Mikros Systems Corporation Reports Second Quarter Financial Results; Returns to Profitability

Princeton, N.J., Aug. 14, 2020 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCQB: MKRS), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, today announced financial results for the second quarter of 2020.

Mikros generated revenues of $1,844,923 during the three months ended June 30, 2020 approximately equal to second quarter 2019 revenues of $1,853,503.  Cost of sales for the three months ended June 30, 2020 was $734,223 compared to $792,151 for the three months ended June 30, 2019, a decrease of $57,928 or 7%.

Mikros reported net income of $154,030 in the three months ended June 30, 2020 as compared to a loss of $3,721 in three months ended June 30, 2019.

“We are delighted to report a return to profitability in the second quarter,” said Mikros CEO Tom Meaney.  “Despite the COVID-19 restrictions, which have seriously affected both us and our principal customer the U.S. Navy, we have been able to keep Mikros running and profitable.  Most of our employees in Pennsylvania and Florida have been working from home, but with extensive use of remote tools like Teams and Zoom, we are continuing to operate effectively and meet our delivery schedules.”

“Our team has risen to the challenge and continued its outstanding performance in 2020 while dealing with unprecedented restrictions on the workplace and on-site customer visits,” added Mikros President Chuck Bristow.  “We expect to continue the recovery through the rest of this year, and our current backlog remains strong at $5.2 million.  We have hired four new engineers this year as our workload has increased, and recently our ISO 9001 quality certification was confirmed in a rigorous audit.”

Mikros VP of Business Development Lori Ogles added, “Our new developments for extensions to the AN/SYM-3 product line are continuing, and despite the added travel restrictions and quarantine orders arising out of the COVID-19 pandemic, we have several new ship installations planned this year. We recently opened an office in Ventura, California to support this contract and expect to use this as a base for expanded business development activities on the west coast.”

Additional information regarding the Company’s financial data may be found in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed with the U.S. Securities and Exchange Commission. The Form 10-Q may be accessed at www.sec.gov or at the Company's website at www.mikrossystems.com