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Mercury Computer Systems Announces Revised First Quarter Fiscal 2013 Financial Guidance

Stock quotes in this article: MRCY

CHELMSFORD, Mass., Oct. 4, 2012 (GLOBE NEWSWIRE) -- Mercury Computer Systems, Inc. (Nasdaq:MRCY) ( www.mc.com ), a best-of-breed provider of commercially developed, open sensor and Big Data processing systems for critical commercial, defense and intelligence applications, today announced revised financial guidance for the first fiscal quarter ending September 30, 2012. Based upon currently available information, revenue for the quarter is expected to be in the range of $48 million to $50 million. This compares with the Company's prior guidance of $55 million to $61 million, including revenues from Micronetics, Inc., which was acquired by Mercury on August 8, 2012. The reduction in revenues versus prior guidance was primarily due to delayed orders associated with the Navy's Surface Electronic Warfare Improvement Program (SEWIP) Block 2.

GAAP loss from continuing operations for the quarter is now expected to be in the range of $0.24 to $0.28 per share, compared with prior guidance of a loss of $0.03 to $0.08 per share. The increased loss per share compared to prior guidance principally reflects lower gross margin from the absence of SEWIP orders as well as an estimated restructuring charge of $4.7 million or $0.10 per share primarily reflecting workforce reductions completed during the first quarter. This restructuring charge was not included in the Company's previous guidance.

Adjusted EBITDA for the quarter is now expected to be in the range of ($1.0) million to $2.0 million. This compares with the Company's prior guidance of Adjusted EBITDA in the range of $4.0 million to $6.7 million. Adjusted EBITDA for the first quarter of fiscal 2013 excludes the effect of income taxes, depreciation, amortization of acquired intangible assets, restructuring, acquisition costs, fair value adjustments from purchase accounting, and stock compensation expense.

"The uncertainties surrounding the U.S. defense budget and resulting slowdown in defense program funding and contracting ultimately affected our first quarter business more significantly than we initially anticipated," said Mark Aslett, President and CEO, Mercury Computer Systems. "However, we continue to expect that SEWIP will be an important future bookings and revenue driver for Mercury."

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