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Aeroflex Announces Fourth Quarter And Full Year Fiscal 2012 Results

Aeroflex Holding Corp. ("Aeroflex") (NYSE: ARX), a leading global provider of high performance microelectronic components, and test and measurement equipment, today announced its financial results for the fourth quarter and full fiscal year 2012, which ended June 30, 2012.

For the fourth quarter of fiscal 2012:
  • Net sales were $184.7 million compared to $198.7 million in the fourth quarter of fiscal 2011. As in prior quarters during this fiscal year, the performance of our wireless test business was the primary contributor to the decline in sales in the comparative quarters.
  • Operating income was $31.0 million and net income was $17.2 million, or $0.20 per share, compared to operating income of $30.0 million and a net loss of $(21.6) million, or $(0.25) per share, in the fourth quarter of fiscal 2011. The fourth quarter of fiscal 2011 contained a $34.2 million loss on extinguishment of debt and related costs due to the refinancing of Aeroflex’s term loan.
  • On a Non-GAAP basis, operating income was $39.0 million, net income was $19.2 million, or $0.23 per share, and Adjusted EBITDA was $43.6 million compared to operating income of $53.2 million, net income of $29.9 million, or $0.35 per share, and Adjusted EBITDA of $57.9 million, in the fourth quarter of fiscal 2011.

For the full fiscal year 2012:
  • Net sales were $673.0 million compared to $729.4 million in fiscal 2011.
  • Operating loss was $(21.3) million compared to operating income of $52.7 million in fiscal 2011. The primary reason for the difference is due to a goodwill impairment charge of $56.7 million in fiscal 2012. Net loss was $(53.6) million, or $(0.63) per share, compared to a net loss of $(34.7) million, or $(0.45) per share, in fiscal 2011.
  • On a Non-GAAP basis, operating income was $112.7 million, net income was $48.8 million or $0.58 per share, and Adjusted EBITDA was $131.5 million compared to operating income of $164.8 million, net income of $71.3 million, or $0.92 per share, and Adjusted EBITDA of $183.7 million, in fiscal 2011.

”Over the last few months we have been working to reposition our wireless test business for the future. We have made significant operational changes that will reduce costs and enable the business to improve profitability. We have continued to focus on our customers, technology and products,” said Len Borow, Chief Executive Officer of Aeroflex. “Our AMS business has performed well despite the strong economic uncertainty that exists within our end markets. Overall, our business model continues to deliver strong cash flow which enabled us to prepay over $80 million in debt this past fiscal year and an additional $20 million to date in the first quarter of fiscal 2013.”

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