re: WLAN pick - MRM (Merrimac) - BUY - Amex $11
Today MRM, (AMEX: $11) issued a PR offering broadened scope of WLAN targeted products (to support 802.11a and 802.11b designs)
This company is winning market share from rival Anaren Microwave (Nasdaq: ANEN) with more compact offerings ("PICO-Line" 80% smaller than competitors' components).
Merrimac designs components for microwave, satcom, wireless and general signal processing applications in the 0-70 GHz range. Price/Sales around 1.15, Gross margins 45-50%, revenues growing even in the slump. Marketcap around $40m, 2 major corporations Ericsson and DuPont are holding equity stakes (both around 15% each) in the company.
The last CC pointed to a tick up in Defense, Aerospace, Satcom, and particularly WLAN orders while the general wireless market was expected to stay in its depressed state.
No analyst is currently covering Merrimac but its stability wrt. revenue and order and backlog level is definitely appealing. The current avalanche like WLAN growth should further be a boost to MRM's prospects and when wireless segment stabilizes future potential looks even more rosy.
Note that its "miniaturization" capabilities should become an appealing proposition towards makers of integrated mobile devices (like Intermec or EMS Technologies) that already do offer WLAN based appliacnes for logistics applications.
So one could regard MRM as a WLAN supply chain play. However bear in mind that its other pockets of demand are not drying up like many other wireless related operation. This should be analyzed in the context of higher level of defence and satcom orders, where the company has been traditionally strong.
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CROSSY
biz.yahoo.com
biz.yahoo.com
Tuesday June 4, 7:35 am Eastern Time
Press Release
SOURCE: Merrimac Industries, Inc.
Merrimac Introduces Multi-Mix PICO Filter and 3-Way Power Divider for WLAN 802.11a and 802.11b Applications
WEST CALDWELL, N.J., June 4 -- Merrimac Industries, Inc. (Amex: MRM - News) today announced that it has expanded its Multi-Mix PICO line by introducing a filter (FBGI-5.77G) and a 3-way power divider (PDD-3Z-2.45G) for 802.11a and 802.11b Wireless Local Area Network (WLAN) applications. This brings the total number of Multi-Mix PICO(TM) products to eighteen.
Chairman and CEO Mason N. Carter commented, "The Multi-Mix PICO(TM) 5.77GHz filter is one of the critical components when there is a need for a chip set supplier to have their digital chip set integrated with the RF front-end and antenna to form a WLAN module. Multi-Mix PICO(TM) technology allows active and passive devices to be integrated into 3D multilayer structures to form Micro-Multifunction Modules (MMFM®), which offer size-to-power advantages while shrinking the physical dimensions without sacrificing performance. Characteristics of this filter are low loss and high rejection that provide a small profile, low cost solution for a variety of WLAN applications."
"PICO products offer the following advantages:
* Reduces the physical dimensions of conventional multilayer products by
more than 84%, substantially saving board space.
* Incredible power handling ability of 100 Watts CW (Continuous Wave).
* Extremely low insertion loss providing optimal efficiency.
* Surface mount compatible.
* Filter provides low loss and requires no tuning.
* Cost effectivity.
"The addition of the Multi-Mix PICO(TM) 5.77GHz filter and 3-way power divider adds to the following Multi-Mix PICO product family: quadrature hybrids, directional couplers, in-line multicouplers, power dividers, phase shifters, and hybrid junctions."
Samples are available for qualified product designs.
To subscribe to Merrimac's new electronic newsletter, please visit merrimacind.com .
About Merrimac
Merrimac Industries, Inc. is a leader in the design and manufacture of Multi-Mix PICO RF Microwave components, assemblies and Micro-Multifunction (MMFM) Modules, serving the wireless telecommunications industry worldwide with enabling technologies for space, defense and commercial applications. Merrimac is focused on providing Total Integrated Packaging Solutions(TM) with Multi-Mix® Microtechnology, a leading edge competency providing value to our customers through miniaturization and integration. The Multi-Mix process for microwave, multilayer integrated MMFM circuitry is a patented method developed by Merrimac Industries based on fluoropolymer composite substrates. The fusion bonding of multilayer structures provides a homogeneous dielectric medium for superior electrical performance at microwave frequencies. The bonded layers may incorporate embedded semiconductor devices, MMICs, etched resistors, passive circuit elements and plated-through via holes to form a three-dimensional subsystem enclosure that requires no further packaging. Merrimac Industries facilities are registered under ISO 9000, an internationally developed set of quality criteria for manufacturing operations.
Merrimac Industries, Inc. and its subsidiary Filtran Microcircuits Inc., with locations in West Caldwell, NJ, San Jose, Costa Rica and Ottawa, Ontario, Canada, have approximately 240 co-workers dedicated to the design and manufacture of signal processing components, gold plating of high-frequency microstrip, bonded stripline and thick metal-backed Teflon (PTFE) micro-circuitry and subsystems providing Total Integrated Packaging Solutions for wireless applications. Merrimac (MRM) is listed on the American Stock Exchange. Multi-Mix, Multi-Mix PICO, MMFM and Total Integrated Packaging Solutions are trademarks of Merrimac Industries, Inc. For more information about Merrimac Industries, Inc. and Filtran Microcircuits Inc., please visit merrimacind.com and filtranmicro.com .
This press release contains statements relating to future results of the Company (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: general economic and industry conditions; slower than anticipated penetration into the satellite communications, defense and wireless markets; the risk that the benefits expected from the acquisition of Filtran Microcircuits Inc. are not realized; the ability to protect proprietary information and technology; competitive products and pricing pressures; the risk that the Company will not be able to continue to raise sufficient capital to expand its operations as currently contemplated by its business strategy; risks relating to governmental regulatory actions in communications and defense programs; risks associated with demand for and market acceptance of existing and newly developed products; and inventory risks due to technological innovation and product obsolescence, as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Note: Merrimac news releases are also available on the Internet at: prnewswire.com .
Contact:
Mason N. Carter, Chairman & CEO
973-575-1300, ext. 1202
E-mail: mnc@merrimacind.com
SOURCE: Merrimac Industries, Inc. |
