SEE HOW THEY WORK TOGETHER
Princeton, NJ /PRNewswire-FirstCall/ May 17, 2010 – Mikros Systems Corporation (OTCBB MKRS) announced its financial results for the quarter ended March 31, 2010. The Company reported revenue of $562,381 and a net loss of $109,996. First quarter revenues were 11% higher than first quarter 2009 revenues of $507,310.
The net loss reported was not unexpected and resulted primarily from the Company’s decision to maintain its highly skilled workforce during the delays experienced in contracting with the Federal Government. As previously reported, Mikros was awarded an indefinite delivery indefinite quantity contract in March 2010 for its Adaptive Diagnostic Electronic Portable Testset (ADEPT) product. The contract is valued at $26 million, task orders have been issued, and the Company’s engineers are fully engaged in servicing this and other contracts.
The revenue increase over last year and reduced losses were a direct result of having a capable, prepared workforce in place ready to execute the orders received from our new contract with the Navy,” stated Tom Meaney, Mikros President. “As soon as the contract was signed, we were able to immediately place orders with vendors and subcontractors, as well as initiate our own production processes. As a result, we anticipate delivering systems on-time and on-budget and generating increased revenues and profits throughout the remaining calendar year.”
Mikros continues to anticipate additional orders for ADEPT, as well as orders for product support, integration, and development of ADEPT and other projects this year. Tom Meaney continued, “2010 is on track to be one of the best years the Company has ever had. In addition to the new contracts in place, we are working on delivering promising new opportunities as well.”
Additional information regarding the Company’s financial results may be found in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 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 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
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, a decline or redirection of the U.S. Defense budget, 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, 2009 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.