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Mercury Computer Systems Reports First Quarter Fiscal 2013 Results

Stocks in this article: MRCY

First quarter operating results include: Revenues of $49.4 million Net loss from operations of $7.2 million GAAP net loss per share of $0.24 Adjusted EBITDA of $1.6 million Operating cash outflow of $9.9 million

CHELMSFORD, Mass., October 23, 2012 (GLOBE NEWSWIRE) -- Mercury Computer Systems, Inc. (Nasdaq:MRCY) (, a best-of-breed provider of commercially developed, open sensor and Big Data processing systems for critical commercial, defense and intelligence applications, reported operating results for its first quarter of fiscal 2013 ended September 30, 2012.

First Quarter Fiscal 2013 Results

First quarter fiscal 2013 revenues were $49.4 million, an increase of $0.3 million from the first quarter of the prior fiscal year. Revenues from commercial customers increased by $0.8 million, while revenues from defense customers decreased by $0.5 million, as compared with the prior year's first quarter.

GAAP net loss from operations for the first quarter of fiscal 2013 was $7.2 million, or $0.24 per share, compared to GAAP net income from operations of $2.7 million, or $0.09 per diluted share, for the prior year's first quarter. First quarter fiscal 2013 GAAP net loss per share includes $0.11 for restructuring charges, $0.04 associated with the amortization of acquired intangible assets, and $0.01 for acquisition costs related to the Micronetics, Inc. acquisition. First quarter fiscal 2012 GAAP net earnings per share include $0.02 associated with the amortization of acquired intangible assets.

First quarter fiscal 2013 GAAP net loss from operations includes approximately $3.7 million in tax benefits, $2.2 million in depreciation expense, $2.3 million in stock-based compensation costs, $1.8 million in amortization of acquired intangible assets, $5.0 million in restructuring charges, $0.9 million in fair value adjustments from purchase accounting, and $0.2 million of acquisition costs and other related expenses. First quarter fiscal 2013 adjusted EBITDA (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 $1.6 million, compared to $8.7 million for the prior year's first quarter.

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