Thursday, August 21, 2008

Micronetics appoints CFO, president positions

Micronetics Inc. reports it has promoted Kevin Beals to president, and appointed Carl Lueders to CFO.

Beals had been vice president of new business development. Prior to Micronetics (Nasdaq: NOIZ), Beals served as district sales manager at M/A-COM Inc., where he worked for 15 years. Beals holds a bachelor’s degree in electrical engineering from the University of Massachusetts Amherst.

Lueders comes to the Hudson, N.H.-based company from biotech company Pro-Pharmaceuticals Inc., where he was also CFO. Lueders spent 22 years at Polaroid Corp., where he served as CFO, treasurer, vice president and controller. He is a certified public accountant and received his MBA from Babson College and his BA in economics from UMass Amherst.

Micronetics manufactures microwave and radio frequency components and integrated subassemblies used in a variety of defense, aerospace and commercial applications. The company also manufactures and designs test equipment and components that test the strength, durability and integrity of signals in communications equipment.

In June, Micronetics landed $4 million in advanced funding to supply microwave subassemblies, through its Microwave Concepts Inc. subsidiary in New Jersey, to an unnamed defense OEM.

In March, Micronetics subsidiary Mica Microwave Inc. landed a $1.2 million order from an unnamed aerospace integrator to supply a combination of microwave mixers, isolators and limiters for use on a space satellite application.

Micronetics reported a 2008 net income of $1.7 million on revenue of $32.6 million.