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TheStreet Open House

Mercury Systems Reports Third Quarter Fiscal 2013 Results

Stocks in this article: MRCY

Third quarter operating results include: Revenues of $54.1 million Net income of $0.8 million GAAP net earnings per diluted share of $0.03 Adjusted EBITDA of $5.2 million Operating cash flow of $1.7 million

CHELMSFORD, Mass., April 30, 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 third quarter of fiscal 2013 ended March 31, 2013.

Third Quarter Fiscal 2013 Results

Third quarter fiscal 2013 revenues were $54.1 million, an increase of $4.3 million, or 9%, compared to the second quarter of fiscal 2013, as revenues from defense customers increased $3.9 million and revenues from commercial customers increased $0.4 million. Fiscal 2013 third quarter revenues decreased $12.9 million from the third quarter of the prior fiscal year, as revenues from defense customers decreased by $14.7 million, while revenues from commercial customers increased by $1.8 million.

GAAP net income for the third quarter of fiscal 2013 was $0.8 million, or $0.03 per diluted share, compared to GAAP net loss of $4.8 million, or $0.16 per share in the preceding quarter and GAAP net income of $5.2 million, or $0.17 per diluted share, for the prior year's third quarter. Third quarter fiscal 2013 GAAP net earnings per diluted share includes $0.05 of income tax benefits associated with the extension of the federal research and development tax credit. Additionally, third quarter fiscal 2013 GAAP net earnings per diluted share includes $0.05 associated with the amortization of acquired intangible assets compared to $0.05 in the second quarter of fiscal 2013 and $0.02 in the third quarter of fiscal 2012.

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