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Princeton, NJ – August 14, 2012 – Mikros Systems Corporation (OTCBB: MKRS) today announced results for the second quarter and six months ended June 30, 2012.
“We remain focused on driving top line growth this year while managing costs during a time of uncertain government spending,” said Tom Meaney, Mikros President and CEO. “We were pleased to recently announce a major task order for more ADEPT units with the U.S. Navy, amounting to $2.7 million of incremental revenue expected to be recognized primarily in 2012. Once these units are fielded, Mikros will have an ADEPT presence on more than 50 Destroyers, Cruisers, and Littoral Combat Ships – an amazing achievement for our company as we target the entire U.S. fleet and continue to explore sales opportunities overseas. At the same time, we are evaluating a number of new business development opportunities in the areas of distance support for ships at sea and integration of our technology into additional systems and subsystems. All our employees are fully committed to improving Company performance with a view to generating long-term returns for our shareholders.”
Second Quarter Results
Revenue for the second quarter of 2012 was $0.5 million, as compared with $0.7 million for the second quarter of 2011, reflecting timing of contract awards related to the Company’s ADEPT products. Mikros realized gross profit of $0.3 million, or 57.3% of revenue, as compared to $0.4 million, or 51.9% of revenue, in the prior-year period. The Company posted a net loss of approximately $120,000, or $0.00 per diluted share, as compared to a net loss of approximately $57,000, or $0.00 per diluted share, in the second quarter of 2011.
Six Month Results
Revenue for the first six months of 2012 was $1.2 million, as compared with $2.0 million for the first six months of 2011, reflecting timing of contract awards related to the Company’s ADEPT products. Mikros realized gross profit of $0.8 million, or 62.4% of revenue, as compared to $1.0 million, or 50.8% of revenue, in the prior-year period. The Company posted a net loss of approximately $106,000, or $0.00 per diluted share, as compared to net income of approximately $17,000, or $0.00 per diluted share, for the first six months 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 June 30, 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 Statements of Operations (unaudited)
Mikros Systems Corporation Condensed Balance Sheets (unaudited)
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
Investor Relations Contact:
Chris Witty, Darrow Associates
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 failure of Congress to approve a budget or a continuing resolution, 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, 2011 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.