Mikros Systems Corporation Reports Year-End December 31, 2004 Results
Tuesday April 5, 10:48 am ET
PRINCETON, N.J., April 5 /PRNewswire-FirstCall/ -- Mikros Systems Corporation (OTC Bulletin Board: MKRS - News) is pleased to report the results for the year ended December 31, 2004. The Company's revenues were approximately $1,044,000 with net income of approximately $92,000 compared to $231,000 in revenues in 2003 with a net loss of approximately $114,000. The Company's current backlog is approximately $2,000,000.
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In June 2004, the Company was awarded a Small Business Innovation Research (SBIR) Phase I contract from the Office of Naval Research. Valued at approximately $100,000, the contract is for researching and evaluating techniques to minimize interference between U.S. Navy radars and commercial wireless communication systems. A final report and proposal for a Phase II program was submitted in January 2005. The Company is anticipating a Navy invitation for a Phase II proposal.
In September 2004, the Company was awarded an SBIR Phase III contract from the Naval Weapons Center Dahlgren Division, Dahlgren, VA, valued at approximately $2,400,000. The contract is to complete the development and to begin initial production of an intelligent test tool for naval radars. The Multi-Function Distributed Analysis Tool (MFDAT) has been designed by the Company under a $1,000,000 SBIR Phase II contract, which began in August 2003. This Phase II contract will be complete in 2005 with all of the follow-on development and production being contained on the Phase III contract. Under the SBIR regulations, Mikros will retain exclusive intellectual property rights to the new design for five years after the completion of the Phase III contract.
We believe this product has wide applications to other Naval and Department of Defense radars as well as commercial radars (FAA) and other complex electronic equipment such as radio and TV stations, cell phone stations, and airline maintenance equipment.
Under this MFDAT Phase III program, the Company has subcontracted the manufacturing to DRS Laurel Technologies in Johnstown, PA. A contract for $876,000 has been awarded by Mikros to DRS Laurel Technologies. This new equipment is to be marketed under the ADEPT(TM) (Adaptive Diagnostic Electronic Portable Testset) product name, and is planned for installation in the U.S. Navy's Aegis Cruisers.
Mikros has also teamed with In-Phase Technologies, Inc. in Clarksburg, NJ, for software support under the program.
Mikros signed a lease for 4,000 sq. ft. of R&D Research Center in Conshohocken, PA. The Company's technical team currently consists of four engineers. The Company intends to increase technical staffing over the next several months in order to execute the new backlog.
The Company is currently in the process of improving its website (http://www.Mikros.us) in order to provide more timely information for shareholders, as well as customers and potential investors.
Mikros Systems Corporation is a high technology company focused upon the development and application of new technologies in the defense industry and commercial markets.
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding technology under development, strategies and objectives. The forward-looking statements include risks and uncertainties, including, but not limited to, the anticipated size of and growth in the markets for the Company's products, the trends favoring the use of the Company's proposed commercial products, the anticipated demand for the Company's new products, the timing of development and implementation of the Company's new product offerings, the utilization of such products by the Company's clients and trends in future operating performance, and other factors not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. |
