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

Stocks in this article: MRCY

October – Mercury announced it received a $3.4 million follow-on order from a leading defense prime contractor for high-performance digital signal processing modules for an unmanned airborne SAR application. The order was booked in the Company's fiscal 2014 first quarter and is expected to be shipped over the next 12 months.

October – Mercury announced it received $4.6 million in follow-on orders from a leading defense prime contractor for high performance signal processing subsystems for a ship-borne radar application. The orders were booked in the Company's fiscal 2014 first quarter and are expected to be shipped within the next 24 months.

October – Mercury announced the deployment of the most powerful OpenVPX™-based sensor processing subsystem ever developed for an airborne intelligence, surveillance and reconnaissance application. Based on the OpenVPX™ open architecture standard, the subsystem can process and exploit huge amounts of sensor data in real-time, store it onboard for retrieval and forensic analysis and send imagery to ground stations or hand-held devices.

Conference Call Information

Mercury will host a conference call and simultaneous webcast on Tuesday, January 28, 2014, at 5:00 p.m. EST to discuss the second quarter fiscal 2014 results and review its financial and business outlook going forward.

To join the conference call, dial (877) 303-6977 in the USA and Canada, or (760) 298-5079 in all other countries. Please call five to ten minutes prior to the scheduled start time. The live audio webcast can be accessed from the 'Events and Presentations' page of Mercury's website at www.mrcy.com/investor .

A replay of the webcast will be available two hours after the call and archived on the same web page for 6 months.

Use of Non-GAAP (Generally Accepted Accounting Principles) Financial Measures

In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, the Company provides adjusted EBITDA and free cash flow, which are non-GAAP financial measures. Adjusted EBITDA excludes certain non-cash and other specified charges. Free cash flow is defined as cash flow from operating activities less capital expenditures. The Company believes these non-GAAP financial measures are useful to help investors understand its past financial performance and prospects for the future. However, the presentation of adjusted EBITDA and free cash flow is not meant to be considered in isolation or as a substitute for financial information provided in accordance with GAAP. Management believes the adjusted EBITDA and free cash flow financial measures assist in providing a more complete understanding of the Company's underlying operational results and trends, and management uses these measures along with the corresponding GAAP financial measures to manage the Company's business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. A reconciliation of GAAP to non-GAAP financial results discussed in this press release is contained in the attached exhibits.

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