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Mercury Systems Reports Fourth Quarter And Fiscal 2014 Results

Stocks in this article: MRCY

Fourth quarter operating results from continuing operations include:

Record defense bookings Book to Bill ratio of 1.5 Adjusted EBITDA doubled year-over-year Backlog increased 28% year-over-year

Company expects to achieve target business model for fiscal 2015

CHELMSFORD, Mass., August 5, 2014 (GLOBE NEWSWIRE) -- Mercury Systems, Inc. (Nasdaq:MRCY) ( www.mrcy.com ), a leading provider of affordable, commercially developed, open sensor processing systems and services for critical commercial, defense and intelligence applications, reported operating results for its fourth quarter and fiscal 2014 which ended June 30, 2014.

During the fourth quarter of fiscal 2014, the Company initiated a plan to divest its Mercury Intelligence Systems (MIS) subsidiary based on Mercury's strategic direction and investment priorities that are focused on its core business. As a result, MIS's financial results have been classified as discontinued operations beginning in the fourth quarter and for all prior periods presented in this release, and are excluded from the Company's financial results from continuing operations.

Fourth Quarter Fiscal 2014 Results

Fourth quarter fiscal 2014 revenues were $53.7 million, an increase of $1.9 million, or 4%, compared to the fourth quarter of fiscal 2013, as revenues from defense customers increased $4.6 million and revenues from commercial customers decreased $2.7 million. 

GAAP loss from continuing operations for the fourth quarter of fiscal 2014 was $0.7 million, or $0.02 per share, compared to GAAP loss from continuing operations of $2.0 million, or $0.06 per share, for the prior year's fourth quarter. Fourth quarter fiscal 2014 GAAP loss per share from continuing operations included $0.04 of restructuring charges and $0.04 for amortization of acquired intangible assets. Fourth quarter fiscal 2013 GAAP loss per share from continuing operations included $0.03 of restructuring charges and $0.05 for amortization of intangible assets.  

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