Micronetics rises as Q2 profit jumps
Shares of Micronetics Inc. (Nasdaq: NOIZ) are gaining today on news before the start of trading that the maker of microwave and radio frequency components saw a sharp rise in its fiscal second-quarter profit.
Net income for the three-months ended Sept. 30 was $0.62 million, or $0.12 per share, compared with earnings of 0.04 million, or $0.01 per share, a year earlier. Analyst estimates were not available.
Net sales posted an increase of 93% to $9.8 million, from $4.7 million during the second fiscal quarter of 2006. The Hudson, N.H.-based company attributed the rise to higher sales of its amplifier products.
“We are pleased with our Q2 financial performance, as we demonstrated improvement over our first quarter of fiscal 2008,” said Micronetics’ president and CEO David Robbins in a statement.
The company’s improved results are also due to $1.3 million in sales attributed to MICA Microwave Corp. Micronetics acquired the Manteca, Calif.-based maker of microwave component technology for $5 million on June 27, 2007 and made it a wholly owned subsidiary.
“The integration of MICA is also expected to add to our bookings growth,” said Robbins. “In addition, we will continue to expand our manufacturing capacity to support our customer’s requirements.”
Robbins explained that the company is working on jamming devices for military and in-flight broadband communications and expects to book sales over the coming quarters.
At 12:39 p.m. ET, shares of Micronetics (NOIZ) had added $0.43, or 6%, to $7.68. The 52-week high of $10.43 was established on Sept. 5, while the 52-week low of $6.77 was set on Dec. 19, 2006.
