Micronet Enertec Technologies, Inc.
Reports First Quarter 2014 Financial Results
MONTVALE, N.J., May 15, 2014 /PRNewswire/ -- 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 first quarter ended March 31, 2014.
David Lucatz, Chief Executive Officer of Micronet Enertec Technologies, Inc. stated, “During the quarter, we experienced a decline in our sales, mainly as a result of reduced sales to our major MRM client. However, our continuing efforts to penetrate new customers and new market verticals are very encouraging by the recent orders received from new customers and the successful entry into new verticals such as school buses in the U.S. (local fleets, the largest growing vertical) and others. In addition, we are in the process of penetrating new geographies such as Mexico and Chile, in which we have already been successful in introducing our products to certain local customers.”
Mr. Lucatz continued, “The recently announced pending acquisition of the MRM division of Beijer Electronics in Salt Lake City, Utah, will enable us to establish a strong U.S. sales and marketing base while offering a wide range of MRM tablets, including our recently introduced Android-based A 300 series family of tablets, supporting a variety of applications and verticals. In addition, Beijer Electronics will broaden and diversify our customer base.”
“On a stand-alone basis, Beijer generated sales for 2013 of approximately $11M annually. Going forward, we strongly believe that the successful integration of both companies' operations will accelerate our growth and position us as a significant supplier in this multi-billion dollar market.”
Miri Segal Scharia
Managing Partner Global Accounts & IPOs
Hayden/ MS-IR LLC