Mechanical Technology Announces First Quarter 2013 Operating and Financial Results
ALBANY, N.Y.--(BUSINESS WIRE)-- 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 first quarter 2013 financial and operating results.
The Company's total revenue for the first quarter of 2013 increased to $2.2 million or 82.7% from $1.2 million in the first quarter of 2012. Net income attributed to MTI for the three months ended March 31, 2013 was $86 thousand, or $0.02 per diluted share, compared to a net loss attributed to MTI of $822 thousand, or $0.16 per diluted share, in 2012. This increase in net income of $908 thousand is attributable to the increase in sales at MTI Instruments along with cost saving initiatives that were implemented in the second half of 2012. First quarter 2013 revenue and operating results were also consistent with the revenue and operating results of the fourth quarter of 2012.
"We are pleased with the results we achieved during the first quarter of 2013, despite experiencing softness in new orders from the U.S. Air Force," said Kevin Lynch, Chairman and Chief Executive Officer. "Even with that, our sales activities and positive operating performance generated in the fourth quarter of 2012 carried forward into the first quarter of 2013. Additionally, we realized positive results with recent growth activity from our emerging laser line of products. Going forward, we will continue to execute against our strategic plan and look to build upon this foundation throughout the year."
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.
Lisa Brennan, 518-218-2500
KEYWORDS: United States North America New York
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