SEE HOW THEY WORK TOGETHER
Princeton, New Jersey, May 17, 2017: Mikros Systems Corporation (OTCQB: MKRS) today announced first quarter 2017 results.
Revenues for the first quarter of 2017 were $1,754,973, as compared to $987,929 for the first quarter of 2016, an increase of $767,044 or 78%. Cost of sales for the three months ended March 31, 2017 was $651,536 compared to $324,328 for the three months ended March 31, 2016, an increase of $327,208 or 101%. As a percentage of revenue, cost of sales increased to 37% of revenues for the three months ended March 31, 2017 as compared to 33% of revenues for the three months ended March 31, 2016. Finally, the Company reported net income of $90,307 for the first quarter of 2017 as compared to net income of $1,846 for the first quarter of 2016.
The increases in profits and revenue were largely the result of a new production order for the Company’s ADEPT systems and the receipt of six additional contracts for engineering services, support, repairs, and calibration services for the US Navy.
During the first quarter, Mikros continued to invest considerable resources in the further development and marketing of its Diagnostic Profiler® and Prognostics Framework® commercial offerings. This is a natural extension of the technology Mikros has developed for the US Navy to the commercial sector.
Highlights for the quarter included:
Tom Meaney, Mikros President and CEO, commented, “We are very pleased to deliver another strong quarter for our investors. We are now starting to see tangible results from the $83 million of IDIQ contracts we were awarded in the fourth quarter of 2016 and the first quarter of 2017. As we continue to generate additional delivery orders under these contracts, we expect increases in both revenue and net profit through the balance of the year.”
Mr. Meaney continued, “Another important element of our business plan is to deliver the benefits of condition based maintenance support to commercial customers. We continue to pursue select opportunities in these markets which have the potential to greatly expand the reach of our services and generate meaningful returns for our stockholders.”
Additional information regarding the Company’s financial data may be found in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 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 development and production of electronic systems technology for advanced maintenance in military, industrial and commercial 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, command, control, communications, computers and intelligence systems engineering, and communications engineering. For more information on Mikros, please visit: www.mikrossystems.com.
Source: Mikros Systems Corporation
CONTACT: Thomas J. Meaney – (609) 987-1513