Increased interest in the ELD solutions and follow on A&D orders driving backlog
Micronet Enertec Technologies, Inc. Reports 17% Increase
in Second Quarter 2016 Revenues
Montvale, NJ, August 11, 2016 -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 second quarter ended June 30, 2016.
David Lucatz, Chief Executive Officer of Micronet Enertec Technologies, Inc. stated, “During the second quarter, we continued to see increased interest in our All-In-One products related to the Federal Electronic Logging Device Mandate (The ELD Mandate) that requires fleet operators to electronically track drivers’ hours of service. The mandate impacts a potential market of 2.6 million trucks which will be required to install Electronic Logging Devices. Our onboard, Android-powered solutions are an excellent match for all fleet types and sizes and in addition to driving revenue growth, backlog in our MRM division has doubled since the second quarter of 2015. Specifically, we’re seeing increased demand for our rugged TREQ®317 platform, which in addition to meeting ELD mandate compliance, is also a powerful computing device with full connectivity and an easily adaptable solution. The development of innovative products remains our priority as we focus on broadening our offerings penetrate new segments while growing our solid reputation and position in the MRM industry.
“We also achieved increased backlog and pipeline growth in our Aerospace and Defense business in the quarter, related in part to follow on orders for our Command and Control defense systems. As we’ve stated previously, we expect additional repeat orders for our proven products and systems to contribute to our future growth and profitability. Our reputation as a provider of reliable and very sophisticated solutions for critical defense systems is driving market interest in our solutions and is a competitive strength as we move forward.”
Second Quarter 2016 Review