FOR IMMEDIATE RELEASE: January 28, 2003

Micronetics Reports 39% Nine Month Sales Increase; 58% Profit Rise
Hudson, NH -- (BUSINESS WIRE) -- January 28, 2003 -- Micronetics, Inc. (Nasdaq/NOIZ) announced financial results for its third quarter and first nine months of its fiscal year ending March 31, 2003 (FY2003).

Net sales for the first nine months of FY2003 increased to $7,879,925 from $5,655,711 in the first nine months of FY2002, an increase of $2,224,214 or 39%. Net income for the first nine months of FY2003 was $965,808, or $.22 per share, as compared with $611,708, or $.14 per share, in the same period a year ago. This is an increase of $354,100 or 58% during the current nine month period.

Net sales for Q3 of FY2003 were $2,884,014 as compared to $1,954,112 for Q3 of FY2002, an increase of $929,902 or 48%. This is an increase of $229,752, or 9%, over Q2 FY2003 revenues. Net income for Q3 FY2003 was 374,985, or $.08 per share, as compared with $280,932, or $.07 per share, in the same quarter a year ago. This is an increase of $94,053 or 33% from a year ago.

Richard Kalin, President & CEO, stated "During the first nine months of FY2003 our Defense Electronics Group experienced a significant revenue increase, a large portion of which was related to revenues from Enon Microwave, Inc. which we acquired at the end of our prior fiscal year. Last week, we completed the acquisition of Microwave Concepts, Inc. (NJ) which adds more capability and supports increased production activity. Increased manufacturing efficiencies and changes to our product mix enabled us to increase our gross profit margin to 45.2% for the nine months ended December 31, 2002 from 44.2% last year. Backlog is up over that of a year ago. We expect to report record sales and profits for FY2003."

Micronetics, operating through its Defense Electronics Group, designs and manufactures microwave and radio frequency (RF) components and integrated subassemblies used in a variety of defense, aerospace and commercial applications. Operating through its Test Solutions and VCO Products Groups, Micronetics designs and manufactures test equipment and components that are utilized in, or test the strength, durability and integrity of communication signals in, military or communications equipment or systems. Micronetics serves a diverse customer base, including Aerosat, Alcatel, BAE Systems, Boeing, EADS, Ericsson, Honeywell, L-3 Communications, Lockheed Martin, Motorola, NEC, Northrop Grumman, Raytheon, Southwest Research, Teradyne, Tektronix and Thales. Micronetics also operates through its wholly-owned subsidiaries, Enon Microwave, Inc., Microwave Concepts, Inc. and Microwave & Video Systems, Inc.

Some of the statements contained in this news release are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, including but not limited to the success of the products into which the Company's products are integrated, internal projections as to the demand for certain types of equipment, competitive products and pricing, the success of new product development efforts, the timely release for production and the delivery of products under existing contracts, access to financial resources, future economic conditions generally, as well as other factors. The information in this release should be reviewed in conjunction with Micronetics' Annual Report on Form 10KSB/A for its fiscal year ended March 31, 2002.


INCOME STATEMENT DATA
($000s omitted except per share data)

			   Nine Months Ended  Three Months Ended
				December 31,	 December 31,
			     2002     2001     2002	 2001


Net sales                   $7,880   $5,656   $2,884     $1,954               
Net income                     966      612      375        281
Net income per share:       $  .22   $  .14   $  .08     $  .07       

Wgt. avg. shares 
 outstanding:                4,454    4,223     4,476     4,235     
	




BALANCE SHEET DATA

 		    	  December 31,        March 31,
			      2002              2002

Working capital		    $6,702             $6,078
Total assets		    11,426	       10,595
Non-current liabilities	     1,295 	     	1,625     
Shareholders' equity	     8,714  		7,634

Contact
David Robbins, President
Micronetics, Inc.
(603) 883-2900 x 317

Archives:

current press releases

Copyright 2012 Micronetics, Inc., an ISO 9001:2008
26 Hampshire Drive, Hudson NH 03051, 1-603-883-2900 - web@micronetics.com
Sitemap | Contact | Legal Information