PRINCETON, N.J., May 15, 2015 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCQB:MKRS) announced its financial results for the three months ended March 31, 2015.
The Company reported that revenue increased almost three-fold to $2,476,039 in the first quarter of 2015 from $883,340 during the first quarter of 2014. Net income for the first quarter of 2015 was $140,789 compared to a net loss of $8,034 during the corresponding period in 2014. Cost of sales and engineering costs for the first quarter of 2015 were $1,461,905 and $422,415, respectively, compared to $412,679 and $225,902, respectively, for the first quarter of 2014. While cost of sales and related engineering costs increased in line with revenue growth, Mikros held general and administrative expenses to $322,023 in the first quarter of 2015 compared to $284,131 for the first quarter of 2014, representing an increase of just $37,892, or 13%. The Company's cash and working capital positions remained strong.
During the quarter, the Company delivered twelve (12) ADEPT units, bringing the number of units currently deployed in the US Navy fleet to 160. Mikros continues to fulfill the 54 unit production order received in the third quarter of 2014 under its Indefinite Delivery, Indefinite Quantity (IDIQ) contract. Work also continues on extending the ADEPT system to a second Navy radar system to help optimize performance for the Ballistic Missile Defense mission.
Highlights from the first quarter included:
- Receipt of a $1,100,000 production contract for ten additional ADEPT® units to be delivered in 2015 to support the AN/SPY-1 radar in air defense and ballistic missile defense missions
- Obtaining additional US Navy contract to provide general engineering and support for ADEPT systems that are currently deployed, including logistics support, customer consultation, and regularly scheduled team review meetings
- Follow-on calibration contract to continue supporting ADEPT units in the fleet
Tom Meaney, Mikros President and CEO, commented, "This was another tremendous quarter for Mikros. For the second time over the past four fiscal quarters, we nearly tripled our revenue as compared to the prior year period. We were able to efficiently manage general and administrative expenses and delivered another very profitable quarter for our shareholders. Our facility in Largo, FL remains at near full capacity as we fulfill ADEPT orders, support maintenance efforts on deployed units, and continue to work on extending the ADEPT capabilities to the US Navy's SPS-49 long-range air surveillance radar. We are confident that we have the product and the technical expertise to successfully extend ADEPT and further grow our business."
Additional information regarding the Company's financial data may be found in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 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
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, 2014 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.