Micronetics (NASDAQ:NOIZ)

Third Quarter 2012 Results

• Net sales for Q3 FY 2012 were $12.0 million, an increase of $4.4 million or 58% compared to $7.6 million for Q3 FY 2011.
• Net income for Q3 FY 2012 was $902,395 or $0.20 per diluted share as compared to net income of $101,123 or $0.02 per diluted share for Q3 FY 2011.

David Robbins, Micronetics’ CEO, stated, “We are pleased to have achieved another quarter of record revenues and strong earnings performance. This growth is a direct result of pursuing and investing in our customers’ high performance subsystem programs. Building upon our positive momentum from the past twelve months, in fiscal year 2012 we’ve already been awarded approximately $12 million in multi-year development and production subsystem contracts. These are primarily in support of US DoD electronic modernization and commercial aerospace programs. We continue to be confident in our ability to complement these large subsystems bookings with steady, profitable core component bookings.”

Backlog was $26 million at the end of Q3 FY 2012.

HUDSON, N.H.--(BUSINESS WIRE)--Micronetics, Inc. (NASDAQ:NOIZ) announced today that it has been awarded an initial production order valued at approximately $2.4 million from a leading precision antenna system manufacturer for the supply of high performance microwave subsystems. Each subsystem, which consists of a transceiver, on board computer, power supply, and a high power amplifier (HPA), will help satisfy the demanding need for a reliable, high-speed broadband satellite based connection into commercial and military aircraft for a broad range of uses. Hardware deliveries are targeted to commence in this fiscal year with a 6-month period of performance.

David Robbins, Micronetics' CEO stated, "We are happy to have secured this initial contract. This product and design win reflects our latest in engineering expertise and we are optimistic that demand for this product will contribute to our growth. We targeted airborne high speed data links based on the strength and diversity of commercial and military applications, consistent with our strategy to leverage our strong technology capabilities and breadth of product offerings across multiple end markets.”

GeoNuggets® - Quick Check List Highlighting Undiscovered Opportunities

Micronetics (NASDAQ:NOIZ)

On October 28, 2011 we coded NOIZ as a GeoSpecial/Bargain @ $6.80

Company Description: Manufactures microwave and radio frequency (RF) components and integrated subassemblies used in a variety of defense, aerospace and commercial applications.

Criteria Check List

NOIZ Meets 8 out of 10 of the most important GeoBargain® Requirements

	Requirement	Comments
	Recent 52-week High (generally within 3 months)	Yes (8/16/2011)
	Strong EPS Growth Rate	As of 2nd quarter 2012
yes	> 30% EPS Growth Rate	2nd Qtr. 2012 EPS increased 129%
yes	GeoPowerRanking (GPR); Number of consecutive quarters that we expect EPS to grow by at least 30%. (20% may be acceptable under certain circumstances)	3

To see more requirements, reasons for optimism, as well as potential valuation, see our November 16, 2011 GeoNugget.

Second Quarter 2012 Results

• Net Sales for the second quarter ended October 1, 2011 were $11.6 million, an increase of 29% compared to $9.0 million for the second quarter ended September 25, 2010.
• Net Income for the second quarter ended October 1, 2011 more than doubled that of the prior year’s second quarter. Net income was $1.1 million, or $0.24 per diluted share, an increase of 129% compared to $0.5 million, or $0.10 per diluted share, for the prior year’s second quarter.
• Backlog was approximately $29 million with approximately $11 million in bookings for the quarter ended October 1, 2011.

David Robbins, Micronetics' CEO stated, “I am pleased to report that Micronetics had another quarter of continued strong financial performance and was positively impacted by operational leverage. Our second quarter fiscal year 2012 revenue and earnings exceeded any prior quarter’s reported revenue and earnings in our history. We remain positive in our ability to convert our existing backlog into profitable revenue while booking new subsystem business that we believe will support organic sales and earnings growth.”

First Quarter 2012 Results

• Net sales for Q1 FY 2012 were $10,039,293, an increase of $672,599 or 7% compared to $9,366,694 for Q1 FY 2011.
• Net income of $564,372 or $0.12 per diluted share, as compared to a net income of $499,850 or $0.11 per diluted share for Q1 FY 2011.

David Robbins, Micronetics' CEO stated, ”Our Q1 FY 2012 revenue exceeds our historic reported revenue for any quarter by over $0.6M. We are pleased with this positive trend in revenue, earnings, backlog, and subsystems bookings for the quarter. We are also optimistic about booking additional subsystems orders this calendar year, which we expect will continue to fuel positive financial performance.”

Backlog is $31 million with approximately $10 million in bookings for the quarter.