March 31, 2015

mict


Micronet Enertec Technologies, Inc. Reports Fourth Quarter
and Year End Results

  • Strong Q4 12.6% revenue growth over Q4 2013
  • 82% growth in back half of 2014 compared to first six months of 2014

Montvale, NJ, March 31, 2015 -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT), a developer and manufacturer of 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 fourth quarter and year ended December 31, 2014.


David Lucatz, Chief Executive Officer of Micronet Enertec Technologies, Inc. stated, “Our fourth quarter results demonstrated continued momentum and progress toward our goal of becoming a major supplier of rugged tablets to the growing multibillion dollar MRM market.  We achieved solid 12.6% revenue growth compared to the prior year, met our gross margin target range and achieved non- GAAP net income for the last quarter of 2014 of $521,000. Moreover, during the last six months of 2014 our revenues were $22 million - achieving 26% revenue growth over the same period of 2013 and 82% growth over the first six months of 2014. This revenue growth from the first half of 2014 is mainly attributed to the June 2014 acquisition of the U.S.-based MRM division of Beijer Electronics. We are pleased to have gained continued traction diversifying and expanding our customer base, and we believe that progress, combined with our comprehensive product offerings, position us well to further penetrate the MRM market and establish Micronet Enertec as a leading supplier.”   


“Our establishment of centralized MRM operations in the U.S. has provided us with a local presence and the addition of an experienced U.S.-based sales team which has enhanced our ability to further penetrate the local fleet vertical, the largest vertical in the MRM space.  During the fourth quarter we received a purchase order in the amount of $1.7 million for our TREQ fully portable, rugged mobile tablets from a leading U.S.-based bulk material supply chain solutions company.  This order demonstrates the market interest in our comprehensive product offerings and our ability to provide our solutions to many different applications.” 


“The local fleet vertical represented 38% of MRM revenue in 2014 and with our increased customer diversity, our brand recognition in the marketplace is expanding.”   

Fourth Quarter 2014 Review

  • Total revenue increased by 12.6% to $10.7 million, as compared to $9.5 million in the fourth quarter of 2013, mainly due to the June 2014 acquisition of Beijer’s U.S. vehicle operation.  

  • Gross profit margin was 31%, as compared to 33% in the same quarter last year.  Sequentially, gross margin improved, as compared to 25% in the third quarter of 2014.

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