Kevin Lynch, CEO of Mechanical Technology, bought 11,288 shares of Mechanical Technology MKTY at $1.11 per share for a total amount of $12,500 on May 5, 2014.
Mechanical Technology is headquartered in Albany, NY.
On 05/15/2014, Mechanical Technology (NASDAQ:MKTY) CEO Kevin G. Lynch purchased 11,288 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was purchased at an average price of $1.11 per share, for a total transaction of $12,529.68. Following the transaction, the chief executive officer now directly owns 142,588 shares of the company’s stock, valued at approximately $158,273. The transaction was disclosed in a document filed with the SEC.
On 05/08/2014, Mechanical Technology announced its latest quarterly results. ALBANY, N.Y., May 08, 2014 (BUSINESS WIRE) — Mechanical Technology, Incorporated (MTI or the Company), (trading symbol:MKTY), a company engaged, through its subsidiary MTI Instruments, Inc. (MTI Instruments), primarily in the design, manufacture and sale of test and measurement instruments and systems that provide solutions for precision linear displacement, vibration measurement and balancing developed for markets that require the exacting measurement and control of products and processes in the development and implementation of automated manufacturing, assembly, and consistent operation of complex machinery, announces its 2014 first quarter results and business update.
Product revenue in MTI Instruments for the three months ended March 31, 2014 decreased by $819 thousand to $1.4 million from $2.2 million during the three months ended March 31, 2013. This decrease in product revenue was attributable to the lack of sales of accessory kits sales to the U.S. Air Force under an existing contract, no semi-automated wafer metrology tool sales and a decline in commercial aviation balancing system activity.
Gross profit, as a percentage of product revenue, increased to 58.1%, compared to 55.7% for the same period in 2013 due to lower product material costs and the composition of the product sales mix.
Net loss for the three months ended March 31, 2014 was $432 thousand ($0.08 per share on a fully diluted basis) compared to net income of $86 thousand ($0.02 per share on a fully diluted basis) during the comparable 2013 period. This decrease in net income was primarily attributable to the decrease in product revenue.
According to Capital IQ, Mechanical Technology, Incorporated (MKTY) has a market cap of $5.57 million, an enterprise value of 4.83 million, and trailing 12 month revenues of $1.7 million.
Mechanical Technology (MTI) was founded in 1961 by two entrepreneurial engineers dedicated to developing and commercializing new technologies.
Currently, MTI is involved in the field of non-contact precision instrumentation through its wholly-owned subsidiary MTI Instruments, Inc. (MTII) and in the field of micro fuel cells, an equity investment MTI MicroFuel Cells Inc. (MTI Micro)
MTII designs, manufactures, and sells high-performance test and measurement instruments and systems serving three markets: general dimensional gauging, semiconductor, and aviation. These products consist of: electronic, computerized gauging instruments for position, displacement and vibration applications for the design, manufacturing and test markets; semiconductor products for wafer characterization; and engine balancing and vibration analysis systems for military and commercial aircraft.
MTI Micro is developing and commercializing off-the-grid rechargeable power sources for portable electronics and has patented a proprietary direct methanol fuel cell technology platform called Mobion® which generates electrical power using up to 100% methanol as fuel.
Since its founding, the focus at MTI has been on innovation, quality and user benefits as it brings new technologies to the marketplace.
Kevin Lynch’s most recent annual compensation from Mechanical Technology, Inc. is a salary of $260,000, $250,000 in other compensation, and a total compensation of $610,000. Mr. Lynch is 60 years old.
According to his biography, Mr. Kevin G. Lynch is Chairman of the Board and Chief Executive Officer of Mechanical Technology, Inc. He has been appointed as Chief Executive Officer effective May 1, 2013. He served as Acting Chief Executive Officer since September 2012, Chairman of the Board since October 2012, and a director since April 2012. Mr. Lynch served as the Chief Executive Officer of AAF International (American Air Filter Company Inc. AAFCI), a commercial and industrial air filters and equipment company and a subsidiary of Daikin Industries Ltd. in Japan from December 2011 until April 2012, and as the Global Chief Operating Officer from June 2008 to December 2011. Mr. Lynch served as the President of Filtration Group Inc., a privately held air filter manufacturer in Illinois, from March 2005 to March 2008. Mr. Lynch also worked with Lydall Inc., a specialty materials manufacturer, for over 12 years where he progressed to the Group President of the company. Mr. Lynch served as the President of the Glendale Protective Technologies subsidiary immediately prior to joining Lydall. Mr. Lynch started his career in the chemical industry with American Cyanamid Inc. (now Cytec, Inc. – NYSE:CYT) developing his abilities over 16 years though many of their businesses in various roles and locations. Mr. Lynch holds a M.B.A. in management from Farleigh Dickinson University, and both a B.S. and M.S. in Biology from the Pennsylvania State University. Mr. Lynch currently serves on the Board of Overseers for the University of Louisville.
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