Mercury Computer Systems, Inc. (NASDAQ: MRCY, www.mc.com), a trusted provider of commercially developed ISR and EW subsystems, reported operating results for its second quarter of fiscal 2012 ended December 31, 2011. All results are presented and compared on a continuing operations basis.
Second Quarter Fiscal 2012 Results
Second quarter fiscal 2012 revenues were $68.0 million, an increase of $12.4 million from the second quarter of the prior fiscal year. Revenues from defense customers increased by $20.0 million, while revenues from commercial customers decreased by $7.6 million, from the prior year’s second quarter. No revenues were recognized for KOR Electronics in the second quarter fiscal 2012 results. The acquisition of KOR Electronics closed on December 30, 2011.
GAAP net income from continuing operations for the second quarter of fiscal 2012 was $9.0 million, or $0.30 per diluted share, compared to $5.2 million, or $0.22 per diluted share, for the prior year’s second quarter. GAAP net income from continuing operations per diluted share includes $0.02 associated with the amortization of acquired intangible assets for the second quarter of fiscal 2012 and $0.01 for the prior year’s second quarter.Second quarter fiscal 2012 GAAP net income from continuing operations includes approximately $4.8 million in tax expense, $1.9 million in depreciation expense, $1.8 million in stock-based compensation costs, $0.7 million in amortization of acquired intangible assets, and $0.6 million of acquisition costs and other related expenses. Second quarter fiscal 2012 adjusted EBITDA (net earnings from continuing operations before interest income and expense, income taxes, depreciation, amortization of acquired intangible assets, restructuring, impairment of long-lived assets, acquisition costs and other related expenses, fair value adjustments from purchase accounting, and stock-based compensation costs) was $18.8 million, compared to $10.7 million for the prior year’s second quarter. Cash flows from operating activities were a net inflow of $11.0 million in the second quarter of fiscal 2012, compared to a net inflow of $8.1 million in the second quarter of fiscal 2011. Free cash flow, defined as cash flow from operating activities less capital expenditures, in the second quarter of fiscal 2012 was a net inflow of $9.1 million, compared to a net inflow of $6.1 million in the second quarter of fiscal 2011. Cash and cash equivalents as of December 31, 2011 were $105.0 million, a decrease of $60.9 million from September 30, 2011, largely due to the use of cash for the acquisition of KOR Electronics during the quarter, partially offset by cash generated by operating activities.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV