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Mercury Systems Reports Third Quarter Fiscal 2013 Results

Stocks in this article: MRCY

Revenues by Reporting Segment

Prior to the third quarter of fiscal 2013, Mercury's reporting segments were Advanced Computing Solutions (ACS) and Mercury Federal Systems (MFS). Following recent acquisitions that expanded Mercury's capabilities, coupled with the Company's recent name change to Mercury Systems, the Company initiated a reorganization to logically group and reflect the way in which it manages its business. As a result, effective January 1, 2013, Mercury's new reporting segments are Mercury Commercial Electronics (MCE) and Mercury Defense and Intelligence Systems (MDIS). All prior period results have been restated to reflect the change in reporting segments. A schedule providing selected historical unaudited quarterly financial information for the new reporting segments is included with this release.

Mercury Commercial Electronics (MCE) — Revenues for the third quarter of fiscal 2013 from MCE were $43.9 million, representing an increase of $3.5 million from the second quarter of fiscal 2013, as a result of an increase of $3.1 million in defense revenues and an increase of $0.4 million in commercial revenues. Fiscal 2013 third quarter MCE revenues decreased $10.0 million from the third quarter of fiscal 2012, as a result of a decrease of $11.8 million in defense revenues and an increase of $1.8 million in commercial revenues. Approximately 89% of MCE revenues for the second and third quarters of fiscal 2013 related to defense business, as compared to approximately 95% in the third quarter of fiscal 2012.

Mercury Defense and Intelligence Systems (MDIS)— Revenues for the third quarter of fiscal 2013 from MDIS were $13.0 million, representing a decrease of $1.1 million from the second quarter of fiscal 2013 and a decrease of $2.3 million from the third quarter of fiscal 2012.

The revenues by reporting segment do not include adjustments to eliminate $2.8 million of inter-company revenues included in those reporting segments in the third quarter of fiscal 2013.

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