Micronetics ends fiscal year on a high note

Micronetics Inc. ended up its fiscal year with $3.4 million in net income — 74 cents a diluted share — more than doubling the net profits it earned in 2011 and continuing its comeback from a disastrous loss in 2009.The Hudson-based military contractor had a strong final quarter, which ended March 31, with sales increasing by 31 percent, to $12.3 million, and a net income of $863,000, or 18 cents a diluted share.That brings annual sales up to $46 million — 30 percent more than the previous fiscal year.The company credits $6.6 million of that increase to sales of space and defense components and $4.1 million to sales of integrated sub-systems for defense-jamming electronic modernization and in-flight Internet.Shareholder equity is now at $18.7 million, nearly a $4 million increase, and the company has $857,000 in cash and equivalents. The company has some $26 million in backlog, and booked about $12 million last quarter.All of this is a far cry from fiscal 2009, when Micronetics lost some $9.6 million. But the company has slowly been earning that back, netting a total of $6 million in profits over the following three fiscal years. — BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW