PRINCETON, N.J., Aug. 15, 2013 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCBB:MKRS) announced its financial results for the quarter ended June 30, 2013.
Due to extensive delays in contract awards from the U.S. Government, the Company reported a decrease in revenue and profit for the second quarter of 2013 as compared to 2012. However, year-to-date revenue was slightly higher than the first half of 2012. During the first six months of 2013, the Company reported revenue of $1,269,754, compared to $1,238,492 for the corresponding period of 2012. For the second quarter of 2013, the Company reported revenue of $367,558, compared to $479,369 in the second quarter of 2012. The Company reported a loss of $181,185 for the second quarter of 2013 as compared to a loss of $119,745 in second quarter of 2012, and a year-to-date loss of $200,811.
Since the end of the second quarter, Mikros reported a new $2.8 million contract award from the U.S. Navy and is today reporting a $5.5 million order under the Company's existing ADEPT Indefinite Delivery, Indefinite Quantity (IDIQ) contract. Of this amount, $800,000 was immediately funded, additional funding for engineering services is anticipated by end of the third quarter, and the balance of the order is expected to be funded throughout 2014. As a result of these recent and anticipated awards, the Company expects to report record backlog by year-end.
Tom Meaney, Mikros' President and CEO, said, "Government contract delays and funding gaps due to the budget process have affected our ability to deliver consistent revenues and profits on a quarterly basis. However, we expect to see acceleration of both revenues and profits during the third and fourth quarters and into next year. We continue to balance the inconsistent contract awards with the need for maintaining our team and capabilities to successfully compete for, win, and complete future anticipated work. We remain confident that we can meet or exceed our revenue and profit objectives for the year, and anticipate additional ADEPT production orders in late 2013 or early 2014."
Marc Dalby, Mikros' VP Business Development and Operations, added, "We are continuing to expand the ADEPT product line to other customers. The ADEPT system is currently used on three different classes of U.S. Navy ships to streamline maintenance of complex electronic systems and provide support for conditioned-based maintenance technologies. We anticipate additional development and contract awards for other Navy ships in the near future. We also continue to market the ADEPT product and the unique engineering expertise we have gained supporting the U.S. Navy to international and commercial markets with a view to generating incremental revenue."
Additional information regarding the Mikros' financial performance may be found in the Company's Quarterly Report on Form 10-Q for the quarter ended June 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, 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.