On Monday, Shares of Micronet Enertec Technologies Inc (NASDAQ:MICT), loss -17.17 percent and now trading at $0.994. The 52-week range of the share price is from $0.95 – $2.58. The beta value for this stock stands at -0.05 points, while its earnings per share (EPS) is $-0.96. The company has total market capitalization of $6.55M and a total of 6.49M outstanding shares.
Micronet Enertec Technologies, Inc. (NASDAQCM: MICT), a developer and manufacturer of rugged computers, tablets and computer-based systems for the commercial MRM market and for the Aerospace and Defense markets, recently declared financial results for the 1st– quarter finished March 31, 2017.
“Throughout the 1st- quarter of 2017, we were awarded contracts for our mutual businesses totaling $5.60M, most of which is planned for fulfillment in the 2nd-, 3rd– and 4th– quarters of 2017. Although our revenues decreased in the 1st- quarter contrast to the similar period in 2016, we guess more positive revenue levels for the balance of 2017 as we convey on the purchase orders received throughout the 1st- quarter and book the associated sales. The diminish in sales throughout the 1st- quarter of 2017 is mainly because of a delay in the Company’s Micronet partner’s new product line.
Micronet had a backlog of $7.30M as of March 31, 2017 and $9.30M as of May 15, 2017. Our joint backlog also remains strong at $15.40M as of March 31, 2017,” declared David Lucatz, CEO of Micronet Enertec Technologies.
1st- Quarter 2017 Review:
- Total revenue decreased 19.00 percent to $5.30M for the 1st- quarter of 2017, as contrast to $6.50M in the 1st- quarter of 2016. Revenues increased by 25.00 percent on a sequential quarter-over-quarter basis.
- Gross profit margin was 13.00 percent, as contrast to 32.00 percent in the 1st- quarter of 2016. The reduce in overall gross margin was related to a increase in cost associated with the introduction of a new line of goods at Micronet and engaging in planned contracts with lower profitability at the Company’s Enertec partner.
- Research and development (R&D) cost for the 1st- quarter of 2017 was $533,000.00, or 10.00 percent of sales, contrast to $700,000.00, or 11.00 percent of sales, in the 1st- quarter of 2016.
- Selling, General and Administrative (SG&A) cost increased by $516,000.00 to $2.00M, or 38.00 percent of sales, as contrast to $1.50M, or 23.00 percent of sales, in the 1st- quarter of 2016.
- Net loss attributable to Micronet Enertec Technologies, Inc. for the 1st- quarter of 2017 was $1,612,000.00, or ($0.250) per basic and diluted share, as contrast to a net loss of $339,000.00, or ($0.060) per basic and diluted share, for the 1st- quarter of 2016. Non-GAAP net loss for the quarter was $1,448,000.00 or ($0.230) per basic and diluted share, as contrast to $116,000.00, or ($0.020) per basic and diluted share, for the 1st- quarter of 2016. A reconciliation of GAAP to non-GAAP net loss and loss per share is offered in the table at the end of this press release.
- The Company declared a loss from continuing operations of $2,091,000.00 for the 1st- quarter of 2017, as contrast to an operating loss of $343,000.00 in the 1st- quarter of 2016.
- At March 31, 2017, the Company declared cash totaling $7.1M and working capital of $6.60M.
- Throughout the 1st- quarter of 2017 Enertec received various purchase orders from global Aerospace & Defense contractors. These include:
- $250,000.00 continuous order for a mobile command and control center for utilize in rugged and tricky terrains for the control and monitoring of highly developed weapons systems.
- $470,000.00 order for the growth of a computer-based test and simulation system to ensure the combat readiness of a critical missile system.
- $500,000.00 in orders for the growth of a rugged diagnosis and simulation system for Unmanned Aerial Vehicles (UAVs).
- $460,000.00 continuous order for the growth of a analysis and simulation system for a specific missile system; and
- $1,000,000.00 in contracts for the progress and production of highly developed automated testing tools used to automatically diagnose and test faults in integrated circuits, chips, wafers and other electronic components utilized for mission-critical Aerospace and Defense applications.
- Micronet also received numerous substantial orders throughout the 1st- quarter of 2017 numbering:
- $800,000.00 order for the all-in-one TREQ®-317 rugged Android tablet from a leading American school bus fleet administration solutions supplier; and
- $2,100,000.00 order from a present client for the TREQ®-317.
- Following the end of quarter, in May, Micronet received a purchase order from a present client valued at $1,060,000.00 for its recently declared TREQr5 product from a leading fleet administration solutions supplier.
Micronet Enertec will have a conference/meeting call recently at 9:00 a.m. ET to talk about the Company’s financial results for the 1st- quarter ended March 31, 2017. The conference/meeting call number for U.S. based callers is (888) 281-1167. Callers from outside of the U.S. should dial 972-3-918-0644.
A telephone replay of the call will be obtainable for 14- days at: 1-888-782-4291, outside of the U.S.: 972-3-3-925-5921.
The average true range of the stock is recorded at 0.06 and the relative strength index of the stock stands 26.11. The stock price is going below to its 52-week low with -10.81 percent and down from its 52-week high with -61.63 percent.
The stock has shown weekly performance of -1.68 percent and monthly performance stands at -3.58 percent. The stock price is trading downbeat from its 200 days moving average with -31.33 percent and down from 50 days moving average with -19.30 percent.
Analyst recommendation for this stock stands at 2.00.