PRINCETON, N.J., Nov. 16, 2015 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCBB:MKRS), an advanced technology company specializing in the development and production of electronic systems for the United States Navy and other customers, announced its financial results for the third quarter and nine month period ended September 30, 2015.
Mikros reported substantial increases in revenue for both the third quarter and the first nine months of 2015. Third quarter revenues were $1,240,393, representing an increase of $182,951 or 17% from the comparable prior year period. For the first nine months of 2015, the Company reported revenues of $5,450,815 as compared to $3,150,584 during the corresponding period of 2014, an increase of $2,300,231 or 73%. Year to date, the Company reported net income of $298,238, an increase of $48,554 or 19% as compared to 2014. Net income for the third quarter was $36,736 as compared to net income of $127,435 during the third quarter of 2014. Cost of sales increased slightly faster than revenue during both periods due to timing of production of 64 ADEPT Units. General and administrative expenses for the third quarter of 2015 increased $114,778 to $328,734 due primarily to increased bid and proposal costs and professional fees. Year to date, general and administrative expenses increased 18% to $951,331 from $806,591 during the comparable prior year period. With regard to the balance sheet, Mikros increased its strong cash position by 41% to $1,645,255 and working capital by 22% to $2,021,210.
Tom Meaney, Mikros President and CEO, commented, "We are delighted to deliver another very strong quarter for our shareholders and to maintain the momentum we have generated since the start of the year. We continue to execute our strong U.S. Navy production and development contracts. In addition, sales of our Prognostics Framework and Diagnostic Profiler software products to commercial customers have created a new incremental revenue stream for us. We expect that a combination of current ADEPT orders and sales of our new ADSSS system and maintenance software products will continue to drive increases in both sales and profits for the balance of 2015."
Mikros Obtains ISO 9001:20018 Certification
Mikros also announced today that the Company's Quality Management System (QMS) has been formally certified as compliant with the requirements of ISO 9001:2008. The ISO 9001 auditor found zero non-conformances at Mikros facilities in both Fort Washington, PA and Largo, FL. Earlier this year, Mikros QMS was certified by the Naval Sea Systems Command as compliant to NAVSEA Technical Specification 9090-310F, Appendix C and FY 2015 NAVSEA Standard Item 009-04. This Navy certification enables Mikros to form shipboard Alteration Installation Teams and perform shipboard equipment installation and maintenance tasks. The new ISO 9001:2008 certification extends the Company's NAVSEA certification to the leading industry-standard and applies across all Mikros business processes, for both development and manufacturing capabilities.
Mr. Meaney continued, "Achieving formal certification of our Quality Management System to ISO 9001 represents a tremendous milestone for the company and is a tribute to the qualifications and hard work of our dedicated employees. This certification will allow us to expand our future business for both shipboard installation work and new manufacturing opportunities. Taken together with our new diagnostic and prognostic software products, Mikros now offers comprehensive capabilities for advanced maintenance applications. We design and manufacture hardware to acquire maintenance data and provide software to process the data and predict failures. Together, these products provide a complete solution for remote monitoring and maintenance of complex distributed systems."
About Mikros Systems Corporation
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, 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, please 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 our actual results, events or financial positions 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 failure of Congress to approve a budget or a continuing resolution, the termination of any contracts with the U.S. Government, continuation of the Federal automatic sequestration cuts, 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 inability to adequately integrate the newly purchased software into our business model, 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, 2014 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.