SEE HOW THEY WORK TOGETHER
Second Quarter revenue increases 29% to $2.2 million
Princeton, New Jersey, August 15, 2018: Mikros Systems Corporation (OTCQB: MKRS), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, today announced financial results for the three and six months ended June 30, 2018.
Revenues for the three and six months ended June 30, 2018 were $2,242,211 and $4,732,771, respectively, compared to $1,740,863 and $3,495,836 for the three months and six months ended June 30, 2017, respectively, an increase of $501,248, or 29% for the second quarter, and an increase of $1,236,934, or 36% year-to date. The increases were due primarily to a production order for 26 ADEPT® Units, and additional engineering services, calibration services support, and repairs.
Mikros reported net income of $83,827 and $237,132 for the three and six months ended June 30, 2018, respectively, compared to $76,224 and $166,532 for the three and six months ended June 30, 2017, respectively, an increase of $7,603 or 10% in the second quarter and an increase of $70,600 or 42% year-to date.
“We are pleased to deliver another strong quarter for our stockholders. We once again reported increases in both revenues and profits over the comparable prior year period,” stated Chief Executive Officer Tom Meaney. “We remain on pace to have a record year and continue to expand the reach of our products. We successfully installed our ADSSS system on the Littoral Combat Ship USS FREEDOM and have now installed this system on both of the LCS variants. We also received $2.5 million of funding to extend the ADSSS system to the Navy’s MK 99 Fire Control System used in the Navy’s Aegis surface combatant fleet of destroyers and cruisers.”
Mikros President Mark Malone added, “We continue to expand our employee base and have added several new employees so far this year, including three new engineers. We feel our engineering and bid and proposal teams have never been stronger. The recent audit of our ISO 9001 Quality Management System found zero non-conformances. We are very proud of this achievement which is a testament to the quality and dedication of our valued employees in both Fort Washington, PA and Largo, FL. We continue to move forward on expanding our core defense business and our commercial initiatives.”
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 June 30, 2018 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.
Source: Mikros Systems Corporation
CONTACT: Mark Malone (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 or implied by such 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, significant delays or reductions in appropriations for our projects, 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, our ability to adequately integrate our software offerings into our business model, our ability to market our solutions to commercial customers, numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature, 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, 2017 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.