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Mercury Systems Reports Third Quarter Fiscal 2013 Results

Stocks in this article: MRCY

"As a result, our core compute business performed well and delivered improved results on a sequential basis for the second consecutive quarter," Aslett said. "We recognized our first low-rate initial production revenue from the Navy's Surface Electronic Warfare Improvement Program (SEWIP) Block 2. In addition, this was another strong quarter of bookings for the Navy's Aegis Ballistic Missile Defense System."

"There was clearly greater stability in our business this quarter; although, challenges in the industry remain," said Aslett. "Under sequestration, there is greater potential for the near-term reprogramming of funds from the DoD investment accounts, and longer term there also remains uncertainty about the federal government's 2014 fiscal year. These dynamics continue to cloud our visibility regarding future deal timing and revenues. Consequently, we are continuing to manage revenue and expense levels conservatively with a focus on maximizing our cash."

"We expect to make continued progress in our fiscal fourth quarter," Aslett said. "We believe Mercury's ongoing programs and platforms are closely aligned with the Defense Department's new roles and missions and should continue to be well-funded. Finally, we have the potential in fiscal 2014, for a number of major new design wins and programs should our customers be selected. We believe these programs will be important to ultimately growing Mercury's enterprise value for our shareholders."

Backlog

Mercury's total backlog at March 31, 2013 was $127.7 million, a $5.5 million sequential decrease from December 31, 2012, and a $22.5 million increase from March 31, 2012. Of the March 31, 2013 total backlog, $101.1 million represents orders scheduled to be shipped over the next 12 months. The defense backlog at March 31, 2013 was $108.7 million, a $5.6 million sequential decrease from December 31, 2012, and a $9.2 million increase from March 31, 2012. Bookings for the third quarter of fiscal 2013 were $48.6 million, compared to $62.8 million for the second quarter of fiscal 2013 and $49.6 million for the third quarter of fiscal 2012. The total book-to-bill ratio was 0.9 for the third quarter of fiscal 2013, compared to 1.3 for the second quarter of fiscal 2013 and 0.7 for the third quarter of fiscal 2012.

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