Wednesday, June 18, 2008

Micronetics gets $4M toward defense order

By Mass High Tech Staff

Microwave component manufacturer Micronetics Inc. has received $4 million in advanced funding to supply microwave subassemblies, through its Microwave Concepts Inc. subsidiary in New Jersey, to an unnamed defense OEM.

Within 60 days, the OEM customer will fully fund the anticipated $8 million for production of the subassemblies used in an advanced jamming system, Micronetics reports. The program is expected to last two years.

Hudson, N.H.-based Micronetics (Nasdaq: NOIZ) develops microwave and radio frequency components used in defense, aerospace and commercial applications. The company’s customers include Aerosat, BAE Systems, Boeing, General Dynamics, L-3 Communications, Lockheed Martin, Northrop Grumman, Qualcomm, Raytheon Co., and Teradyne. Micronetics reported a 2007 net income of $1 million on revenue of $23.7 million.

In December 2007, subsidiary Microwave Concepts announced a $1 million deal to provide a microwave assembly for an unnamed defense integrator to use in an airborne electronic warfare system.