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 second quarter and year to date fiscal year 2012 financial and operating results.
Revenues for the second quarter of 2012 were $1.4 million, compared to $2.1 million for the same period in 2011. Gross profit margin for the quarter was 45.8%, compared to 60.3% for the same period in 2011. Net loss for the quarter was $570 thousand, compared to a net loss of $97 thousand for the same period last year.
For the six months ended June 30, 2012, revenues were $2.6 million, compared to $4.7 million for the same period last year. Gross profit margin for the six months ended June 30, 2012 was 48.7%, compared to 61.8% for the same period in 2011. Net loss for the six months ended June 30, 2012 was $1.4 million compared to net income of $97 thousand for the same period last year.
Peng Lim, Chairman and CEO stated: “Despite the decrease in our revenues during the first six months of 2012, we see unique opportunities that we believe will provide better results during the second half of the year. The general slow down in the semiconductor and solar industry during the first half of 2012, combined with lower than expected sales activity in Asia negatively impacted us.”
MTI’s balance sheet as of June 30, 2012 remains strong with $1.4 million in cash, $5.1 million in total assets and only $1.4 million in total liabilities. The Company continues to look for growth opportunities thru our current product mix, and potential merger and acquisition activities.
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. Such statements include the expectation of MTI’s ability to increase sales for the remainder of 2012 and into the future; and MTI’s growth potential thru its current product mix, and/or MTI’s ability to grow thru mergers and acquisitions. 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; 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, 2011, and our quarterly reports on Form 10-Q for the quarters ended June 30 and March 31, 2012, respectively.
For MTI
Andrew Barwicki, 516-662-9461
Investor Relations
andrew@barwicki.com
Source: Mechanical Technology, Incorporated
Released August 9, 2012
