Micronet Enertec Technologies Inc Reports
Second Quarter Financial Results
* Second quarter revenues up 213% to $7.8 million vs. second quarter 2012.
* Six-month revenues reached $18.1 million.
* Six-month R&D investment of $1.4 million resulted in a unique product launch with strategic first order from a leading new customer.
* Total cash and marketable securities $19.1 million.
Emerson, New Jersey- August 13, 2013 - Micronet Enertec Technologies, Inc. (NASDAQ: MICT), a developer and manufacturer that integrates and globally markets rugged computers, tablets and computer-based systems for the commercial Mobile Resource Management (MRM) market and for the defense and aerospace markets, today announced financial results for the second quarter and six months ended June 30, 2013.
“We are pleased with our execution in the second quarter, which was highlighted by the R&D effort to present the MRM/Fleet Management market the next generation of innovative products,” stated David Lucatz, Chief Executive Officer of Micronet Enertec Inc. “These products will include a recurring revenue component, and we believe will offer valuable advantages to our customers. Our ability to quickly respond to market needs, together with unmatched quality and reliability, enabled us to quickly receive a purchase order from a new customer, a leading North American service provider. Our R&D efforts include the development of additional rugged tablets to be offered to different and larger segments of the MRM market.
We enter the second half of the year with strong momentum, a new product line and a new, tier one customer, building the infrastructure to become the vendor of choice in this multi-billion dollar growing market.” Read More from Pdf...
Micronet Enertec Technologies, Inc. Forward-looking Statement.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “believe,” “intend,” “plan,” “continue,” “may,” “will,” “anticipate,” and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. More detailed information about the risk factors affecting the Company’s performance is contained under the heading “Risk Factors” in the Company’s annual report filed with the SEC, which is available on the SEC’s web site, www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analyses only as of the date hereof. The Company neither intends to, nor assumes any obligation to, update or revise these forward-looking statements in light of developments that differ from those anticipated.
Miri Segal Scharia
Managing Partner Global Accounts & IPOs
Hayden/ MS-IR LLC
Micronet Enertec Technologies, Inc.