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Mercury Systems Reports Rapid Progress On Acquisition Integration Plan

Stocks in this article: MRCY

Consolidates Operations and Implements Common Manufacturing and Accounting Systems in Advanced Microelectronics Centers; Launches Integrated Program Management System and Common Payroll and Banking Platforms

CHELMSFORD, Mass., March 4, 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 for critical commercial, defense and intelligence applications, today provided a progress update on its acquisition integration plan.

As discussed in Mercury's second-quarter fiscal 2014 financial results release on January 28, 2014, this phase of the plan consists of: facilities consolidation around the Company's Advanced Microelectronics Centers (AMCs) in Hudson, N.H. and West Caldwell, N.J.; business process and systems standardization across the Mercury enterprise; and realignment of engineering resources around the Advanced Development Center model introduced last year.

As previously reported, Phase II of the acquisition integration plan is expected to result in annualized gross savings of $16 million when fully implemented. Actions taken prior to the release of second-quarter fiscal 2014 financial results are expected to achieve approximately $9 million of these projected savings. These earlier steps focused primarily on the consolidation of a small Mercury facility into the Company's AMC in Hudson, N.H., as well as related headcount reductions.

Actions completed more recently include the consolidation of another facility into the Hudson AMC. In addition, Mercury migrated both AMCs to a common manufacturing and accounting system. The Company also successfully launched an integrated program management system within its Mercury Commercial Electronics business unit, and implemented common payroll and banking platforms companywide.

"The rapid progress made to date puts us well on our way toward creating the fully integrated business we have envisioned and enabling Mercury to support profitable future growth," said Mark Aslett, President and CEO, Mercury Systems. "The operational consolidation at our New Hampshire AMC was accomplished seamlessly with minimal disruption for our customers. This not only paves the way for consolidation of other non-core locations, which will further reduce Mercury's facilities footprint and expense base, but also facilitates our efforts to drive advanced microelectronics solutions into the marketplace."

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