Princeton, N.J., Aug. 14, 2020 (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 second quarter of 2020.
Mikros generated revenues of $1,844,923 during the three months ended June 30, 2020 approximately equal to second quarter 2019 revenues of $1,853,503. Cost of sales for the three months ended June 30, 2020 was $734,223 compared to $792,151 for the three months ended June 30, 2019, a decrease of $57,928 or 7%.
Mikros reported net income of $154,030 in the three months ended June 30, 2020 as compared to a loss of $3,721 in three months ended June 30, 2019.
“We are delighted to report a return to profitability in the second quarter,” said Mikros CEO Tom Meaney. “Despite the COVID-19 restrictions, which have seriously affected both us and our principal customer the U.S. Navy, we have been able to keep Mikros running and profitable. Most of our employees in Pennsylvania and Florida have been working from home, but with extensive use of remote tools like Teams and Zoom, we are continuing to operate effectively and meet our delivery schedules.”
“Our team has risen to the challenge and continued its outstanding performance in 2020 while dealing with unprecedented restrictions on the workplace and on-site customer visits,” added Mikros President Chuck Bristow. “We expect to continue the recovery through the rest of this year, and our current backlog remains strong at $5.2 million. We have hired four new engineers this year as our workload has increased, and recently our ISO 9001 quality certification was confirmed in a rigorous audit.”
Mikros VP of Business Development Lori Ogles added, “Our new developments for extensions to the AN/SYM-3 product line are continuing, and despite the added travel restrictions and quarantine orders arising out of the COVID-19 pandemic, we have several new ship installations planned this year. We recently opened an office in Ventura, California to support this contract and expect to use this as a base for expanded business development activities on the west coast.”
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, 2020 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. For more information on Mikros, please visit www.mikrossystems.com.
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 position 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, the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, personnel, supply chain, Federal Government procurement process and the geographic markets in which we operate, 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, 2019 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: Chuck Bristow (215) 371-3913