Micronetics Announces Record Revenues
HUDSON, N.H.--(BUSINESS WIRE)--Nov. 10, 1997--Micronetics Wireless, Inc. (NASDAQ: NOIZ - news), a manufacturer of RF components and test equipment for wireless communication systems, today announced record financial results for its first half ended Sept. 30, 1997.
Net sales were $2,201,432 for the first half of fiscal 1998 as compared to $1,784,049 in the first half of fiscal 1997, an increase of $417,383 or 23.9%. Net income for the six months was $206,898, or $.06 per share, as compared with $278,668, or $.09 per share, in the same period a year ago. Net sales were $1,201,432 in 2Q98 as compared to $935,202 in 2Q97, an increase of $266,230 or 28.4%. Net income for 2Q98 was $124,970 or $.04 per share, as compared to $206,596, or $.06 per share, in 2Q97. Net income for the three and six month periods of fiscal 1997 included an extraordinary item gain of $98,566, or $.03 per share, as a result of an insurance settlement.
Richard S. Kalin, President, stated, ''Our instrument sales are up over 100% from a year ago. We are anticipating a continuation of this trend for the next 12 months and hope to announced record results this year.''
Based in Hudson, N.H., Micronetics Wireless designs Signal Impairment Systems, control components and VCOS used for testing and building communication systems, such as cellular, satellite, PCS, and wireless local loop systems. More information can be obtained by accessing our website at MWIRELESS.COM.
Statements which are not historical facts, including statements about the Company's confidence and strategies and its expectations about new and existing products, technologies and opportunities, market and industry segment growth, demand and acceptance of new and existing products are forward looking statements that involve risks and uncertainties. These include, but are not limited to, product demand and market acceptance risks; the impact of competitive products and pricing; the results of financing efforts; the loss of any significant customers of any business; the effect of the Company's accounting policies; the effects of economic conditions and trade, legal social, and economic risks, such as import, licensing, and trade restrictions; the results of the Company's business plan and the impact on the Company of its relationship with its lenders.
Income Statement Data
Three Months Ended
Sept. 30,
($000s omitted except per share amounts)
1997 1996
Net sales 1,201 935
Income before extraordinary item 130 108
Extra-ordinary item -- 99
Net Income 130 207
Earnings per share:
Before extraordinary item $ .04 .03
Extraordinary item -- .03
Net income $ .04 .06
Weighted average shares outstanding 3,371 3,269
Six Months Ended Sept. 30
1997 1996
Net sales 2,212 1,784
Income before extraordinary item 210 180
Extra-ordinary item -- 99
Net income 210 279
Earnings per share:
Before extraordinary item $ .06 .06
Extraordinary item -- .03
Net income $ .06 .09
Weighted average shares outstanding 3,371 3,269
Balance sheet data
Sept. 30, March 31,
1997 1997
Working capital 2,568 2,358
Total assets 4,722 4,648
Non-current liabilities 913 956
Shareholders' equity 3,224 3,013 |
