Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) said total revenue decreased to USD6.6 million for the fourth quarter of 2015, as compared to USD10.7 million in the fourth quarter of 2014.
Sequentially, revenues increased 18 percent from USD5.6 million in the third quarter of 2015. Fourth quarter revenue was primarily impacted by a delay in receiving certain components in the MRM business which delayed product shipments, as well as by the timing of the receipt of orders in the Aerospace & Defense business.
Gross profit margin was 39 percent as compared to 31 percent in the fourth quarter of 2014. The increase in overall gross margin was related to cost savings and higher margin in fourth quarter product mix.
Research and development (R&D) expense for the fourth quarter of 2015 was USD501,000, or 8 percent of sales, compared to USD643,000, or 6 percent of sales, in the fourth quarter of 2014.
Micronet Enertec operates through two primary companies, Enertec Systems 2001 Ltd, its wholly-owned subsidiary, and Micronet Ltd, in which it has a controlling interest. Micronet operates in the growing commercial MRM market, mainly in the United States. Micronet designs, develops, manufactures and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions in challenging work environments.