ALBANY, N.Y.– Mechanical Technology, Incorporated (MTI) (Trading Symbol: MKTY), a company engaged in the design, manufacture and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. (MTI Instruments), announces its 2013 mid-year update.
Kevin Lynch, our Chairman and Chief Executive Officer, remarked, “We are again pleased with the performance of our business in the second quarter of this year. The organization is meeting our first year goals of stabilizing our core instruments business and, increasing sales and earnings at the same time, while building the foundation for future business expansion. As a result, we have now demonstrated positive operating income ($0.04 per share this quarter) for the last three consecutive quarters, with a 64% improvement in second quarter 2013 revenue ($2.3M) over second quarter 2012 revenue ($1.4M). Additionally, our working capital has increased to $1.7M, which is ahead of our plan, and supporting future investment and growth.
Our goal of increasing shareholder value is also underway. The market capitalization of MTI has increased from a low of approximately $736k in March of 2013 to a recent high of over $8.5M. With this, trading liquidity also improved, with a reported average of 17,416 shares per day trading during the second quarter of 2013 (Yahoo Finance data).
To summarize our current position at MTI as we move forward and to reinforce what we reported in our Annual Shareholders Meeting in June…
- We will focus our commercial and operational efforts on expanding our instruments business.
- Invest and commercialize new products and applications in support of our strategy in the instruments business.
- MTI will continue to pursue opportunities to exploit the potential in our investment in MTI MicroFuel Cells’ (MTI Micro) Mobion advance vapor direct methanol fuel cells technology, for as long as MTI Micro can sustain its effort.
- Manage risk and control expenses, while improving our productivity.
- Execute our plan, with the goal of increasing cash, sales and operating earnings to subsequently improve shareholder value.
As we progress into the third quarter of 2013, in order for us to sustain our momentum, we continue to pursue new opportunities in our general instruments business to improve our business mix as military spending is seen as softening. The execution of our plan continues with the expectation for initial (beta stage) release of a new product in the fourth quarter of 2013.”
About MTI
MTI is engaged in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. MTI Instrument’s products use a comprehensive array of technologies to solve complex, real world applications in numerous industries including manufacturing, semiconductor, solar, commercial and military aviation, automotive and data storage. MTI also includes MTI MicroFuel Cells Incorporated (MTI Micro), a variable interest entity. For more information about the Company, please visit www.mechtech.com.
Statements in this press release which are not historical fact including statements regarding management’s intentions, hopes, goals, beliefs, expectations, projections, plans, anticipation, outlook or predictions of the future are forward looking statements. All forward-looking statements are made as of today, and MTI disclaims any duty to update such statements. It is important to note that the Company’s actual results could differ materially from those projected in forward-looking statements. Factors that could cause the anticipated results not to occur include revenue growth of our test and measurement instrumentation business may not be achieved; a reduction in defense department spending, our inability to build and maintain relationships with our customers; significant periodic and seasonal quarterly fluctuations in our results of operations; our need to raise additional financing for MTI Micro and/or our ability to bring in potential grant opportunities or purchase orders for MTI Micro; and the other risk factors listed from time to time in the Company’s SEC reports, including, but not limited to, our annual report on Form 10-K for the year ended December 31, 2012, and our quarterly reports on Form 10-Q.
For Mechanical Technology, Incorporated
Lisa Brennan, 518-218-2500
lbrennan@mtiinstruments.com
Source: Mechanical Technology, Incorporated
Released August 8, 2013
