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TheStreet Open House

Mercury Systems Reports Third Quarter Fiscal 2013 Results

Stocks in this article: MRCY

For ease of reference, the Company has furnished the following historical quarterly financial information presented in the context of the new reporting segments:

Net Revenues March 31, 2013 December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011 September 30, 2011
MCE  $ 43,955  $ 40,490  $ 36,804  $ 48,884  $ 54,185  $ 66,058  $ 47,330
MDIS  13,006  14,068  15,836  15,965  15,265  5,191  4,171
Eliminations  (2,838)  (4,754)  (3,212)  (3,990)  (2,461)  (3,290)  (2,379)
Total net revenues  $ 54,123  $ 49,804  $ 49,428  $ 60,859  $ 66,989  $ 67,959  $ 49,122
               
               
Adjusted EBITDA March 31, 2013 December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011 September 30, 2011
MCE  $ 3,320  $ (323)  $ (2,208)  $ 5,866  $ 8,499  $ 18,047  $ 8,105
MDIS  1,885  1,972  3,223  3,417  3,118  1,115  558
Eliminations  37  (651)  624  18  390  (325)  66
Total adjusted EBITDA  $ 5,242  $ 998  $ 1,639  $ 9,301  $ 12,007  $ 18,837  $ 8,729

UNAUDITED SUPPLEMENTAL INFORMATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In thousands)

Adjusted EBITDA, a non-GAAP measure for reporting financial performance, excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP. Management believes that exclusion of these items assists in providing a more complete understanding of the Company's underlying operational results and trends, and management uses these measures along with the corresponding GAAP financial measures to manage the Company's business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. The adjustments to calculate this non-GAAP financial measure, and the basis for such adjustments, are outlined below:

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