Micropac Industries, Inc. Quarterly Report: First Quarter Ended February 25, 2012

April 11, 2012

Micropac Industries, Inc. (OTCQB: MPAD.OB) reported net sales for its fiscal first quarter ended February 25, 2012 fell 33.6% to $3.71 million compared to $5.59 million for the first quarter of fiscal 2011.  Net sales for the first quarter of fiscal 2012 suffered from a decrease in microcircuits space level products and delays in new orders from the space industry.  In addition there was a delay in a new order for a custom military optoelectronic product which was received in February of 2012.

Net income for the first quarter of fiscal 2012 plummeted 88.5% to $78 thousand or $0.03 per share versus net income of $678 thousand or $0.26 per share for the first quarter of the prior fiscal year.  Net income was negatively impacted by lower gross profit margins due to lower sales and a decrease in sales from products with higher margins.

As of February 25, 2012, the balance sheet reflected current assets of $18.39 million (including cash and cash equivalents of $7.78 million and short-term investments of $2 million), total assets of $20.3 million, current liabilities of $1.2 million and total liabilities of $1.62 million.  During the first quarter of fiscal 2012, shareholders’ equity decreased 1% to $18.68 million.

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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