mechanical technology inc (MKTY) Key Developments
Mechanical Technology, Incorporated Reports Earnings Results for the First Quarter Ended March 31, 2015
May 27 15
Mechanical Technology, Incorporated has reported that net loss for the first quarter ended March 31, 2015 was $388,000, or $0.07 loss per share, compared to a net loss of $432,000, or $0.08 loss per share, for the same quarter ended March 31, 2014. Product revenue was $1.64 million, compared to $1.38 million for the same quarter ended March 31, 2014. Operating loss was $387,000, compared to an operating loss of $432,000 for the same quarter a year ago.
Mechanical Technology, Incorporated, Annual General Meeting, Jun 11, 2015
May 23 15
Mechanical Technology, Incorporated, Annual General Meeting, Jun 11, 2015., at 10:00 US Eastern Standard Time. Location: 4 Pine West Plaza. Agenda: To consider and elect two directors to serve for a three-year term ending at the company annual meeting of stockholders to be held in 2018 and until each such director as a successor is duly elected and qualified; to consider and ratify the appointment of UHY LLP as the company’s independent registered public accounting firm for fiscal year 2015; to consider and approve an advisory non-binding vote on executive officer compensation; and to consider the transact such other business as may properly come before the meeting.
Mechanical Technology, Incorporated Announces Earnings Results for the First Quarter of 2015
May 7 15
Mechanical Technology, Incorporated announced earnings results for the first quarter of 2015. For the period, revenue was increased by 18.4% as compared to the prior year as a direct result of increases in both instruments for automated manufacturing and engine vibration and balancing system activity sales primarily to commercial airlines. Operating loss improved in the first quarter of 2015 compared to 2014 by $45,100, with a $0.07 loss per share, as the impact of first quarter revenue reflected expected delays in capital spending from key customers.
Mechanical Technology, Incorporated Announces Consolidated Earnings Results for the Year Ended December 31, 2014
Mar 5 15
Mechanical Technology, Incorporated announced consolidated earnings results for the year ended December 31, 2014. For the year, the company's product revenue was $8,781,000 against $8,352,000 a year ago. Income before income taxes and non-controlling interest was $700,000 against $3,614,000 a year ago. Net income attributed to MTI was $740,000 against $3,654,000 a year ago. Basic and diluted income per share attributable to MTI was $0.14 against diluted income per share attributable to MTI of $0.69 a year ago. Operating income increased by 56.5% as compared to the prior year as a direct result of increased sales and improved margins. Product revenue increased by 5.1% in 2014 compared to 2013 due to increases in both instruments for automated manufacturing with new customers and engine vibration and balancing system activity under government contracts. Net income increased when compared to the previous year after excluding the significant, one-time, non-cash gain recorded during 2013 from the deconsolidation of MTI Micro operations on December 31, 2013.
Mechanical Technology, Incorporated Reports Earnings Results for the Third Quarter Ended Sep. 30, 2014; Provides Earnings Guidance for the Fourth Quarter of 2014
Nov 7 14
Mechanical Technology, Incorporated reported earnings results for the third quarter ended Sep. 30, 2014. Sales for the three months ended September 30, 2014 decreased by $371,000 to $1.9 million from $2.3 million during the three months ended September 30, 2013. This decrease was primarily attributable to reduced activity under the existing U.S. Air Force maintenance contract. Net loss for the three months ended September 30, 2014 was $53,000 or $0.01 per share on a fully diluted basis compared to net income of $164,000 or $0.03 per share on a fully diluted basis during the comparable 2013 period.
The fourth quarter outlook appears positive with its existing backlog. Equally as important for the longer term, is its pipeline of opportunities with its newer product developments, supported by its efforts in sales and operations.