Micropac Industries, Inc. Annual Report: Year Ended November 30, 2011

February 17, 2012

Micropac Industries, Inc. reported revenues for its fiscal year ended November 30, 2011 decreased 12.4% to $20.21 million compared to revenues of $23.07 million during the prior fiscal year.  Revenues were negatively impacted by lower sales of its microcircuits space level products to the space industry.  Sales to international customers accounted for 21% of sales in fiscal 2011 compared to 13% of sales in fiscal 2010.

Net income for fiscal 2011 dropped 39.1% to $1.64 million or $0.64 per share versus net income of $2.7 million or $1.05 per share in fiscal 2010.  Net income was negatively impacted by lower gross profit margins and higher selling, general, and administrative expenses as a percentage of sales.

The company’s backlog totaled approximately $6.23 million as of November 30, 2011 compared to a backlog of approximately $11.14 million on November 30, 2010.  The company expects lower revenue and operating income in 2012 due to an approximately $3.5 million decrease in the backlog for space level products.

As of November 30, 2011, the balance sheet reflected cash/cash equivalents of $8.49 million, current assets of $19.02 million, total assets of $20.95 million, current liabilities of $1.67 million and total liabilities of $2.09 million.  Shareholders’ equity increased 7.9% to $18.86 million during fiscal year 2011.

Micropac Industries, Inc. is engaged in the manufacturing and distribution of various types of hybrid microelectronic circuits, solid state relays, power operational amplifiers, and optoelectronic components and assemblies used as components in a broad range of military, space and industrial systems, including aircraft instrumentation and navigation systems, power supplies, electronic controls, computers, medical devices, and high-temperature (200 o C) products.

Source: Micropac Industries, Inc.

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