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PRINCETON, N.J., Aug. 30, 2004 /PR Newswire-FirstCall/ — Mikros Systems Corporation (BULLETIN BOARD: MKRS) announced today its results for the first six months of 2004. Revenues were approximately $507,000 for the six months ended June 30, 2004 compared to approximately $30,000 for the six months ended June 30, 2003. Net income for the six months ended June 30, 2004 was $71,231 versus a net loss of $80,490 for the same period in 2003.
Much of the revenue increase was attributable to a U.S. Navy Small Business Innovation Research (SBIR) Phase II contract awarded in August 2003. Since the original award, the total contract value has grown to $1,000,000, and program work under the existing contract will continue through December 2004. Mikros is currently negotiating the SBIR Phase III follow-on contract, valued at approximately $2,500,000, to continue this program through all of 2005.
Mikros Systems Corporation is a high technology company focused upon the development and application of new technologies in the defense industry and commercial markets.
The public is encouraged to view the Mikros website (www.Mikros.us) for further information and updates on the Company.
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.