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Mercury Systems Reports First Quarter Fiscal 2014 Results

First quarter operating results include: Revenues of $53.9 million Net loss of $2.3 million GAAP net loss per share of $0.07 Adjusted EBITDA of $3.6 million Operating cash flow of $2.2 million

CHELMSFORD, Mass., October 29, 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, software and services for critical commercial, defense and intelligence applications, reported operating results for its fiscal 2014 first quarter which ended September 30, 2013.

First Quarter Fiscal 2014 Results

First quarter fiscal 2014 revenues were $53.9 million, an increase of $4.5 million, or 9%, compared to the first quarter of fiscal 2013, as revenues from commercial customers increased $2.6 million and revenues from defense customers increased $1.9 million.

GAAP net loss for the first quarter of fiscal 2014 was $2.3 million, or a loss of $0.07 per share, compared to GAAP net loss of $7.2 million, or $0.24 per share, for the prior year's first quarter. Both the first quarter of fiscal 2014 and the first quarter of fiscal 2013 GAAP net loss per share include $0.04 associated with the amortization of acquired intangible assets. First quarter fiscal 2013 GAAP net loss per share includes $0.11 for restructuring charges, and $0.01 for acquisition costs related to the Micronetics, Inc. acquisition, which was completed in last year's first quarter.

First quarter fiscal 2014 GAAP net loss includes approximately $1.3 million in tax benefits, $2.0 million in depreciation expense, $2.1 million in amortization of acquired intangible assets, and $3.0 million in stock-based compensation costs. First quarter fiscal 2014 adjusted EBITDA (net income before interest income and expense, income taxes, depreciation, amortization of acquired intangible assets, restructuring, impairment of long-lived assets, acquisition costs and other related expenses, fair value adjustments from purchase accounting, and stock-based compensation costs) was $3.6 million, compared to $1.6 million for the prior year's first quarter.

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