Exhibit 99.1



 Mikros Systems Announces Fourth Quarter and Year-End Results

Reports quarterly revenue growth, increased margins, and 34% increase in net income for 2012

 


Princeton, NJ – April 1, 2013 – Mikros Systems Corporation (OTCQB: MKRS) today announced fourth quarter and year-end results for the period ending December 31, 2012.


Highlights


 

Revenues for the fourth quarter increased 9% to $2.5 million as compared to $2.3 million in the same period last year


 

Gross profit margin for the year increased to 44% from 40% in 2011.


 

Net income for the year was $227,109, compared to $169,619 in 2011, an increase of 34%.


 

Net Cash and Cash equivalents remained stable at $1 million.


 

Fourth Quarter Results

 

Revenue for the three months ended December 31, 2012 was approximately $2.5 million as compared to $2.3 million for the three months ended December 31, 2011, an increase of 9%. Gross profit increased to $892,000, or 36% of revenue, during the three months ended December 31, 2012, as compared to approximately $716,000, or 31% of revenue, in the fourth quarter of 2011.  The Company posted net income for the quarter of 2012 of approximately $214,000, as compared to net income of approximately $152,000, in the fourth quarter of 2011, an increase of 41%.

 

Year-End Results


Revenue for the year ended December 31, 2012 was approximately $4.8 million, as compared to approximately $5.3 million during the prior year period, reflecting differences in timing of contract awards related to the Company's ADEPT products.  Mikros realized gross profit of approximately $2.1 million, or 44% of revenue in 2012, as compared to $2.1 million, or 40% of revenue in 2011 reflecting a reduction in our cost of sales that drove an increase in our profit margin . The Company posted net income of $227,109 for 2012, as compared to net income of $169,619 in 2011, an increase of 34%.


In commenting on the quarter and year-end, Chief Executive Officer Tom Meaney stated, “Over the past year, we have focused on delivering mission critical equipment to the US Navy for their AEGIS cruisers and destroyers. This operating strategy continues to deliver increased positive margins and profitability In addition to streamlining the assembly, delivery and deployment of ADEPT Units, we have also been developing product enhancements aimed at increasing future revenue generating opportunities. Our engineers recently completed an installation of our next-generation ADEPT system aboard USS Freedom, the first Littoral Combat Ship (LCS) placed into operation for the US Navy. This pilot project, along with other contract awards anticipated in 2013, is expected to provide additional growth opportunities for Mikros over the next two to three years. We continue to maintain a strong cash position and believe that we are well positioned to compete in the current environment.”

 

 
 

The following information was filed by Mikros Systems Corp (MKRS) on Monday, April 1, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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