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PRINCETON, N.J., March 31, 2011 (GLOBE NEWSWIRE) — Mikros Systems Corporation (OTCQB:MKRS) announced its financial results for the year ended December 31, 2010.
Revenues for 2010 were $4,802,393 and net income was $251,678, representing significant improvements over the previous year. Revenues increased $2,382,392, or 98% and net income increased $219,901, or 692%, over 2009 results. At the end of 2010, Mikros had cash and cash equivalents of $638,106 and net working capital of $861,637. Net cash provided by operating activities in 2010 was $214,440, compared to $64,846 of net cash used in operating activities in 2009.
"We are very proud of our accomplishments this past year," stated Tom Meaney, Mikros President. "We experienced tremendous operational success, which included the award of a new multi-year contract and over $5 million in new orders. We recorded positive financial results in every quarter of 2010, and we begin 2011 with a strong backlog and cash position. Based on a number of encouraging indicators, we expect this trend will continue in 2011 and beyond."
The company continues to develop important strategic relationships with other defense industry leaders. This has recently led to new work in areas such as autonomous power buoys that will generate electricity from ocean waves and provide power solutions for long-term persistent sensors used for homeland security and underwater warfare. Mikros is also working with the U.S. Navy and leading prime contractors advancing interference-aware, radio-frequency (RF) technologies developed by the company over the past several years. The company is also making great progress on a Small Business Innovative Research (SBIR) contract awarded in late 2009 to develop software applications using this RF technology and integrating it into various defense-wide tactical radio and mission planning initiatives.
Mikros’ ADEPT product was initially procured by the U.S. Navy in support of the AN/SPY-1 radars on board the highly advanced Aegis Cruisers and Destroyers. ADEPT’s proven ability to increase readiness and provide enhanced distance support capabilities easily extends to other radar and complex electronic systems found in the U.S. and International Navies and other military organizations. "Mikros completed delivery of over 30 ADEPT systems to the U.S. Navy this past year," according to Marc Dalby, VP Business Development and Operations. "We expect to continue to see steady demand for the ADEPT product from the U.S. Navy, as well as increased funding for development, over at least the next three to five years."
Additional information regarding the company’s 2010 financial data may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the U.S. Securities and Exchange Commission. The Form 10-K may be accessed at www.sec.gov or at the Company’s website at www.mikrossystems.com
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, 2010 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.
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
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