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Princeton, NJ /PRNewswire-FirstCall/ November 17, 2011 – Mikros Systems Corporation (OTCBB: MKRS) announced its financial results for the third quarter ended September 30, 2011.
The Company reported slight decreases in revenue and profit for the third quarter of 2011 and year to date as compared to 2010. In the third quarter of 2011, the Company reported revenues of $1,098,430, compared to $1,218,928 in the third quarter of 2010. For the first nine months of 2011, the Company reported revenues of $3,057,406, compared to $3,334,624 for the same period of 2010. The Company reported a profit of $892 for the third quarter of 2011, reversing a loss in the second quarter. Year to date profit remains positive at $17,405.
Tom Meaney, Mikros President and CEO, said, The delays associated with our Government’s budget process are affecting our ability to predict product and service orders and to deliver consistent revenues and profits on a quarterly basis. However, we expect to see acceleration of both revenues and profits during the fourth quarter due to ADEPT deliveries associated with the large order received from the US Navy in July. We continue to maintain a strong cash position, remain highly confident of meeting our annual revenue and profit objectives this year, and anticipate additional ADEPT orders in early 2012.”
Additional information regarding the Company’s financial data may be found in the Company’s Quarterly Report on Form 10-Q for the first quarter ended September 30, 2011 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 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
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, a decline or redirection of the U.S. Defense budget, the failure of Congress to approve a budget or a continuing resolution, 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.