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Micronetics Announces Passing Of CEO Richard Kalin

Tragedy struck Micronetics (Hudson, NH) late last week when the company's President and Chief Executive Officer, Richard S. Kalin, was killed in a car accident. Kalin, who had steered the company to record Fiscal Year 2003 results, with net sales of $10,676,348, or an increase of more than $3 million or 39.8% over the prior fiscal year, credited much of the growth to increased business with military customers. For example, in June the firm announced an order for more than $1.4 million for microwave integrated assemblies for a US Army Electronic Protection System. Micronetics operates through its Defense Electronics, Test Solutions, and VCO Products Groups, with a customer list that includes BAE Systems, Boeing, Lockheed Martin, Northrop Grumman, Raytheon, Teradyne, Tektronix, and Thales. The company's subsidiaries include Enon Microwave, Microwave & Video Systems, and Microwave Concepts. The company's board of directors has appointed David Robbins, formerly Senior Vice-President of the Defense Electronics Group, as interim CEO and a director of the company. Micronetics trades publicly over NASDAQ with the ticker symbol NOIZ.

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