"Our longer-term outlook for Mercury remains positive as well. We have established and secured a competitive standing as the premier commercial ISR subsystem outsourcing partner to the defense prime contractors. When the industry returns to more normal conditions, we believe the pressure to outsource to companies like ours will only increase, and that Mercury is well-positioned to capture a significant share of this potential growth opportunity. In addition, given our cash management focus and recent expense reductions, we expect this recovery to include the potential for improved profitability and cash flow generation."
Mercury's total backlog at December 31, 2012 was $133.2 million, a $13.0 million sequential increase from September 30, 2012, and a $10.7 million increase from December 31, 2011. Of the December 31, 2012 total backlog, $109.4 million represents orders scheduled to be shipped over the next 12 months. The defense backlog at December 31, 2012 was $116.2 million, an $8.3 million sequential increase from September 30, 2012, and a $2.5 million decrease from December 31, 2011. Bookings for the second quarter of fiscal 2013 were $62.8 million, compared to $56.8 million for the second quarter of fiscal 2012 and $41.1 million for the first quarter of fiscal 2013. The total book-to-bill ratio was 1.3 for the second quarter of fiscal 2013 compared to 0.8 for both the second quarter of fiscal 2012 and the first quarter of fiscal 2013.
Revenues by Operating SegmentAdvanced Computing Solutions (ACS) — Revenues for the second quarter of fiscal 2013 from ACS were $46.7 million, including KOR Electronics and Micronetics, Inc., representing a decrease of $19.4 million from the second quarter of fiscal 2012, as a result of a decrease of $19.6 million in defense and an increase of $0.2 million in commercial. Approximately 91% of ACS revenues for the second quarter of fiscal 2013 related to defense business, as compared to approximately 94% in the second quarter of fiscal 2012. Mercury Federal Systems (MFS)— Revenues for the second quarter of fiscal 2013 from MFS were $7.9 million, including Paragon Dynamics, representing an increase of $2.7 million from the second quarter of fiscal 2012. The revenues by operating segment do not include adjustments to eliminate $4.8 million of inter-company revenues included in those operating segments in the second quarter of fiscal 2013.
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