Micronet Enertec Reports Financial Results for the 4th Quarter
and Full Year Ended December 31, 2016
Montvale, NJ – March 31, 2017 -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 three and twelve month periods ended December 31, 2016.
“Although our revenues declined slightly from 2015 to 2016, we are very encouraged about our outlook in 2017 and beyond. Combined backlog for our businesses remains strong and as of today is over $14 million,” stated David Lucatz, Chief Executive Officer of Micronet Enertec Technologies.
“Our aerospace and defense business, we believe, is poised to benefit from the recent U.S. pledge of $38 billion in military aid to Israel. Enertec’s strong reputation providing technologies and services to some of the top military contractors in the world, coupled with increasing demand, creates a growth environment for our aerospace and defense business,” Lucatz continued.
Ken Wiesner, Chief Executive Officer of Micronet Inc added, “We expect increasing demand, with a potential spike in sales for our TREQ®317 as the December 2017 deadline approaches for the Federal Electronic Logging Device Mandate (ELD Mandate). The ELD mandate requires that trucks and busses in the U.S. have electronic logging devices installed with an aim to increase driver safety. Industry analysts anticipate the ELDs for trucks and busses will increase to a potential multibillion market in the coming years. With the introduction of the TREQ-r5 and other MRM products that we currently have in development, we are broadening our product line with the goal of expanding our target customer base. We experienced a slight decline in revenues in our MRM business due to a reduction in unit sales volume with our current and legacy products, while sales for our new products including the TREQ®317 did not ramp as quickly as we had previously expected during the third and fourth quarters of 2016. We received a total of 2,000 ELD related orders in 2016 and we expect this number to be substantially larger in 2017. In December of 2016, we announced a continuous purchase order valued at over $1.0 million for our recently released TREQ-r5 product from a leading fleet management solutions provider. We are currently shipping on this order and booking revenues in the current quarter.”