PRINCETON, N.J., Sept. 8, 2011 /PRNewswire/ -- Mikros Systems Corporation (OTCBB: MKRS) announced its financial results for the three and six month periods ended June 30, 2011.
Although the company reported decreases in revenue and profit for the second quarter of 2011, the Company reported a net profit for the first six (6) months of 2011 and remains on target to meet its revenue and profit goals for 2011. Year-to-date results are tracking close to last year. In the second quarter of 2011, the company reported revenues of $726,521, compared to $1,553,315 in the second quarter of 2010. For the first six months of 2011, the company reported revenue of $1,958,976, compared to $2,115,696 for the same period of 2010. Although the company reported a loss of $56,869 for the second quarter of 2011, year to date the company has reported a profit of $16,513.
Tom Meaney, Mikros President and CEO, said, "The revenue and profit differences between this year and last year are a direct result of the timing of ADEPT orders from our customers. We received a contract for 27 ADEPT systems in the second quarter of 2010 and were able to book significant revenue in that quarter last year. This year, we received an order for 36 ADEPT units early in the third quarter. As a result; we anticipate booking significant revenues in the third and fourth quarters of this year. We are highly confident of meeting our annual revenue and profit objectives for 2011, and are pleased that our customers have expanded the number of ADEPT systems ordered so far this year by more than 30% over the total orders in 2010."
The company's flagship product, the Adaptive Diagnostic Electronic Portable Testset (ADEPT), is installed on nine US Navy ships. Mikros is directly supporting the installation of these systems and anticipates additional deliveries through the remainder of the year. According to Marc Dalby, Mikros VP of Business Development and Operations, "ADEPT's proven ability to increase readiness and provide enhanced distance support capabilities are a valuable addition to the US Navy maintenance capabilities. This capability also extends to other radar and complex electronic systems found in the US and International Navies, as well as other military and commercial organizations. We continue to anticipate increasing orders for both procurement and development of this product from a variety of sources. The Company is pursuing additional ship classes and equipments with the expectation of multiple ADEPTS per ship across additional ship classes."
Mikros continues to develop important strategic relationships with other defense industry leaders. For example, Ocean Power Technologies (OPT), a leading wave energy technology company and Mikros partner, recently announced the deployment for sea trials of a unique autonomous wave energy device. This latest deployment is an autonomous PowerBuoy® designed and manufactured by OPT under the US Navy's Littoral Expeditionary Autonomous PowerBuoy (LEAP) program for coastal security and maritime surveillance. Mikros provided data and systems engineering support for the LEAP PowerBuoy/radar network. Mikros has also partnered with OPT in its own research and development project for a small autonomous power buoy, currently funded under the US Navy's Small Business Innovative Research (SBIR) program. This buoy system is expected to have wide ranging uses throughout the US and allied fleets. This valuable strategic partnership combines the world's leading powerbuoy company supplying the energy for extended persistence in the ocean, with Mikros providing the systems engineering and a variety of sensor payloads.
Throughout the year, Mikros has also continued work on various software-based simulation projects that help US Navy mission planners better assess the vulnerability of tactical data links in the presence of hostile jammers. The company is working with several partners to extend this technology into other areas, such as the Joint Tactical Radio System.
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 June 30, 2011 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 research and development of electronic systems technology primarily for military 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, combat/command, control, communications, computers and intelligence systems engineering, and communications engineering. Mikros' primary business is to pursue and obtain contracts from the Department of Homeland Security, U.S. Navy, and other governmental authorities. For more information on Mikros visit: www.mikrossystems.com
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 the 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, 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, 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, 2010 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 to reflect events or circumstances after the date hereof.
SOURCE Mikros Systems Corporation