19 May 2014
Micronet Enertec Technologies, Inc. (NASDAQ: MICT) said its first quarter 2014 total revenue was USD5.6m, compared to USD10.4m in the first quarter of 2013.
The company attributed the decline to reduced sales to a major client.
Gross profit was USD2.1m, compared to USD3.6m for the first quarter of 2013. Gross margin is 37 percent, compared to 35 percent in the first quarter of 2013.
Operating loss are USD60,000, compared to operating income of USD1.5m in the first quarter of 2013. The operating loss is mainly due to decline in revenues.
Micronet Enertec Technologies operates through two companies, Enertec Systems 2001 Ltd, its subsidiary, and Micronet Ltd, in which it has a controlling interest. For more information visit: www.micronet-enertec.com.