PRINCETON, N.J., March 31, 2015 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCQB:MKRS), an advanced technology company which designs and manufactures specialized electronic systems for the Department of Defense, today announced strong financial results for 2014, including record profits for the year and the largest backlog for future orders in the Company's history.
Mikros reported revenues of $5.53 million in 2014, compared to $3.05 million in 2013, an increase of $2.48 million or more than 80%. Net income was $533,000 compared to a loss of $147,000 in 2013. As of December 31, 2014, the backlog for future orders stood at $5.5 million, representing the highest backlog in the history of the Company.
"We are delighted to report a return to profitability after surviving a lean 2013 caused primarily by defense budget sequestration cuts and delays," said Mikros President Tom Meaney. "Not only did Mikros come back with strong operating performance in 2014, we also generated multiple new contracts and task orders under existing contracts and believe our prospects for future growth are as strong as they have ever been. We continue to receive orders for additional production and related support of our ADEPT products, and several important new development contracts which will extend the system to maintain other Navy radars and combat system equipment."
Highlights of the year include:
- A $5 million production contract for 54 additional ADEPT units for the SPY-1 radar used on all Navy cruisers and destroyers. This is the first full-scale production contract using the new and improved ADEPT system design which was completed in early 2014. The first production units have recently been delivered to the Navy.
- Six new production support contracts for ADEPT training, maintenance and repair valued at $413,882.
- New development programs to upgrade ADEPT capabilities for improved instrumentation and operating system upgrades.
- The first Mikros development program to adapt ADEPT for another Navy radar model (the SPS-49 which is currently installed on over 100 Navy ships).
- Continuing development of the new ADSSS condition-based maintenance system for the Littoral Combat Ship, and installation of a pilot ADSSS system on the USS Fort Worth (LCS 3).
The ADEPT production and support contracts will be performed at the Mikros Manufacturing and Depot Facility in Largo FL, where the Company recently added several new employees. The new development programs have the potential to result in additional future production orders. Mikros also continues to pursue strategically important opportunities to extend ADEPT to other target systems and to apply the ADSSS system to Aegis and other Navy ships.
During the first quarter of 2015, Mikros made further significant progress receiving an additional production order for ten ADEPT units and multiple task orders for ADEPT support and calibration. In addition, the performance period of the ADEPT IDIQ contract was extended through August 2016. Mr. Meaney continued, "Building on the 2014 comeback and these recent successes, we are well positioned to deliver another very profitable year for our shareholders in 2015."
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, 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, 2014 and other filings with the Securities and Exchange Commission. 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.