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Mercury Systems Reports Fourth Quarter And Fiscal 2013 Results

Backlog

Mercury's total backlog at June 30, 2013 was $140.3 million, a $12.6 million sequential increase from March 31, 2013, and a $35.7 million increase from June 30, 2012. Of the June 30, 2013 total backlog, $113.2 million represents orders scheduled to be shipped over the next 12 months. The defense backlog at June 30, 2013 was $117.2 million, an $8.5 million sequential increase from March 31, 2013, and a $15.8 million increase from June 30, 2012. Bookings for the fourth quarter of fiscal 2013 were $68.0 million, compared to $48.6 million for the third quarter of fiscal 2013 and $60.3 million for the fourth quarter of fiscal 2012. The total book-to-bill ratio was 1.2 for the fourth quarter of fiscal 2013, compared to 0.9 for the third quarter of fiscal 2013 and 1.0 for the fourth quarter of fiscal 2012.

Revenues by Reporting Segment

Mercury Commercial Electronics (MCE) — Revenues for the fourth quarter of fiscal 2013 from MCE were $45.1 million, representing an increase of $1.1 million from the third quarter of fiscal 2013, as a result of an increase of $1.1 million in commercial revenues. Fiscal 2013 fourth quarter MCE revenues decreased $3.8 million from the fourth quarter of fiscal 2012, as a result of a decrease of $5.7 million in defense revenues and an increase of $1.9 million in commercial revenues. Approximately 87% of MCE revenues for the fourth quarter of fiscal 2013 related to defense business, as compared to approximately 89% in the third quarter of fiscal 2013 and approximately 92% in the fourth quarter of fiscal 2012. Revenues in fiscal 2013 for MCE were $166.3 million as compared with $216.5 million in fiscal 2012.

Mercury Defense and Intelligence Systems (MDIS) — Revenues for the fourth quarter of fiscal 2013 from MDIS were $13.2 million, representing an increase of $0.2 million from the third quarter of fiscal 2013 and a decrease of $2.8 million from the fourth quarter of fiscal 2012. Revenues in fiscal 2013 for MDIS were $56.1 million as compared with $40.6 million in 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 fourth quarter of fiscal 2013 and $13.6 million for the full year fiscal 2013.

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