Net Profit for Two Consecutive Quarters; 100% Increase in Product Revenue at MTI Instruments; Successful Completion of Field Testing Program with DOE at MTI Micro
ALBANY, N.Y.– Mechanical Technology, Incorporated (“MTI”) (OTC: MKTY.PK), a company engaged in the design, manufacture and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. (“MTI Instruments”), and in the development and commercialization of Mobion(R) off-the-grid portable power solutions through MTI MicroFuel Cells Inc. (“MTI Micro”), today reported first quarter 2011 earnings of $194 thousand, or $0.04 per diluted share, up from a 2010 first quarter loss of $1.2 million, or ($0.26) per diluted share.
MTI also reported a 100% gain in first quarter product revenue at its MTI Instruments subsidiary to $2.5 million compared to $1.3 million for the same period in 2010. The rise in revenue is credited to strong sales in aviating balancing system shipments, combined with higher semiconductor and capacitance metrology product sales.
“Last year, we achieved double digit gains in product revenue at MTI Instruments, and seeing this trend continue so far in 2011 is reassuring,” said Peng Lim, Chairman and CEO of MTI. “These outstanding results stem from the successful implementation of disciplined changes that started as early as 2009 aimed to increase sales, strengthen our distribution reach, and complement our product portfolio. As a result, we have a more efficient and focused operation.”
In addition, MTI Micro successfully completed its program under a grant from the Department of Energy (DOE) awarded in 2009 entitled: Commercialization of 1 Watt Consumer Electronics Power Pack. MTI Micro has achieved all technical performance targets required by the DOE and as part of this grant, MTI Micro rigorously field tested seventy five (75) Mobion(R) units to various users, including seventeen (17) OEMs, thirty-three (33) individuals, twenty one (21) military agencies and four (4) governmental agencies.
“The work completed through this program with DOE’s support is invaluable in our quest towards commercial, off-the-shelf, Mobion(R) products,” Said Mr. Lim. “Further testing is also being conducted by OEMs and governmental agencies at this time, which may result in the signing of supply agreements or product customization contracts with MTI Micro for final production of our Mobion(R) platform.”
Today, Mr. Chuck Carlstrom, Director of Fuel Cell Engineering for MTI Micro, will present the latest MTI Micro/ DOE program update at DOE’s Annual Merit Review Meeting taking place at the Crystal City Marriott and Crystal Gateway Marriott in Arlington, Virginia. Mr. Carlstrom’s presentation will take place at 1:45PM (EST), and will be posted at the same time on our website at: http://www.mtimicrofuelcells.com/news/events.asp
For more information about this meeting, you can visit DOE website at https://www.annualmeritreview.energy.gov/.
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 is also engaged in the development and commercialization of Mobion(R) off-the-grid portable power solutions through MTI MicroFuel Cells Inc. MTI Micro has a team of entrepreneurial business executives, researchers and scientists; a proprietary direct methanol micro fuel cell power system and a number of system prototypes demonstrating size reductions and performance improvements; and related intellectual property. MTI Micro has received government funding and developed strategic partnerships to facilitate efforts to achieve commercialization. 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 our ability to commercialize our Mobion fuel cell system, increase MTI Instruments sales, or sustain or increase MTI’s net profit. 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 the lack of liquidity in our common stock; our need to raise additional financing for MTI Micro; 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; 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 and its quarterly reports of Form 10-Q.
Source: Mechanical Technology, Incorporated
Released May 12, 2011