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Mercury Systems Reports Strong Third Quarter Results, Raises Fiscal 2014 Guidance

Stocks in this article: MRCY

Third quarter operating results include: Record Defense Bookings Book-to-Bill Ratio of 1.4 Adjusted EBITDA up nearly 50% Accelerated Integration Plan

CHELMSFORD, Mass., April 29, 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 third quarter which ended March 31, 2014.

Third Quarter Fiscal 2014 Results

Third quarter fiscal 2014 revenues were $55.5 million, an increase of $1.4 million, or 3%, compared to the third quarter of fiscal 2013, as revenues from defense customers increased $1.7 million and revenues from commercial customers decreased $0.3 million.

GAAP net loss for the third quarter of fiscal 2014 was $0.6 million, or a loss of $0.02 per share, compared to GAAP net income of $0.8 million, or $0.03 per diluted share, for the prior year's third quarter. Third quarter fiscal 2014 GAAP net loss per share included $0.07 associated with restructuring charges and $0.04 associated with the amortization of acquired intangible assets. Third quarter fiscal 2013 GAAP net income per diluted share included $0.05 of income tax benefits associated with the extension of the federal research and development tax credit and $0.05 associated with the amortization of intangible assets.

Third quarter fiscal 2014 GAAP net loss included approximately $0.8 million in tax benefits, $2.0 million in depreciation expense, $1.9 million in amortization of acquired intangible assets, $3.5 million in restructuring charges and $1.7 million in stock-based compensation costs. Third quarter fiscal 2014 adjusted EBITDA (net income before interest income and expense, income taxes, depreciation, amortization of acquired intangible assets, restructuring and other charges, impairment of long-lived assets, acquisition costs and other related expenses, fair value adjustments from purchase accounting, and stock-based compensation costs) was $7.7 million, compared to $5.2 million for the prior year's third quarter.

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