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 2012 financial and operating results.
The Company’s total revenue for 2012 decreased to $5.9 million or 42.6% from $10.3 million in 2011. Net loss attributed to MTI for the year ended December 31, 2012 was $2.1 million or $0.40 per diluted share, compared to a net income of $2.4 million, or $0.48 per diluted share in 2011. This decrease in net income of $4.5 million is partially attributable to a release of a portion of the deferred tax asset valuation allowance of $1.5 million in 2011. The remainder of the decrease in net income is related to a decline in sales at MTI Instruments which was partially offset by reduced operating losses of our variable interest entity, MTI MicroFuel Cells, Inc.
Kevin Lynch, CEO stated: “For the first three quarters of 2012, we experienced adverse conditions at our Instruments business primarily in the aviation balancing equipment sales due to reductions and delays in government spending; however, our fourth quarter sales and operational cost actions resulted in positive improvement in all business areas. For the first three quarters of 2012, our revenue was $3.7 million, and our full year revenue for 2012 was $5.9 million. We believe our results for the first quarter of 2013 will continue this momentum.”
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 first quarter of 2013. 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, 2012, and our quarterly reports on Form 10-Q.
Mechanical Technology, Incorporated
Lisa Brennan, 518-218-2500
Source: Mechanical Technology, Incorporated
Released March 21, 2013