This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Mercury Systems Reports First Quarter Fiscal 2014 Results

Stocks in this article: MRCY

"The difference today versus 12 months ago is that we are now more than a year into managing in this challenging environment," Aslett said. "Not only have we improved the cost structure of the business to continue to generate positive cash flow, but our focus on building backlog has put us in a significantly better position than we were at this point last year. Given our focus on cash management and recent expense reductions, we believe that we have created substantial operating leverage in our business. We are confident that, as the defense industry emerges from its current period of uncertainty, this will lead to a significant improvement in Mercury's profitability, cash flow generation and enterprise value over time."

Backlog

Mercury's total backlog at September 30, 2013 was $133.3 million, a $13.1 million increase from September 30, 2012. Of the September 30, 2013 total backlog, $116.1 million represents orders scheduled to be shipped over the next 12 months. The defense backlog at September 30, 2013 was $114.7 million, a $6.8 million increase from September 30, 2012. Bookings for the first quarter of fiscal 2014 were $46.9 million, a 14% increase, compared to $41.1 million for the first quarter of fiscal 2013. The total book-to-bill ratio was 0.9 for the first quarter of fiscal 2014, compared to 0.8 for the first quarter of fiscal 2013.

Revenues by Reporting Segment

Mercury Commercial Electronics (MCE) — Revenues for the first quarter of fiscal 2014 from MCE were $44.6 million, representing an increase of $7.8 million, or 21%, from the first quarter of fiscal 2013, as a result of an increase of $5.1 million in defense revenues related to the Patriot and SEWIP programs and an increase of $2.7 million in commercial revenues. Approximately 83% of MCE revenues for the first quarter of fiscal 2014 related to defense business, as compared to approximately 87% in the first quarter of fiscal 2013. 

Mercury Defense and Intelligence Systems (MDIS)— Revenues for the first quarter of fiscal 2014 from MDIS were $11.1 million, representing a decrease of $4.7 million from the first quarter of fiscal 2013 due primarily to lower revenue from the Gorgon Stare program.

The revenues by reporting segment do not include adjustments to eliminate $1.8 million of inter-company revenues included in those reporting segments in the first quarter of fiscal 2014.

3 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs