PRINCETON, N.J., Nov. 14, 2013 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCBB:MKRS), an advanced technology company specializing in the research and development of electronic systems technology for the Department of Defense, announced its financial results for the quarter and nine month period ended September 30, 2013.
Mikros reported revenue of $904,908 and income from operations of $21,101 for the quarter ended September 30, 2013 as compared to $1,124,211 and $35,484, respectively, during the third quarter of 2012. For the nine months ended September 30, 2013, the Company reported revenue of $2,174,662 and loss from operations of ($339,941) as compared to $2,362,703 and ($92,347), respectively, during the corresponding period of 2012. The decreased revenue was due to delays in contract awards and changes in the revenue mix.
The Company continued to reduce general and administrative expenses while maintaining its core engineering personnel. In that regard, general and administrative expenses decreased 6% to $236,030 and 8% to $784,426, respectively, during the three and nine month periods ended September 30, 2013, and engineering costs increased 23% to $214,461 and 29% to $619,468, respectively, during the three and nine month periods ended September 30, 2013. Overall, the Company reported a net loss of ($109,628) for the third quarter of 2013 as compared to net income of $118,484 in the third quarter of 2012, and a year-to-date net loss of ($310,440) as compared to net income of $12,751 in the corresponding period of 2012.
Mikros' balance sheet remained strong, reporting no debt, stable cash resources, and working capital of $1,046,390. The Company expects to report record backlog by year-end.
Commenting on the quarter, Tom Meaney, Mikros President and CEO, said, "A combination of changes in the revenue mix and continued contract delays and funding gaps resulted in a disappointing quarter for us. Now that the negative effects of the sequestration and government shutdown are diminishing, we expect increased task order awards and continued fulfillment of existing ADEPT orders. Throughout this difficult year, we have maintained our core strength in engineering and focused our resources on locating and pursuing both prime and subcontracting opportunities. On the broader front, we continue to pursue the expansion of the ADEPT product line and introduction of our engineering expertise to international and commercial markets."
Additional information regarding the Mikros' financial performance may be found in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 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, please 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, significant delays or reductions in appropriations for our projects, 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, 2012 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.
CONTACT: Thomas J. Meaney - (609) 987-1513Source:Mikros Systems Corp.