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MKTY On Other Exchanges
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As of 8:10 PM 04/20/15 All times are local (Market data is delayed by at least 15 minutes).

mechanical technology inc (MKTY) Key Developments

Mechanical Technology, Incorporated Announces Consolidated Earnings Results for the Year Ended December 31, 2014

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

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.

Mechanical Technology, Incorporated to Report Q3, 2014 Results on Nov 07, 2014

Mechanical Technology, Incorporated announced that they will report Q3, 2014 results on Nov 07, 2014

Mechanical Technology, Incorporated Reports Earnings Results for the Second Quarter Ended June 30, 2014

Mechanical Technology, Incorporated reported earnings results for the second quarter ended June 30, 2014. Sales increased by $0.2 million to $2.5 million from $2.3 million during the quarter ended June 30, 2013. This increase was attributable to increases in laser sales and additional shipments of aviation balancing systems. Net income was $0.2 million or $0.03 per share on a fully diluted basis compared to net income of $0.1 million or 0.02 per share on a fully diluted basis during the comparable 2013 period. The release of new orders received from the U.S. Air Force helped to improve sales mix as the company continues to pursue additional military funding to support and replace existing contracts.

Mechanical Technology, Incorporated Reports Earnings Results for the First Quarter Ended March 31, 2014

Mechanical Technology, Incorporated reported earnings results for the first quarter ended March 31, 2014. Product revenue in MTI Instruments for the three months ended March 31, 2014 decreased by $819,000 to $1.4 million from $2.2 million during the three months ended March 31, 2013. This decrease in product revenue was attributable to the lack of sales of accessory kits sales to the U.S. Air Force under an existing contract, no semi-automated wafer metrology tool sales and a decline in commercial aviation balancing system activity. Net loss for the three months ended March 31, 2014 was $432,000 or $0.08 per share on a fully diluted basis compared to net income of $86,000 or $0.02 per share on a fully diluted basis during the comparable 2013 period. This decrease in net income was primarily attributable to the decrease in product revenue.

 

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