potential over the next several years." Micronetics manufactures microwave and radio frequency (RF) components and integrated subassemblies used in a variety of defense, aerospace and commercial applications. Micronetics also manufactures and designs test equipment and components that test the strength, durability and integrity of communication signals in communications equipment. Micronetics serves a diverse customer base, including AeroSat, Anaren Microwave, Anritsu, Augusta Aerospace, BAE Systems, Boeing, Comtech, EADS, EDO/Benchmark, General Dynamics, ITT Electronic Warfare Systems, L-3 Communications, Lockheed Martin, NAVICP, Nextwave/Jabil Circuit, Northrop Grumman, Pegasus GSS, Qualcomm, Raytheon, Teradyne, Tektronix, and Thales. ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]