Micronetics ends year with strong sales


High-tech manufacturer Micronetics ended its fourth fiscal quarter and year in strong positive territory with $34.9 million in annual sales.According to the Hudson-based company, for the quarter ended March 31, Micronetics posted net sales of $9.1 million, up nearly 10 percent from sales of $8.3 million in the same quarter a year ago. Net income for the quarter was $470,000, rising from a loss of $270,000 from the year-ago quarter.The company also said it has a backlog of $30 million as of March 31.Annual sales climbed some $4.5 million to nearly $34.9 million from 2009 annual sales of $30.3 million.Net income for 2010 was $1.148 million, or 25 cents per share, also rose dramatically from a loss of $9.6 million, or $1.98 per share.David Robbins, Micronetics' chief executive, said the company is "optimistic about our FY 2011 outlook based on our ongoing core business bookings. We are close to delivering critical development milestones in our longer term growth drivers.” Micronetics manufactures microwave and radio frequency components and integrated subassemblies as well as communications test equipment used in a variety of defense, aerospace and commercial applications. – CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW
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