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Mikros Systems Corporation (OTCBB: MKRS), Princeton, New Jersey, May 21, 2007 — Mikros Systems Corporation is pleased to report its financial results for quarter ended March 31, 2007. The Company’s revenues for the quarter ended March 31, 2007 increased $256,360 or 47% to $794,950 as compared to $538,590 for the quarter ended March 31, 2006.
Income before income tax expense was $60,245 for the quarter ended March 31, 2007 as compared to $35,368 for the quarter ended March 31, 2006.
The increased revenues resulted from a contribution of follow-on business to develop and produce the ADEPT(R) product for ship-board use and the important development of the wireless product for the Space and Warfare Command (SPAWAR).
Since the end of the first quarter, the Company was awarded a $2.4M contract for further ADEPT development and production of initial units for the AEGIS cruisers and destroyers. The Company continues to aggressively pursue expansion of the ADEPT product to other ships. Additionally, the Radar Wireless Spectral Efficiency (RWSE) program has produced a $750,000 spin-off effort with Naval Air Systems Command (NAVAIR) entitled “Kill Chain Vulnerability Analysis Tool” (KCVA).
“As we consistently perform good work for our customers, we believe the business will continue to expand,” stated Thomas J. Meaney, President of Mikros.
The public is encouraged to view the Mikros website (www.Mikros.us) for further information and updates on the Company.
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.
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.