Earnings news out today.
Monday June 22, 11:20 am Eastern Time
Company Press Release
Micronetics Wireless Reports 32% Increase in FY98
Income Before Extraordinary Item, On 27% Sales
Growth
HUDSON, N.H.--(BUSINESS WIRE)--June 22, 1998--Micronetics Wireless, Inc.
(Nasdaq:NOIZ - news) today reported record results for its fourth quarter and fiscal year ended
March 31, 1998.
For Q4 FY98, the Company had revenues of $1,333,866, a 25% increase as compared to
revenues of $1,070,142 for Q4 FY97. For Q4 FY98, the Company had net income of $109,725,
or $.03 per share, as compared to $67,002, or $.02 per share, in Q4 FY97.
For Fiscal 1998, the Company had revenues of $4,789,278, a 27% increase as compared to
revenues of $3,770,398 for FY97. For FY98, the Company had income before extraordinary item
of $428,101, an increase of 32% as compared to income before extraordinary item for the prior
year of $324,483. Net income for FY98 was $428,101, or $.13 per share, as compared to net
income for FY97 of $395,470, or $.12 per share. FY97 net income included a $70,987, or $.02
per share, gain on insurance settlement. The weighted average shares outstanding for Fiscal 1998
were 3,403,688 primary and fully-diluted, and for Fiscal 1997 they were 3,379,753 primary and
fully-diluted.
Richard Kalin, CEO, stated, ''We launched several new pieces of wireless testing equipment
during FY98 and are encouraged by the initial results from the introduction of these products. With
our increased focus on this market, we are optimistic that we will achieve continuing increases in
this product line. We also anticipate significant increases in our line of voltage controlled
oscillators.''
Micronetics Wireless is a manufacturer of RF building block components, subassemblies and
wireless testing equipment designed to support OEM's and wireless service providers to
manufacture, deliver and maintain high quality, cost-efficient cellular, PCS, wireless local loop and
satellite communication systems.
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 risks 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 lender.
INCOME STATEMENT DATA
($000s omitted except per share data)
Quarter Ended March 31,
-----------------------------------
(Unaudited)
1998 1997
-------- --------
Net Sales 1,334 1,070
Net Income 110 67
Earnings per share .03 .02
Year Ended March 31,
-----------------------------------
1998 1997
-------- --------
Net Sales 4,789 3,770
Income before provision
for income taxes and
extraordinary item 428 324
Net Income 428 395
Earnings per share
Before extraordinary item .13 .10
Extraordinary item -- .02
Net income .13 .12
Wgt. Avg. Shares Outstanding 3,404 3,371
BALANCE SHEET DATA
March 31,
-----------------------------------
1998 1997
-------- --------
Working capital 2,891 2,358
Total Assets 5,214 4,648
Non-current liabilities 909 955
Shareholders' Equity 3,585 3,013
Contact:
Micronetics Wireless, Inc.
Richard S. Kalin, 212/239-8900
E-mail: RKalin@MWIRELESS.COM
or
Makenzie Communications
Noelle Makenzie, 908/879-1141
E-mail: NMakenzie@AOL.COM
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