PRINCETON, N.J., Aug. 17, 2015 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCBB:MKRS), an advanced technology company specializing in the research and development of electronic systems technology primarily for the United States Navy, announced its financial results for the three and six months ended June 30, 2015.
The Company reported substantial increases in revenue and net profit for both the second quarter and first half of 2015. Second quarter revenues were $1,734,382, representing an increase of $524,580 or 43% from the comparable prior year period. For the first half of 2015, the Company reported revenues of $4,210,421 as compared to $2,093,142 for the corresponding period of 2014, an increase of $2,117,279 or 101%. Net income for the three and six months ended June 30, 2015, was $120,712, and $261,501, respectively, as compared to net income of $130,283 and $122,249 during the corresponding periods in 2014. Cost of sales and related engineering costs increased faster than revenue during both periods due to timing of production of 64 ADEPT Units. General and administrative expenses decreased 3% during the second quarter of 2015 to $300,574 and increased just 5% during the first six months of 2015 to $622,597 as compared to $592,635 for the comparable prior year period. With regard to the balance sheet, Mikros maintained its strong cash position while increasing working capital by 19% to $1,970,042.
Tom Meaney, Mikros President and CEO, commented, "We are very pleased to deliver another very strong quarter for our shareholders and maintain the momentum generated during the first quarter. Year to date, both our revenues and net profits have more than doubled. In July, we completed the acquisition of the Prognostics Framework and Diagnostic Profiler programs which complement our current offerings and allow us to serve a new DOD customer, the United States Air Force. We expect that current ADEPT orders and sales of our newly acquired software products will continue to drive increases in both sales and profits in the coming quarters."
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.