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Mercury Systems Reports Fourth Quarter And Fiscal 2013 Results

Stocks in this article: MRCY

Fourth quarter operating results include: Bookings of $68.0 million Book to Bill of 1.2 Revenues of $55.4 million Net loss of $2.0 million GAAP net loss per share of $0.07 Adjusted EBITDA of $3.8 million Operating cash flow of $4.8 million

CHELMSFORD, Mass., August 6, 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 fourth quarter and fiscal year 2013 which ended June 30, 2013.

Fourth Quarter Fiscal 2013 Results

Fourth quarter fiscal 2013 revenues were $55.4 million, an increase of $1.3 million, or 2%, compared to the third quarter of fiscal 2013, as revenues from defense customers increased $0.2 million and revenues from commercial customers increased $1.1 million. Fiscal 2013 fourth quarter revenues decreased $5.4 million from the fourth quarter of the prior fiscal year, as revenues from defense customers decreased by $7.3 million, while revenues from commercial customers increased by $1.9 million.

GAAP net loss for the fourth quarter of fiscal 2013 was $2.0 million, or a loss of $0.07 per share, compared to GAAP net income of $0.8 million, or $0.03 per diluted share in the preceding quarter and GAAP net income of $5.7 million, or $0.19 per diluted share, for the prior year's fourth quarter. Fourth quarter fiscal 2012 GAAP net income included a $4.9 million benefit (or $0.16 per diluted share) related to the reversal of the LNX earn out liability. Fourth quarter fiscal 2013 GAAP net loss per share includes $0.03 associated with the restructuring activities in the fourth quarter of fiscal 2013, compared to $0.06 in the fourth quarter of fiscal 2012. Additionally, fourth quarter fiscal 2013 GAAP net loss per share includes $0.05 associated with the amortization of acquired intangible assets compared to $0.05 in the third quarter of fiscal 2013 and $0.02 in the fourth quarter of fiscal 2012.

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