Mirkos, Isonics report good fiscal results

Published 22 May 2007

Two technology companies show good fiscal results in their latest quarterly reports

Mirkos Systems

Good news for Mikros Systems Corporation, as the company has juist reported its financial results for quarter ending 31 March 2007. The company’s revenues for the quarter increased $256,360 or 47 percent to $794,950 compared to $538,590 for the quarter ended 31 March 2006. Income before income tax expense was $60,245 for the quarter ended compared to $35,368 for the quarter ended 31 March 2006.

The increased revenues resulted from a contribution of follow-on business to develop and produce the ADEPT product for ship-board use and the development of the wireless product for the Space and Warfare Command (SPAWAR). Indeed, since the end of the first quarter the company was awarded a $2.4 million contract for further ADEPT development and production of initial units for the AEGIS cruisers and destroyers.

Isonics Corporation

Good news, too, for Isonics, which has just announced a 94 percent increase in its fourth quarter. Isonics (Nasdaq: ISON), a provider of solutions for the homeland security and semiconductor markets, said that it expects to report unaudited revenue for its semiconductor products and services segment (the semiconductor segment) of approximately $3.7 million for the quarter ended 30 April 2007, a 94 percent increase compared to $1,906,000 for the same quarter in the year-earlier period. The result is that the company expects to report its fourth consecutive quarter of positive EBITDA (unaudited) for its semiconductor segment. The company will report EBITDA of approximately $800,000 for the quarter ending 30 April 2007 compared to $(412,000) for the quarter ending 30 April 2006. The company also expects that the semiconductor segment will report its third consecutive quarterly operating profit (unaudited), of approximately $350,000 compared to an operating loss of $(777,000) for the quarter ending 30 April 2006.

For the year ending 30 April 2007, Isonics expects to report from its semiconductor segment revenue of $13 million, EBITDA of $2 million and operating income of $375,000, compared to revenue of $5,731,000, negative EBITDA of $(3,700,000) and an operating loss of $(5,151,000) for the fiscal year ended April 30, 2006.

We’ve had a fantastic year; the dramatic turnaround reflects our ability to more efficiently deliver higher quality products for our customers,” says Joanna Lohkamp, general manager of Isonics’ semiconductor segment.