Revenues by Reporting Segment

Mercury Commercial Electronics (MCE) — Revenues for the second quarter of fiscal 2014 from MCE were $45.0 million, representing an increase of $4.5 million, or 11%, from the second quarter of fiscal 2013, as a result of an increase of $6.5 million in defense revenues primarily related to the Aegis and ASIP programs and a decrease of $2.0 million in commercial revenues. Approximately 95% of MCE revenues for the second quarter of fiscal 2014 related to defense business, as compared to approximately 89% in the second quarter of fiscal 2013.

Mercury Defense and Intelligence Systems (MDIS)— Revenues for the second quarter of fiscal 2014 from MDIS were $10.6 million, representing a decrease of $3.5 million from the second quarter of fiscal 2013 due primarily to lower EW revenue.

The revenues by reporting segment do not include adjustments to eliminate $2.5 million of inter-company revenues included in those reporting segments in the second quarter of fiscal 2014.

Business Outlook

This section presents our current expectations and estimates, given current visibility, on our business outlook for the current fiscal quarter. It is possible that actual performance will differ materially from the estimates given, either on the upside or on the downside. Investors should consider all of the risks with respect to these estimates, including those listed in the Safe Harbor Statement below and in our periodic filings with the U.S. Securities and Exchange Commission, and make themselves aware of how these risks may impact our actual performance.

For the third quarter of fiscal 2014, revenues are currently forecasted to be in the range of $50 million to $56 million. At this range, GAAP net loss per share is expected to be in the range of a net loss of $0.09 to $0.15 per share. Projected GAAP net loss per share includes $0.06 per share associated with restructuring activities and $0.04 per share associated with forecasted amortization of acquired intangible assets.

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