Princeton-based Mikros Systems Corporation announces its financial results for the three months ended March 31, 2015.
The company reported that revenue increased almost three-fold to $2,476,039 in the first quarter of 2015 from $883,340 during the first quarter of 2014. Net income for the first quarter of 2015 was $140,789 compared to a net loss of $8,034 during the corresponding period in 2014. Cost of sales and engineering costs for the first quarter of 2015 were $1,461,905 and $422,415, respectively, compared to $412,679 and $225,902, respectively, for the first quarter of 2014. While cost of sales and related engineering costs increased in line with revenue growth, Mikros held general and administrative expenses to $322,023 in the first quarter of 2015 compared to $284,131 for the first quarter of 2014, representing an increase of just $37,892, or 13%. The company’s cash and working capital positions remained strong.
During the quarter, the company delivered twelve (12) ADEPT units, bringing the number of units currently deployed in the US Navy fleet to 160. Mikros continues to fulfill the 54 unit production order received in the third quarter of 2014 under its Indefinite Delivery, Indefinite Quantity (IDIQ) contract. Work also continues on extending the ADEPT system to a second Navy radar system to help optimize performance for the Ballistic Missile Defense mission.
Highlights from the first quarter included:
— Receipt of a $1,100,000 production contract for ten additional ADEPT(R)
units to be delivered in 2015 to support the AN/SPY-1 radar in air
defense and ballistic missile defense missions
— Obtaining additional US Navy contract to provide general engineering and
support for ADEPT systems that are currently deployed, including
logistics support, customer consultation, and regularly scheduled team
— Follow-on calibration contract to continue supporting ADEPT units in the
Tom Meaney, Mikros president and CEO, commented, “This was another tremendous quarter for Mikros. For the second time over the past four fiscal quarters, we nearly tripled our revenue as compared to the prior year period. We were able to efficiently manage general and administrative expenses and delivered another very profitable quarter for our shareholders. Our facility in Largo, FL remains at near full capacity as we fulfill ADEPT orders, support maintenance efforts on deployed units, and continue to work on extending the ADEPT capabilities to the US Navy’s SPS-49 long-range air surveillance radar. We are confident that we have the product and the technical expertise to successfully extend ADEPT and further grow our business.”Related Articles: