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Princeton, NJ – May 15, 2012 – Mikros Systems Corporation (OTCBB: MKRS) today announced results for the first quarter ended March 31, 2012.
“While we reported lower revenue this quarter versus last year due to the timing of our Navy contracts, we remain very well positioned for top line expansion going forward,” Tom Meaney, Mikros President and CEO. “Our profit margins were strong, and we recently announced additional task orders for development and deployment of our core ADEPT technology – bolstering our growth outlook. Even with the threat of sequestration hanging over U.S. defense spending, our products are focused on efficiently upgrading the Navy’s operating readiness – making them attractive during times of budget uncertainty. We are actively bidding on a number of other opportunities and are confident in our ability to expand our base of business and post improved performance in the quarters to come.”
First Quarter Results
Revenue for the first quarter of 2012 was $0.8 million, as compared with $1.2 million for the first quarter of 2011, reflecting timing of contract payments related to the Company’s ADEPT products. Mikros realized gross profit of $0.5 million, or 65.7% of revenue, as compared to $0.6 million, or 50.2% of revenue, in the prior-year period. The Company posted net income of approximately $14,000, or $0.00 per diluted share, as compared to net income of approximately $73,000, or $0.00 per diluted share, in the first quarter of 2011.
Additional information regarding the Company’s financial results may be found in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2012 filed with the U.S. Securities and Exchange Commission. The Form 10-Q may be accessed at www.sec.gov or at the Company’s website at www.mikrossystems.com.
|MIKROS SYSTEMS CORPORATION CONDENSED BALANCE SHEET (Unaudited)|
|March 31, 2012||December 31, 2011|
|Cash and cash equivalents||$||831,770||$||963,556|
|Receivables on government contracts||529,133||1,478,103|
|Prepaid expenses and other current assets||47,584||30,846|
|Total current assets||1,408,487||2,472,505|
|Patents and trademarks||5,383||5,383|
|Less: accumulated amortization||