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Mercury Systems Reports Second Quarter Fiscal 2014 Results And Final Phase Of Acquisition Integration Plan

Stocks in this article: MRCY

Anticipates attainment of target business model for fiscal 2015 Expects profitability, ex-restructuring, for second half of fiscal 2014 Second quarter operating results include: Revenues of $53.1 million Operating cash flow of $7.4 million Adjusted EBITDA of $5.1 million Net loss of $1.0 million GAAP net loss per share of $0.03

CHELMSFORD, Mass., January 28, 2014 (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 second quarter which ended December 31, 2013.

Second Quarter Fiscal 2014 Results

Second quarter fiscal 2014 revenues were $53.1 million, an increase of $3.3 million, or 7%, compared to the second quarter of fiscal 2013, as revenues from defense customers increased $5.3 million and revenues from commercial customers decreased $2.0 million.

GAAP net loss for the second quarter of fiscal 2014 was $1.0 million, or a loss of $0.03 per share, compared to GAAP net loss of $4.8 million, or $0.16 per share, for the prior year's second quarter. Second quarter fiscal 2014 GAAP net loss per share includes $0.04 associated with the amortization of acquired intangible assets compared to $0.05 in the second quarter of fiscal 2013.

Second quarter fiscal 2014 GAAP net loss includes approximately $0.6 million in tax benefits, $2.0 million in depreciation expense, $1.9 million in amortization of acquired intangible assets, $0.1 million in restructuring charges, and $2.7 million in stock-based compensation costs. Second 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 $5.1 million, compared to $1.0 million for the prior year's second quarter.

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