Micronetics Wireless Announces 19% Increase in Q1 Net Income
HUDSON, N.H.--(BUSINESS WIRE)--Aug. 11, 1998--Micronetics Wireless, Inc. (NASDAQ:NOIZ - news), a provider of test equipment and components used in the wireless communications industry, today announced financial results for FY99 Q1.
Net income advanced 19% to $97,840, or $.03 per share, as compared with $81,928, or $.03 per share, in the same quarter a year ago. Net sales in Q1 FY99 increased to $1,053,675 from $1,010,699 in Q1 FY98.
Richard S. Kalin, President, stated, ''We were pleased to have received several significant releases against blanket orders for VCOs during the last quarter. Based on the continuation of these releases, our VCO shipments should increase substantially this year. We are also optimistic about sales of our wireless test equipment.''
Based in Hudson, NH, Micronetics' manufactures, designs and markets a range of test equipment and components used to design, test and manufacture equipment for cellular, PCS, wireless local loop and satellite applications. It also manufactures and markets other microwave components.
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
First Quarter Ended June 30,
1998 1997
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Net sales $1,053,675 $1,010,699
Net income 97,840 81,928
Earnings per share .03 .03
Wgt. Avg. shares outstanding 3,403,688 3,268,858
BALANCE SHEET DATA
June 30, 1998 March 31, 1998
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Working capital $2,978,764 $2,881,793
Total assets 5,140,089 5,213,891
Non-current liabilities 877,617 909,028
Shareholders' equity 3,683,964 3,585,249
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