Third quarter fiscal 2013 GAAP net income includes approximately $2.2 million in tax benefits, $2.1 million in depreciation expense, $2.4 million in amortization of acquired intangible assets, $1.9 million in stock-based compensation costs, $0.2 million in restructuring charges, and $0.1 million in fair value adjustments from purchase accounting. Third 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 $5.2 million, compared to $1.0 million for the preceding quarter and $12.0 million for the prior year's third quarter.
Cash flows from operating activities were a net inflow of $1.7 million in the third quarter of fiscal 2013, compared to a net inflow of $1.6 million in the second quarter of fiscal 2013 and a net inflow of $12.4 million in the third quarter of fiscal 2012. Free cash flow, defined as cash flow from operating activities less capital expenditures, in the third quarter of fiscal 2013 was a net inflow of $1.2 million, compared to a net inflow of $0.8 million in the second quarter of fiscal 2013 and a net inflow of $9.6 million in the third quarter of fiscal 2012. Cash and cash equivalents as of March 31, 2013 were $35.1 million, an increase of $1.2 million from December 31, 2012, largely due to cash generated by operating activities.
"The Mercury team executed well in the third quarter, delivering results above the high end of our guidance and continuing to generate positive cash flow from operations," said Mark Aslett, President and CEO, Mercury Systems. "Although conditions in the defense industry remained very challenging, the enactment in March of a fiscal 2013 defense appropriations bill was a positive step, and we made substantial progress on our two most important programs."
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