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Princeton, NJ /PRNewswire-FirstCall/ May 15, 2009 – Mikros Systems Corporation (OTCBB: MKRS – News), announced today the results of the fiscal quarter ended March 31, 2009. The Company reported revenue of $507,310 and a net loss of $9,879. The loss was due to delays in receiving follow-on contracts from the Federal Government.
Operational highlights for 2009 include:
Despite the small loss in the first quarter, the Company reports that its pipeline remains strong and believes its prospects for additional orders in the second half of 2009 are excellent. Tom Meaney, President of Mikros stated, “We expect new production orders for up to 30 units of the ADEPT system by the end of the Government fiscal year. In June, we will be participating in the Navy’s annual Trident Warrior exercise to demonstrate advanced “distance support” capabilities in ADEPT. During this exercise, ADEPT will be used to provide shore-based personnel increased performance monitoring capabilities for shipboard radar systems using standard Navy communications networks. Distance support can provide large maintenance cost savings to the Navy by reducing the need for ship visits, and is expected to be another driver for wider adoption of ADEPT. ADEPT is now being used by the Navy for the AN/SPY-1 radar and applications for other Navy radars and electronic systems are currently under investigation. Within the next 3 to 5 years, we anticipate all US Navy Cruiser and Destroyers will have an ADEPT onboard. We are also exploring multiple Foreign Military Sales opportunities and other military applications for ADEPT.”
Mr. Meaney continued, “Our wireless communications R&D programs are also doing well. We have completed new upgrades to the AIRchitect-EMC network design tool for the Navy. We are currently using this application develop wireless networks for the next-generation aircraft carrier CVN-78. We have also teamed with a major prime contractor to propose wireless network design capabilities for the forthcoming CANES program (Consolidated Afloat Network Enterprise Services). NAVAIR has contracted with us to develop a tactical network simulation tool for mission planning. We anticipate follow-on funding for further development of this high-priority Navy capability, which could be available for operational use in 12-18 months.”
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.mikros.us
Source: Mikros Systems Corporation
CONTACT: Thomas J. Meaney – (609) 987-1513
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, 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-KSB for the year ended December 31, 2007 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 to reflect events or circumstances after the date hereof.