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Mercury Systems Reports Second Quarter Fiscal 2013 Results

Second quarter operating results include: Bookings of $62.8 million; Book-to-bill of 1.3 Revenues of $49.8 million Net loss of $4.8 million GAAP net loss per share of $0.16 Adjusted EBITDA of $1.0 million Operating cash flow of $1.6 million

CHELMSFORD, Mass., January 29, 2013 (GLOBE NEWSWIRE) -- Mercury Systems, Inc. (Nasdaq:MRCY) ( www.mrcy.com ), 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 second quarter of fiscal 2013 ended December 31, 2012.

Second Quarter Fiscal 2013 Results

Second quarter fiscal 2013 revenues were $49.8 million, a decrease of $18.2 million from the second quarter of the prior fiscal year. Revenues from defense customers decreased by $18.4 million, while revenues from commercial customers increased by $0.2 million, as compared with the prior year's second quarter.

GAAP net loss for the second quarter of fiscal 2013 was $4.8 million, or $0.16 per share, compared to GAAP net income of $9.0 million, or $0.30 per diluted share, for the prior year's second quarter. Second quarter fiscal 2013 GAAP net loss per share includes $0.05 associated with the amortization of acquired intangible assets. Second quarter fiscal 2012 GAAP net diluted earnings per share includes $0.02 associated with the amortization of acquired intangible assets and $0.02 for acquisition costs related to the KOR Electronics acquisition.

Second quarter fiscal 2013 GAAP net loss includes approximately $2.2 million in tax benefits, $2.2 million in depreciation expense, $2.2 million in amortization of acquired intangible assets, $2.0 million in stock-based compensation costs, $1.3 million in fair value adjustments from purchase accounting, $0.2 million in restructuring charges, and $0.1 million in acquisition costs and other related expenses. Second quarter fiscal 2013 adjusted EBITDA (net income 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 $1.0 million, compared to $18.8 million for the prior year's second quarter.

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