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Micronet Enertec Technologies, Inc. Reports Fourth Quarter and Record Full Year 2013 Financial Results

* 2013 annual revenues grew 100% to $35.6 million up from $17.8M in 2012
* Fourth quarter gross margin of 33% compared to 19% in fourth quarter 2012
* Total cash and marketable securities: $19.8 million, up from $13.8M in 2012
* Fourth quarter revenues of $9.5 million compared to $9.6 in fourth quarter 2012

MONTVALE, N.J., March 19, 2014 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM; MICT), a developer and manufacturer that integrates and globally markets rugged computers, tablets and computer-based systems for the commercial Mobile Resource Management (MRM) market and for the defense and aerospace markets, today announced financial results for the fourth quarter and full year ended December 31, 2013.
"We are pleased to report our record 2013 results. Following the successful acquisition of Micronet in September 2012 (the results thereof are fully consolidation in our 2013 result for the first time) and an 8% organic growth in our Defense and Aerospace business, our revenues doubled in 2013 while our gross profit more than tripled.
During this period, we managed to grow and integrate Micronet, our new subsidiary, maintain a strong cash position and develop and introduce to the MRM market new products with some important features such as dual operating systems for both Windows and Android that have already received widespread acceptance. We expect these new products to be our engine for future growth,” stated David Lucatz, Chief Executive Officer of Micronet Enertec Technologies Inc.

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