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
TheStreet Open House

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

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.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

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