PRINCETON, N.J., Nov. 17, 2014 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCBB:MKRS) announced its financial results for the three and nine months ended September 30, 2014.
The Company continues to substantially outpace 2013 results by again reporting strong increases in revenue and net profit for both the third quarter and the first nine months of 2014. Third quarter revenues were $1,057,442 as compared to $904,908 for the third quarter of 2013, an increase of $152,534 or 17%. Year-to-date revenues were $3,150,662 representing an increase of $975,922 or 45% from the comparable prior year period. The Company reported even stronger increases in net income in both periods. For the third quarter, the Company reported net income of $127,435 as compared to a net loss of $109,628 for the third quarter of 2013. Year-to-date net income was $249,684 as compared to a net loss of $310,440 during the corresponding period in 2013.
Highlights of the third quarter included:
- A $5,000,000 production contract for 54 ADEPT® units to be delivered over the next year for deployment on Navy "Aegis" destroyers and cruisers to support the AN/SPY-1 radar in air defense and ballistic missile defense missions;
- $300,000 of additional funding to upgrade the operating system and capabilities of the first 66 ADEPT units deployed in the fleet;
- Completing the critical design review for the Littoral Combat Ship (LCS) development program for the ADEPT Distance Support Sensor Suite network (ADSSS);
- Installing pilot ADSSS system on USS Fort Worth (LCS 3) for shipboard testing;
- Initiating development program for ADEPT instrumentation upgrades; and
- Continuing efforts to modify ADEPT for AN/SPS-49 radar system and additional Navy systems
Tom Meaney, Mikros President and CEO, commented, "After coming off our most profitable quarter in five years, our sole focus in the third quarter was to continue to serve our important defense customers and maintain the strong momentum built in the prior months. We are very pleased to report that we delivered on both counts by generating over $125,000 in net income, over $1,000,000 in revenue for the second straight quarter, and obtaining fifteen new labor contracts so far this year. The recent $5,000,000 task order for additional ADEPT units not only contributed to our third quarter results, but also provides us with a good start to the fourth quarter and into 2015. We continue to execute our strategy of expanding the reach of our ADEPT technology and are making meaningful strides in this endeavor. As we look towards year end, we expect to finish strong and deliver a very profitable year for our shareholders."
Additional information regarding the company's financial data may be found in the Company's Quarterly Report on Form 10-Q for the third quarter ended September 30, 2014 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
About Mikros
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
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, the termination of any contracts with the U.S. Government, continuation of the Federal automatic sequestration cuts, 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, 2013 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.