Exhibit 99.1
CORRECTION -- Merrimac Industries, Inc.
In the news release, Merrimac (Amex: MRM) Reports Third Quarter 2007 Results, issued earlier today by Merrimac Industries, Inc. over PR Newswire, the Summary of Consolidated Statements of Operations / Quarter Ended September 29, 2007 / Income (loss) from continuing operations - diluted should read "$0.08" rather than $(.08)" as incorrectly transmitted by PR Newswire.
PR Newswire is further advised of the following revisions in the same table, same column: Loss from discontinued operations - diluted should be "$(.69)" rather than "$(.68)"; Net (loss) per common share - diluted should be "$(.61)" rather than "$(.60)"; Weighted average number of shares outstanding - diluted should read "2,960,000" rather than "3,039,000".
Complete, corrected table follows:
Merrimac Industries, Inc.
Summary of Consolidated Statements of Operations
(Unaudited)
| | | Quarter Ended | |
| | | September 29,
2007 | | September 30,
2006 (a) | |
| Net sales | | $ | 6,612,000 | | $ | 5,499,000 | |
| Gross profit | | | 2,816,000 | | | 2,284,000 | |
| Selling, general and administrative expenses | | | 2,099,000 | | | 2,222,000 | |
| Research and development | | | 400,000 | | | 578,000 | |
| Operating income (loss) | | | 317,000 | | | (516,000 | ) |
| Interest and other (expense) income, net | | | (72,000 | ) | | 52,000 | |
| | | | | | | | |
| Income (loss) from continuing operations | | | 245,000 | | | (464,000 | ) |
| | | | | | | | |
| Loss from discontinued operations | | | (2,058,000 | ) | | (135,000 | ) |
| | | | | | | | |
| Net loss | | | (1,813,000 | ) | | (599,000 | ) |
| | | | | | | | |
| Net income (loss) per common share: | | | | | | | |
| Income (loss) from continuing operations-basic | | $ | .08 | | $ | (.15 | ) |
| Loss from discontinued operations-basic | | $ | (.70 | ) | $ | (.04 | ) |
| Net (loss) per common share-basic | | $ | (.62 | ) | $ | (.19 | ) |
| | | | | | | | |
| Income (loss) from continuing operations-diluted | | $ | .08 | | $ | (.15 | ) |
| Loss from discontinued operations-diluted | | $ | (.69 | ) | $ | (.04 | ) |
| Net (loss) per common share-diluted | | $ | (.61 | ) | $ | (.19 | ) |
| | | | | | | | |
| Weighted average number of shares outstanding-basic | | | 2,917,000 | | | 3,137,000 | |
| Weighted average number of shares outstanding-diluted | | | 2,960,000 | | | 3,137,000 | |
(a) In accordance with the provisions of SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” the operating results of Filtran Microcircuits Inc. for the prior period have been reported as discontinued operations.
