Year-over-year revenue and net profits increase for third consecutive quarter
Princeton, New Jersey, Nov. 14, 2018 (GLOBE NEWSWIRE) — Mikros Systems Corporation (OTCQB: MKRS), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, today announced financial results for the three and nine months ended September 30, 2018.
Revenues for the three and nine months ended September 30, 2018 were $1,893,945 and $6,662,716, respectively, compared to $1,551,620 and $5,047,456 for the three months and nine months ended September 30, 2018, respectively, an increase of $342,325, or 22% for the third quarter, and an increase of $1,579,260, or 31% year-to date. The increases were due primarily to increased production of ADEPT® Units and additional engineering, calibration and support services.
Mikros reported net income of $37,029 and $274,161 for the three and nine months ended September 30, 2018, respectively, compared to $29,005 and $195,537 for the three and nine months ended September 30, 2017, respectively, an increase of $8,024 or 27% in the third quarter, and an increase of $70,600 or 28% year-to date.
Recent highlights included:
- $1.6 million of additional funding from the United Sates Navy to develop new enhancements and increased cybersecurity for the ADEPT maintenance workstation.
- Receipt of ISO 9001:2015 certification of the Company’s Quality Management System, an external ISO audit reporting zero non-conformances at the Fort Washington, PA and Largo, FL facilities.
“We continued the upward trajectory of the Company in the third quarter with increased activity in all phases of our business. For the third straight quarter we reported year-over-year increases in both revenues and profits,” stated Chief Executive Officer Tom Meaney. “In addition to increased production of ADEPT Units, we generated incremental revenues in engineering services out of our Fort Washington, PA office, and increased calibration and maintenance services in our manufacturing and depot center in Largo, FL. We also continued to invest R&D dollars to develop commercial applications for our remote maintenance solutions. We look forward to a strong fourth quarter to deliver a record year of financial performance for our stockholders and have never been more excited about the growth opportunities available to us in both our core defense business and select commercial markets.”
“Our commercial business initiatives are continuing, including a demonstration pilot program with our partner Elliott-Lewis at their headquarters in Philadelphia. The Mikros MindR system has been installed there for several months to remotely monitor their HVAC equipment. We are also continuing to pursue additional opportunities in the commercial space.”
Commenting on the third quarter, Mikros President Mark Malone added, “Having expanded the size and skill sets of our engineering team, we remain focused on developing the most accurate, effective and secure automated remote maintenance solutions for our very important Navy customer. Our bid and proposal group continues to generate contract proposals and SBIR applications which we expect will lead to new awards and incremental revenue and profits in future quarters.”
Additional information regarding the Company’s financial data may be found in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 filed with the U.S. Securities and Exchange Commission. The Form 10-Q may be accessed at www.sec.gov or at the Company’s website at www.mikrossystems.com.
Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems technology for advanced maintenance in military, industrial and commercial applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering.
Source: Mikros Systems Corporation
Important Information about Forward-Looking Statements
All statements in this news release other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as “anticipates,” “believes,” “could,” “expects,” “intends,” “may,” “should” and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company’s actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Such factors include, but are not limited to, changes in business conditions, a decline or redirection of the U.S. Defense budget, significant delays or reductions in appropriations for our projects, the termination of any contracts with the U.S. Government, changes in our sales strategy and product development plans, changes in the marketplace, continued services of our executive management team, our limited marketing experience, competition between us and other companies seeking SBIR grants, competitive pricing pressures, market acceptance of our products under development, delays in the development of products, our ability to adequately integrate our software offerings into our business model, our ability to market our solutions to commercial customers, numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature, statements of assumption underlying any of the foregoing, and other factors disclosed in our annual report on Form 10-K for the year ended December 31, 2017 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements.
CONTACT: CONTACT: Mark Malone (609) 987-1513