Mercury Fourth Quarter Highlights
include:
Mercury Systems, Inc. (NASDAQ:MRCY) (www.mrcy.com), reported
operating results for its fiscal 2016 fourth quarter and year ended
June 30,
2016.
Management
Comments“The fourth quarter of fiscal 2016 was marked by
several major accomplishments for Mercury,” stated Mark Aslett,
Mercury’s President and Chief Executive Officer. “During the
quarter we completed the largest acquisition in the Company’s
history, and also completed two significant financing transactions
– one involving equity and the other debt - to facilitate the
acquisition as well as support future strategic initiatives.
Despite our increased focus on these significant activities during
the quarter, the Company once again delivered strong growth in both
revenue and profitability, and we finished the year with a record
backlog. In all, we are extremely pleased with the way the
year closed out and our prospects as we look forward,” said Aslett.
Fourth Quarter Fiscal 2016 ResultsTotal Company
fourth quarter fiscal 2016 revenues were $85.4 million, compared to
$64.1 million in the fourth quarter of last year. Excluding
the impact of the businesses acquired from Microsemi Corporation in
May (the “Acquired Business,”) revenues would have been $68.8
million, an increase of $4.7 million, or 7.3%, compared to the
fourth quarter of fiscal 2015.
Total GAAP income from continuing operations for the fourth
quarter was $8.5 million, or $0.22 per share, which includes $1.9
million or $0.05 per share of litigation and settlement
income. During the fourth quarter of fiscal 2016, the Company
adopted an accounting standard update related to the treatment of
share based compensation, which included a tax benefit of $1.1
million, or $0.03 per share for the quarter. Excluding the impact
of the Acquired Business, income from continuing operations for the
fourth quarter fiscal 2016 would have been $9.1 million, or $0.23
per share, with no fair value adjustments from purchase accounting.
This compared to GAAP income from continuing operations of $6.1
million, or $0.18 per share for the fourth quarter of fiscal 2015.
There was no impact of discontinued operations for the fourth
quarter of fiscal 2016, compared to a GAAP loss from discontinued
operations of ($0.2) million, or ($0.00) per share, for the prior
year’s fourth quarter.
Adjusted earnings per share (“adjusted EPS”) was $0.29 per share
for the fourth quarter of fiscal 2016, compared to $0.26 per share
in the fourth quarter fiscal 2015. Excluding the impact of
the Acquired Business, adjusted EPS for the fourth quarter of
fiscal 2016 would have been $0.25 per share.
Fourth quarter fiscal 2016 adjusted EBITDA for the total Company
was $18.3 million, and excluding the impact of the Acquired
Business would have been $13.6 million. This compared to
$14.2 million for the fourth quarter of fiscal 2015.
Cash flows from operating activities in the fourth quarter of
fiscal 2016 were a net inflow of $15.1 million, compared to a net
inflow of $12.7 million in the fourth quarter of fiscal 2015.
Free cash flow, defined as cash flow from operating activities less
capital expenditures, was a net inflow of $12.2 million in the
fourth quarter of fiscal 2016, compared to a net inflow of $10.2
million in the fourth quarter of fiscal 2015.
The Company’s reported financial results are from continuing
operations for all periods referenced in this release unless
otherwise noted. All per share information is presented on a
fully diluted basis and includes the impact of the 5.175 million
common shares issued by the Company in the follow-on underwritten
public offering that closed on April 13, 2016.
Full Year Fiscal 2016 ResultsFull year fiscal
2016 total Company revenues were $270.2 million. Excluding
the Acquired Business, revenues for the year would have been $253.5
million, an increase of $18.7 million, or approximately 8%, over
fiscal 2015.
Total GAAP income from continuing operations for fiscal 2016 was
$19.7 million, or $0.56 per share, which includes $1.9 million or
$0.05 per share of litigation and settlement income. As
previously mentioned, the Company adopted an accounting standard
update related to the treatment of share based compensation, which
included a tax benefit of $1.1 million, or $0.03 per share for the
year. Excluding the impact of the Acquired Business, income from
continuing operations for fiscal 2016 would have been $20.3
million, or $0.58 per share, with no fair value adjustments from
purchase accounting, compared to GAAP income from continuing
operations of $14.4 million, or $0.44 per share, for the prior
year. Adjusted EPS was $0.96 per share for fiscal 2016,
compared to $0.82 per share in fiscal 2015.
Fiscal 2016 adjusted EBITDA for the Company was $57.3 million,
and excluding the Acquired Business would have been $52.6 million,
an increase of 18.3% from $44.4 million in fiscal 2015.
Cash flows from operating activities in fiscal 2016 were a net
inflow of $36.9 million, compared to a net inflow of $32.2 million
in fiscal 2015. Free cash flow, defined as cash flow from
operating activities less capital expenditures, was a net inflow of
$29.1 million in fiscal 2016, compared to a net inflow of $26.2
million in fiscal 2015.
BookingsTotal bookings for the fourth quarter
of fiscal 2016 were $104.2 million, yielding a book-to-bill ratio
of 1.22 for the quarter. Total bookings for fiscal 2016 were $298.7
million, yielding a book-to-bill ratio of 1.11. Excluding the
impact of the Acquired Business, bookings for the fourth quarter of
fiscal 2016 would have been $73.9 million, yielding a book-to-bill
ratio of 1.07 for the quarter and representing a 10% decrease
compared to $82.5 million in bookings for the fourth quarter of
fiscal 2015. Excluding the impact of the Acquired Business, full
year bookings for fiscal 2016 were $268.4 million, or roughly flat
compared to $268.6 million in fiscal 2015, yielding a book-to-bill
ratio of 1.06.
BacklogMercury’s total backlog at June 30, 2016
was $287.7 million, a $79.7 million increase from a year ago.
Of the June 30, 2016 total backlog, $239.2 million represents
orders expected to be shipped over the next 12 months.
Excluding the impact of the Acquired Business, Mercury’s
total backlog would have been $224.9 million, a $16.9 million
increase from a year ago.
Business Outlook This section presents our
current expectations and estimates, given current visibility, on
our business outlook for the current fiscal quarter and fiscal year
2017. 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 first quarter of fiscal 2017, revenues are forecasted to
be in the range of $82.0 million to $87.0 million. Income
from continuing operations for the first quarter is expected to be
approximately $1.0 million to $2.3 million, or $0.02 to $0.06 per
share, assuming no restructuring, acquisition, or financing related
expenses in the period. Adjusted EPS is expected to be in the range
of $0.19 to $0.23 per share, using an effective tax rate of
approximately 35%. Adjusted EBITDA for the first quarter of
fiscal 2017 is expected to be in the range of $17.0 million to
$19.0 million. We currently estimate revenue for the full
fiscal year of $368.0 million to $376.0 million, and income from
continuing operations of $15.5 million to $18.1 million, or $0.39
to $0.45 per share. Adjusted EBITDA for the full fiscal year is
expected to be approximately $82.0 million to $86.0 million, and
adjusted EPS of approximately $0.96 to $1.02 per share. We
currently anticipate that approximately 70% of the Company’s total
combined revenue for the year will be attributable to the organic
business prior to the impact of the Acquired Business.
Recent HighlightsJune – Mercury Systems
announced it received a $7.9 million follow-on order from a leading
defense prime contractor for integrated microwave assemblies (IMAs)
for an unmanned electronic warfare (EW) jamming application. The
order was booked in the Company's fiscal 2016 fourth quarter and is
expected to be shipped over the next several quarters.
June – Mercury announced it received the 3-Star Supplier
Excellence Award from Raytheon's Integrated Defense Systems
business unit. The award recognizes the Company's Camarillo, Calif.
and San Jose, Calif. facilities for outstanding delivery and
quality performance.
June – Mercury announced it received a $2.4 million follow-on
order from a leading defense prime contractor for high-performance
GPS Selective Availability Anti-Spoofing Modules (SAASM) for a
precision guided munitions application. The order was booked in the
Company's fiscal 2016 fourth quarter and is expected to be shipped
over the next several quarters.
June – Mercury announced it received a $2.8 million follow-on
order from a leading defense prime contractor for high-performance
digital signal processing subsystems for an unmanned airborne
intelligence, surveillance and reconnaissance (ISR) application.
The order was booked in the Company's fiscal 2016 fourth quarter
and is expected to be shipped by its fiscal 2017 third quarter.
June – Mercury announced that its Hudson, N.H. Advanced
Microelectronics Center (AMC) received the 2016 James S. Cogswell
Outstanding Security Achievement Award from the U.S. Department of
Defense's Defense Security Service (DSS). This award, which
recognizes industrial security excellence, is the highest honor the
DSS presents to cleared industry partners. Out of the approximately
13,500 cleared facilities nationwide, only 42 facilities received a
Cogswell Award this year.
May – Mercury announced it received a $4.7 million contract from
a U.S. government facility for advanced digital transceivers for an
electronic warfare (EW) application. The order was booked in the
Company's fiscal 2016 fourth quarter and is expected to be shipped
over the next several quarters.
May – Mercury announced it received a $4.2 million follow-on
order from a leading defense prime contractor for high-performance
digital signal processing modules for an unmanned airborne
synthetic aperture radar (SAR) application. The order was booked in
the Company's fiscal 2016 fourth quarter and is expected to be
shipped by its fiscal 2017 second quarter.
May – Mercury announced that it was selected to join Intel's
FPGA technology-based Design Solutions Network (DSN) as a
platinum-tier provider, giving Mercury customers enhanced access to
a rich portfolio of FPGA and IP solutions that Intel acquired with
Altera. Altera is now the Intel Programmable Solutions Group
(PSG).
May – Mercury announced it received a $1.8 million order from a
leading defense prime contractor for advanced radio frequency (RF)
microwave tuners and intermediate frequency (IF) receivers for an
electronic warfare (EW) application. The order was booked in the
Company's fiscal 2016 third quarter and is expected to be shipped
over the next several quarters.
May – Mercury announced the completion of its previously pending
acquisition of the embedded security, RF and microwave, and custom
microelectronics businesses from Microsemi Corporation.
April – Mercury announced it received a $3 million order from a
leading defense prime contractor to provide radio frequency (RF)
subsystems for a naval satellite communications application. The
order was booked in the Company's fiscal 2016 third quarter and is
expected to be shipped over the next several quarters.
April – Mercury announced that its Mercury Defense Systems
subsidiary recently received a $4 million order from a leading
international aerospace and defense company for radio frequency
(RF) test systems for a missile defense application. The order was
booked in the Company's fiscal 2016 third quarter and is expected
to be shipped over the next several quarters.
April – Mercury announced it received $2.9 million in orders
from a leading defense prime contractor to provide digital signal
and image processing modules for an unmanned airborne ISR
application. The orders were booked in the Company's fiscal 2016
third quarter and are expected to be shipped over the next several
quarters.
April – Mercury announced that it priced its previously
announced underwritten public offering of 4,500,000 shares of its
common stock at $19.25 per share. The offering included a 30-day
option for the underwriters to purchase up to an additional 675,000
shares of common stock at the same per share price, which was
exercised in full. The offering closed on April 13, 2016.
April – Mercury announced it received a $15.4 million follow-on
order from a key government agency to deliver a sophisticated radio
frequency (RF) digital and processing subsystem solution for an
advanced electronic warfare (EW) application. The order was
received in the Company's fiscal 2016 third quarter and is expected
to be shipped over the next several quarters.
April – Mercury announced it received a $28 million order from a
leading defense prime contractor to supply high-performance digital
signal processing subsystems for a ground-based ballistic missile
defense radar processing application. The order was booked in the
Company's fiscal 2016 third quarter and is expected to be shipped
over the next several quarters.
Conference Call Information
Mercury will host a conference call and simultaneous webcast on
Tuesday, August 2, 2016, at 5:00 p.m. ET to discuss the fourth
quarter fiscal 2016 results and review its financial and business
outlook going forward.
To join the conference call, dial (877) 303-6977 in the USA and
Canada, or (760) 298-5079 in all other countries. Please call
five to ten minutes prior to the scheduled start time. The live
audio webcast can be accessed from the 'Events and Presentations'
page of Mercury's website at www.mrcy.com/investor.
A replay of the webcast will be available two hours after the
call and archived on the same web page for six months.
Use of Non-GAAP Financial MeasuresIn addition
to reporting financial results in accordance with generally
accepted accounting principles, or GAAP, the Company provides
adjusted EBITDA, adjusted income from continuing operations,
adjusted earnings per share “adjusted EPS”, and free cash flow,
which are non-GAAP financial measures. Adjusted EBITDA,
adjusted income from continuing operations, and adjusted EPS
exclude certain non-cash and other specified charges. Free cash
flow is defined as cash flow from operating activities less capital
expenditures. The Company believes these non-GAAP financial
measures are useful to help investors understand its past financial
performance and prospects for the future. However, these
non-GAAP measures should not be considered in isolation or as a
substitute for financial information provided in accordance with
GAAP. Management believes these non-GAAP measures assist in
providing a more complete understanding of the Company’s underlying
operational results and trends, and management uses these measures
along with the corresponding GAAP financial measures to manage the
Company’s business, to evaluate its performance compared to prior
periods and the marketplace, and to establish operational goals.
A reconciliation of GAAP to non-GAAP financial results
discussed in this press release is contained in the attached
exhibits.
Mercury Systems – Innovation That Matters™
Mercury Systems (NASDAQ:MRCY) is a leading commercial provider
of secure processing subsystems designed and made in the USA.
Optimized for customer and mission success, Mercury’s solutions
power a wide variety of critical defense and intelligence programs.
Headquartered in Chelmsford, Mass., Mercury is pioneering a
next-generation defense electronics business model specifically
designed to meet the industry’s current and emerging technology
needs. To learn more, visit www.mrcy.com.
Forward-Looking Safe Harbor
Statement
This press release contains certain forward-looking statements,
as that term is defined in the Private Securities Litigation Reform
Act of 1995, including those relating to fiscal 2017 business
performance and beyond and the Company’s plans for growth and
improvement in profitability and cash flow. You can identify these
statements by the use of the words “may,” “will,” “could,”
“should,” “would,” “plans,” “expects,” “anticipates,” “continue,”
“estimate,” “project,” “intend,” “likely,” “forecast,” “probable,”
“potential,” and similar expressions. These forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from those projected or anticipated.
Such risks and uncertainties include, but are not limited to,
continued funding of defense programs, the timing and amounts of
such funding, general economic and business conditions, including
unforeseen weakness in the Company’s markets, effects of continued
geopolitical unrest and regional conflicts, competition, changes in
technology and methods of marketing, delays in completing
engineering and manufacturing programs, changes in customer order
patterns, changes in product mix, continued success in
technological advances and delivering technological innovations,
changes in, or in the U.S. Government’s interpretation of, federal
export control or procurement rules and regulations, market
acceptance of the Company's products, shortages in components,
production delays due to performance quality issues with outsourced
components, inability to fully realize the expected benefits from
acquisitions and restructurings, or delays in realizing such
benefits, challenges in integrating acquired businesses and
achieving anticipated synergies, changes to export regulations,
increases in tax rates, changes to generally accepted accounting
principles, difficulties in retaining key employees and customers,
unanticipated costs under fixed-price service and system
integration engagements, and various other factors beyond our
control. These risks and uncertainties also include such additional
risk factors as are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, including its Annual
Report on Form 10-K for the fiscal year ended June 30, 2015. The
Company cautions readers not to place undue reliance upon any such
forward-looking statements, which speak only as of the date made.
The Company undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which such statement is made.
Mercury Systems, Innovation That Matters and Liquid Flow-By are
trademarks of Mercury Systems, Inc. Other product and company names
mentioned may be trademarks and/or registered trademarks of their
respective holders.
|
|
MERCURY SYSTEMS, INC. |
|
UNAUDITED CONSOLIDATED BALANCE SHEETS |
|
(In thousands) |
June 30, |
|
June 30, |
|
|
2016 |
2015 |
|
|
|
|
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
$ |
81,691 |
|
|
$ |
77,586 |
|
|
Accounts
receivable, net |
|
73,427 |
|
|
|
31,765 |
|
|
Unbilled
receivables and costs in excess of billings |
|
22,467 |
|
|
|
22,021 |
|
|
Inventory |
|
58,284 |
|
|
|
31,960 |
|
|
Prepaid
income taxes |
|
3,401 |
|
|
|
3,747 |
|
|
Prepaid
expenses and other current assets |
|
6,122 |
|
|
|
8,678 |
|
|
Total
current assets |
|
245,392 |
|
|
|
175,757 |
|
|
|
|
|
|
|
Restricted cash |
|
264 |
|
|
|
264 |
|
|
Property and equipment,
net |
|
28,337 |
|
|
|
13,226 |
|
|
Goodwill |
|
344,027 |
|
|
|
168,146 |
|
|
Intangible assets,
net |
|
116,673 |
|
|
|
17,998 |
|
|
Deferred income taxes |
|
- |
|
|
|
10,574 |
|
|
Other non-current
assets |
|
1,803 |
|
|
|
915 |
|
|
Total
assets |
$ |
736,496 |
|
|
$ |
386,880 |
|
|
|
|
|
|
|
Liabilities and
Shareholders’ Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts
payable |
$ |
26,723 |
|
|
$ |
6,928 |
|
|
Accrued
expenses |
|
10,273 |
|
|
|
9,005 |
|
|
Accrued
compensation |
|
13,283 |
|
|
|
9,875 |
|
|
Deferred
revenues and customer advances |
|
7,365 |
|
|
|
7,477 |
|
|
Current
portion of long-term debt |
|
10,000 |
|
|
|
- |
|
|
Total
current liabilities |
|
67,644 |
|
|
|
33,285 |
|
|
|
|
|
|
|
Deferred income taxes |
|
11,842 |
|
|
|
- |
|
|
Income taxes payable |
|
700 |
|
|
|
1,459 |
|
|
Long-term debt |
|
182,275 |
|
|
|
- |
|
|
Other non-current
liabilities |
|
991 |
|
|
|
1,998 |
|
|
Total
liabilities |
|
263,452 |
|
|
|
36,742 |
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
Common
stock |
|
387 |
|
|
|
326 |
|
|
Additional
paid-in capital |
|
357,500 |
|
|
|
254,568 |
|
|
Retained
earnings |
|
114,210 |
|
|
|
94,468 |
|
|
Accumulated
other comprehensive income |
|
947 |
|
|
|
776 |
|
|
Total
shareholders’ equity |
|
473,044 |
|
|
|
350,138 |
|
|
Total
liabilities and shareholders’ equity |
$ |
736,496 |
|
|
$ |
386,880 |
|
|
|
|
|
|
|
MERCURY SYSTEMS, INC. |
|
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
Net revenues |
$ |
85,430 |
|
|
$ |
64,119 |
|
|
$ |
270,154 |
|
|
$ |
234,847 |
|
|
Cost of revenues (1) |
|
47,254 |
|
|
|
32,852 |
|
|
|
145,380 |
|
|
|
124,628 |
|
|
Gross
margin |
|
38,176 |
|
|
|
31,267 |
|
|
|
124,774 |
|
|
|
110,219 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling,
general and administrative (1) |
|
15,556 |
|
|
|
12,201 |
|
|
|
52,952 |
|
|
|
49,010 |
|
|
Research and
development (1) |
|
10,497 |
|
|
|
8,593 |
|
|
|
33,543 |
|
|
|
32,554 |
|
|
Amortization
of intangible assets |
|
3,737 |
|
|
|
1,740 |
|
|
|
8,842 |
|
|
|
7,008 |
|
|
Restructuring and other charges |
|
272 |
|
|
|
718 |
|
|
|
1,240 |
|
|
|
3,175 |
|
|
Impairment
of long-lived assets |
|
- |
|
|
|
- |
|
|
|
231 |
|
|
|
- |
|
|
Acquisition
costs and other related expenses |
|
460 |
|
|
|
84 |
|
|
|
3,993 |
|
|
|
117 |
|
|
Total
operating expenses |
|
30,522 |
|
|
|
23,336 |
|
|
|
100,801 |
|
|
|
91,864 |
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
7,654 |
|
|
|
7,931 |
|
|
|
23,973 |
|
|
|
18,355 |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
42 |
|
|
|
8 |
|
|
|
131 |
|
|
|
21 |
|
|
Interest expense |
|
(1,162 |
) |
|
|
(11 |
) |
|
|
(1,172 |
) |
|
|
(34 |
) |
|
Other income, net |
|
2,056 |
|
|
|
54 |
|
|
|
2,354 |
|
|
|
453 |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations before income taxes |
|
8,590 |
|
|
|
7,982 |
|
|
|
25,286 |
|
|
|
18,795 |
|
|
Tax provision |
|
127 |
|
|
|
1,850 |
|
|
|
5,544 |
|
|
|
4,366 |
|
|
Income from continuing
operations |
|
8,463 |
|
|
|
6,132 |
|
|
|
19,742 |
|
|
|
14,429 |
|
|
Loss from discontinued
operations, net of tax |
|
- |
|
|
|
(202 |
) |
|
|
- |
|
|
|
(4,060 |
) |
|
Net income |
$ |
8,463 |
|
|
$ |
5,930 |
|
|
$ |
19,742 |
|
|
$ |
10,369 |
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings (loss)
per share: |
|
|
|
|
|
|
|
|
Continuing
operations |
$ |
0.22 |
|
|
$ |
0.19 |
|
|
$ |
0.58 |
|
|
$ |
0.45 |
|
|
Discontinued
operations |
|
- |
|
|
|
(0.01 |
) |
|
|
- |
|
|
|
(0.13 |
) |
|
Basic net earnings per
share: |
$ |
0.22 |
|
|
$ |
0.18 |
|
|
$ |
0.58 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
(loss) per share: |
|
|
|
|
|
|
|
|
Continuing
operations |
$ |
0.22 |
|
|
$ |
0.18 |
|
|
$ |
0.56 |
|
|
$ |
0.44 |
|
|
Discontinued
operations |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.13 |
) |
|
Diluted net earnings per
share: |
$ |
0.22 |
|
|
$ |
0.18 |
|
|
$ |
0.56 |
|
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
37,811 |
|
|
|
32,436 |
|
|
|
34,241 |
|
|
|
32,114 |
|
|
Diluted |
|
38,954 |
|
|
|
33,330 |
|
|
|
35,097 |
|
|
|
32,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
stock-based compensation expense, allocated as follows: |
|
Cost of
revenues |
$ |
134 |
|
|
$ |
118 |
|
|
$ |
441 |
|
|
$ |
493 |
|
|
Selling,
general and administrative |
$ |
1,871 |
|
|
$ |
1,561 |
|
|
$ |
7,864 |
|
|
$ |
6,751 |
|
|
Research and
development |
$ |
325 |
|
|
$ |
285 |
|
|
$ |
1,269 |
|
|
$ |
1,396 |
|
|
|
|
|
|
|
|
|
|
|
MERCURY SYSTEMS,
INC. |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(In
thousands) |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
Net
income |
$ |
8,463 |
|
|
$ |
5,930 |
|
|
$ |
19,742 |
|
|
$ |
10,369 |
|
|
Depreciation
and amortization |
|
5,864 |
|
|
|
3,394 |
|
|
|
15,742 |
|
|
|
13,840 |
|
|
Other
non-cash items, net |
|
2,103 |
|
|
|
1,371 |
|
|
|
6,323 |
|
|
|
9,427 |
|
|
Changes in
operating assets and liabilities |
|
(1,298 |
) |
|
|
1,992 |
|
|
|
(4,867 |
) |
|
|
(1,429 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
|
15,132 |
|
|
|
12,687 |
|
|
|
36,940 |
|
|
|
32,207 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
Acquisition
of businesses, net of cash acquired |
|
(300,000 |
) |
|
|
- |
|
|
|
(309,756 |
) |
|
|
- |
|
|
Purchases of
property and equipment |
|
(2,977 |
) |
|
|
(2,517 |
) |
|
|
(7,885 |
) |
|
|
(5,984 |
) |
|
(Increase)
decrease in other investing activities |
|
- |
|
|
|
(500 |
) |
|
|
(567 |
) |
|
|
386 |
|
|
|
|
|
|
|
|
|
|
|
Net cash
used in investing activities |
|
(302,977 |
) |
|
|
(3,017 |
) |
|
|
(318,208 |
) |
|
|
(5,598 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
Proceeds
from employee stock plans |
|
2,466 |
|
|
|
2,500 |
|
|
|
5,270 |
|
|
|
4,548 |
|
|
Payments of
capital lease obligations |
|
- |
|
|
|
(161 |
) |
|
|
- |
|
|
|
(642 |
) |
|
Payments for
retirement of common stock |
|
(917 |
) |
|
|
(944 |
) |
|
|
(5,128 |
) |
|
|
(944 |
) |
|
Proceeds
from equity offering, net |
|
92,766 |
|
|
|
- |
|
|
|
92,766 |
|
|
|
- |
|
|
Proceeds
from issuance of term debt, net |
|
191,974 |
|
|
|
- |
|
|
|
191,974 |
|
|
|
- |
|
|
Excess tax
benefits from stock-based compensation |
|
(1,384 |
) |
|
|
109 |
|
|
|
- |
|
|
|
943 |
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by financing activities |
|
284,905 |
|
|
|
1,504 |
|
|
|
284,882 |
|
|
|
3,905 |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
386 |
|
|
|
(108 |
) |
|
|
491 |
|
|
|
(215 |
) |
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase
in cash and cash equivalents |
|
(2,554 |
) |
|
|
11,066 |
|
|
|
4,105 |
|
|
|
30,299 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period |
|
84,245 |
|
|
|
66,520 |
|
|
|
77,586 |
|
|
|
47,287 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period |
$ |
81,691 |
|
|
$ |
77,586 |
|
|
$ |
81,691 |
|
|
$ |
77,586 |
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED SUPPLEMENTAL INFORMATION |
RECONCILIATION OF GAAP TO NON-GAAP
MEASURES |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA, a non-GAAP measure for reporting financial
performance, excludes the impact of certain items and, therefore,
has not been calculated in accordance with GAAP. Management
believes that exclusion of these items assists in providing a more
complete understanding of the Company’s underlying continuing
operations results and trends, and management uses these measures
along with the corresponding GAAP financial measures to manage the
Company’s business, to evaluate its performance compared to prior
periods and the marketplace, and to establish operational goals.
The adjustments to calculate this non-GAAP financial measure, and
the basis for such adjustments, are outlined below: |
|
|
|
|
|
|
|
|
Interest income and expense. The Company receives
interest income on investments and incurs interest expense on
loans, capital leases and other financing arrangements. These
amounts may vary from period to period due to changes in cash and
debt balances and interest rates driven by general market
conditions or other circumstances outside of the normal course of
Mercury’s operations. |
|
|
|
|
|
|
|
|
Income taxes. The Company’s GAAP tax expense can
fluctuate materially from period to period due to tax adjustments
that are not directly related to underlying operating performance
or to the current period of operations. |
|
|
|
|
|
|
|
|
Depreciation. The Company incurs depreciation expense
related to capital assets purchased to support the ongoing
operations of the business. These assets are recorded at cost
or fair value and are depreciated using the straight-line method
over the useful life of the asset. Purchases of such assets
may vary significantly from period to period and without any direct
correlation to underlying operating performance. |
|
|
|
|
|
|
|
|
Amortization of intangible assets. The Company incurs
amortization of intangibles related to various acquisitions it has
made and license agreements. These intangible assets are
valued at the time of acquisition, are amortized over a period of
several years after acquisition and generally cannot be changed or
influenced by management after acquisition. |
|
|
|
|
|
|
|
|
Restructuring and other charges. The Company incurs
restructuring and other charges in connection with management’s
decisions to undertake certain actions to realign operating
expenses through workforce reductions and the closure of certain
Company facilities, businesses and product lines. Management
believes this item is non-routine and may not be indicative of
ongoing operating results. |
|
|
|
|
|
|
|
|
Impairment of long-lived assets. The Company incurs
impairment charges of long-lived assets based on events that may or
may not be within the control of management. Management
believes these items are outside the normal operations of the
Company's business and are not indicative of ongoing operating
results. |
|
|
|
|
|
|
|
|
Acquisition and financing costs. The Company incurs
transaction costs related to acquisition and potential acquisition
opportunities, such as legal and accounting fees and
expenses. Although we may incur such third-party costs and
other related charges and adjustments, it is not indicative that
any transaction will be consummated. Additionally, the
Company incurs non-interest financing, bank and other fees
associated with obtaining and maintaining its financing
facilities. Management believes these items are outside the
normal operations of the Company’s business and are not indicative
of ongoing operating results. |
|
|
|
|
|
|
|
|
Fair value adjustments from purchase accounting. As a
result of applying purchase accounting rules to acquired assets and
liabilities, certain fair value adjustments are recorded in the
opening balance sheet of acquired companies. These
adjustments are then reflected in the Company’s income statements
in periods subsequent to the acquisition. In addition, the
impact of any changes to originally recorded contingent
consideration amounts are reflected in the income statements in the
period of the change. Management believes these items are outside
the normal operations of the Company and are not indicative of
ongoing operating results. |
|
Litigation and settlement income and expense. The Company
periodically receives income and incurs expenses related to pending
claims and litigation and associated legal fees and potential case
settlements and/or judgments. Although we may incur such
costs and other related charges and adjustments, it is not
indicative of any particular outcome until the matter is fully
resolved. Management believes these items are outside the normal
operations of the Company’s business and are not indicative of
ongoing operating results. The Company periodically receives
warranty claims from customers and makes warranty claims towards
its vendors and supply chain. Management believes the expenses and
gains associated with these recurring warranty items are within the
normal operations and operating cycle of the Company's business.
Therefore, management deems no adjustments are necessary unless
under extraordinary circumstances. |
|
|
|
|
|
|
|
|
Stock-based compensation expense. The Company incurs expense
related to stock-based compensation included in its GAAP
presentation of cost of revenues, selling, general and
administrative expense and research and development expense.
Although stock-based compensation is an expense of the Company and
viewed as a form of compensation, these expenses vary in amount
from period to period, and are affected by market forces that are
difficult to predict and are not within the control of management,
such as the market price and volatility of the Company’s shares,
risk-free interest rates and the expected term and forfeiture rates
of the awards. Management believes that exclusion of these
expenses allows comparisons of operating results to those of other
companies, both public, private or foreign, that disclose non-GAAP
financial measures that exclude stock-based compensation. |
|
|
|
|
|
|
|
|
Mercury uses adjusted EBITDA as an important indicator of the
operating performance of its business. Management excludes
the above-described items from its internal forecasts and models
when establishing internal operating budgets, supplementing the
financial results and forecasts reported to the Company’s board of
directors, determining the portion of bonus compensation for
executive officers and other key employees based on operating
performance, evaluating short-term and long-term operating trends
in the Company’s operations, and allocating resources to various
initiatives and operational requirements. The Company
believes that adjusted EBITDA permits a comparative assessment of
its operating performance, relative to its performance based on its
GAAP results, while isolating the effects of charges that may vary
from period to period without any correlation to underlying
operating performance. The Company believes that these
non-GAAP financial adjustments are useful to investors because they
allow investors to evaluate the effectiveness of the methodology
and information used by management in its financial and operational
decision-making. The Company believes that trends in its
adjusted EBITDA are valuable indicators of its operating
performance. |
|
|
|
|
|
|
|
|
Adjusted EBITDA is a non-GAAP financial measure and should not
be considered in isolation or as a substitute for financial
information provided in accordance with GAAP. This non-GAAP
financial measure may not be computed in the same manner as
similarly titled measures used by other companies. The
Company expects to continue to incur expenses similar to the
adjusted EBITDA financial adjustments described above, and
investors should not infer from the Company’s presentation of this
non-GAAP financial measure that these costs are unusual, infrequent
or non-recurring. |
|
|
|
|
|
|
|
|
The following table reconciles the most directly comparable
GAAP financial measure to the non-GAAP financial measure. |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
June 30, |
|
June 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Income from continuing
operations |
$ |
8,463 |
|
|
$ |
6,132 |
|
|
$ |
19,742 |
|
|
$ |
14,429 |
|
Interest
expense (income), net |
|
1,120 |
|
|
|
3 |
|
|
|
1,041 |
|
|
|
13 |
|
Income
taxes |
|
127 |
|
|
|
1,850 |
|
|
|
5,544 |
|
|
|
4,366 |
|
Depreciation |
|
2,127 |
|
|
|
1,532 |
|
|
|
6,900 |
|
|
|
6,332 |
|
Amortization
of intangible assets |
|
3,737 |
|
|
|
1,740 |
|
|
|
8,842 |
|
|
|
7,008 |
|
Restructuring and other charges |
|
272 |
|
|
|
718 |
|
|
|
1,240 |
|
|
|
3,175 |
|
Impairment
of long-lived assets |
|
- |
|
|
|
- |
|
|
|
231 |
|
|
|
- |
|
Acquisition
and financing costs |
|
653 |
|
|
|
251 |
|
|
|
4,701 |
|
|
|
451 |
|
Fair value
adjustments from purchase accounting |
|
1,384 |
|
|
|
- |
|
|
|
1,384 |
|
|
|
- |
|
Litigation
and settlement (income) expense, net |
|
(1,925 |
) |
|
|
- |
|
|
|
(1,925 |
) |
|
|
- |
|
Stock-based
compensation expense |
|
2,330 |
|
|
|
1,964 |
|
|
|
9,574 |
|
|
|
8,640 |
|
Adjusted EBITDA |
$ |
18,288 |
|
|
$ |
14,190 |
|
|
$ |
57,274 |
|
|
$ |
44,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow, a non-GAAP measure for reporting cash flow, is
defined as cash provided by operating activities less capital
expenditures and, therefore, has not been calculated in accordance
with GAAP. Management believes free cash flow provides investors
with an important perspective on cash available for investment and
acquisitions after making capital investments required to support
ongoing business operations and long-term value creation. The
Company believes that trends in its free cash flow are valuable
indicators of its operating performance and liquidity. |
|
|
|
|
|
|
|
|
Free cash flow is a non-GAAP financial measure and should not
be considered in isolation or as a substitute for financial
information provided in accordance with GAAP. This non-GAAP
financial measure may not be computed in the same manner as
similarly titled measures used by other companies. The
Company expects to continue to incur expenditures similar to the
free cash flow financial adjustment described above, and investors
should not infer from the Company’s presentation of this non-GAAP
financial measure that these expenditures reflect all of the
Company's obligations which require cash. |
|
|
|
|
|
|
|
|
The following table reconciles the most directly comparable
GAAP financial measure to the non-GAAP financial measure. |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
June 30, |
|
June 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Cash flows from
operations |
$ |
15,132 |
|
|
$ |
12,687 |
|
|
$ |
36,940 |
|
|
$ |
32,207 |
|
Capital
expenditures |
|
(2,977 |
) |
|
|
(2,517 |
) |
|
|
(7,885 |
) |
|
|
(5,984 |
) |
Free cash flow |
$ |
12,155 |
|
|
$ |
10,170 |
|
|
$ |
29,055 |
|
|
$ |
26,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED SUPPLEMENTAL INFORMATION |
RECONCILIATION OF GAAP TO NON-GAAP
MEASURES |
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
Adjusted income from continuing operations and adjusted
earnings per share ("adjusted EPS") are non-GAAP measures for
reporting financial performance, exclude the impact of certain
items and, therefore, have not been calculated in accordance with
GAAP. Management believes that exclusion of these items assists in
providing a more complete understanding of the Company’s underlying
continuing operations results and trends and allows for
comparability with our peer company index and industry. This
non-GAAP financial measure may not be computed in the same manner
as similarly titled measures used by other companies. The Company
uses these measures along with the corresponding GAAP financial
measures to manage the Company’s business and to evaluate its
performance compared to prior periods and the marketplace. The
Company defines adjusted income from continuing operations as
income from continuing operations before amortization of intangible
assets, restructuring and other charges, impairment of long-lived
assets, acquisition and financing costs, fair value adjustments
from purchase accounting, litigation and settlement income and
expense, stock-based compensation expense, and the tax impact of
those items. Adjusted EPS expresses adjusted income from continuing
operations on a per share basis using weighted average diluted
shares outstanding. |
|
The following table reconciles the most directly comparable
GAAP financial measures to the non-GAAP financial measures. |
|
|
Three Months Ended June 30, |
|
2016 |
|
2015 |
Income from continuing
operations and earnings per share |
$ |
8,463 |
|
|
$ |
0.22 |
|
|
$ |
6,132 |
|
|
$ |
0.18 |
|
Amortization
of intangible assets |
|
3,737 |
|
|
|
|
|
1,740 |
|
|
|
Restructuring and other charges |
|
272 |
|
|
|
|
|
718 |
|
|
|
Impairment
of long-lived assets |
|
- |
|
|
|
|
|
- |
|
|
|
Acquisition
and financing costs |
|
653 |
|
|
|
|
|
251 |
|
|
|
Fair value
adjustments from purchase accounting |
|
1,384 |
|
|
|
|
|
- |
|
|
|
Litigation
and settlement (income) expense, net |
|
(1,925 |
) |
|
|
|
|
- |
|
|
|
Stock-based
compensation expense |
|
2,330 |
|
|
|
|
|
1,964 |
|
|
|
Impact to
income taxes |
|
(3,782 |
) |
|
|
|
|
(2,030 |
) |
|
|
Adjusted income from
continuing operations and adjusted earnings per share |
$ |
11,132 |
|
|
$ |
0.29 |
|
|
$ |
8,775 |
|
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
Diluted
weighted-average shares outstanding: |
|
|
|
38,954 |
|
|
|
|
|
33,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended June 30, |
|
2016 |
|
2015 |
Income from continuing
operations and earnings per share |
$ |
19,742 |
|
|
$ |
0.56 |
|
|
$ |
14,429 |
|
|
$ |
0.44 |
|
Amortization
of intangible assets |
|
8,842 |
|
|
|
|
|
7,008 |
|
|
|
Restructuring and other charges |
|
1,240 |
|
|
|
|
|
3,175 |
|
|
|
Impairment
of long-lived assets |
|
231 |
|
|
|
|
|
- |
|
|
|
Acquisition
and financing costs |
|
4,701 |
|
|
|
|
|
451 |
|
|
|
Fair value
adjustments from purchase accounting |
|
1,384 |
|
|
|
|
|
- |
|
|
|
Litigation
and settlement (income) expense, net |
|
(1,925 |
) |
|
|
|
|
- |
|
|
|
Stock-based
compensation expense |
|
9,574 |
|
|
|
|
|
8,640 |
|
|
|
Impact to
income taxes |
|
(9,975 |
) |
|
|
|
|
(6,733 |
) |
|
|
Adjusted income from
continuing operations and adjusted earnings per share |
$ |
33,814 |
|
|
$ |
0.96 |
|
|
$ |
26,970 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
Diluted
weighted-average shares outstanding: |
|
|
|
35,097 |
|
|
|
|
|
32,939 |
|
|
|
|
|
|
|
|
|
MERCURY SYSTEMS, INC.
|
RECONCILIATION OF FORWARD-LOOKING GUIDANCE
RANGE |
Quarter Ending September 30, 2016 |
Year Ending June 30, 2017 |
(In thousands, except per share data) |
|
The Company defines adjusted EBITDA as income from continuing
operations before interest income and expense, income taxes,
depreciation, amortization of intangible assets, restructuring and
other charges, impairment of long-lived assets, acquisition
and financing costs, fair value adjustments from purchase
accounting, litigation and settlement income and expense, and
stock-based compensation expense. |
|
The following table reconciles the adjusted EBITDA financial
measure to its most directly comparable GAAP measure: |
|
|
Three Months Ending |
|
Twelve Months Ending |
|
September 30, 2016 |
|
June 30, 2017 |
|
Range |
|
Range |
|
Low |
|
High |
|
Low |
|
High |
|
|
|
|
|
|
|
|
GAAP expectation --
Earnings per share from continuing operations |
$ |
0.02 |
|
|
$ |
0.06 |
|
|
$ |
0.39 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP expectation --
Income from continuing operations |
$ |
1,000 |
|
|
$ |
2,300 |
|
|
$ |
15,500 |
|
|
$ |
18,100 |
|
|
|
|
|
|
|
|
|
Adjust for: |
|
|
|
|
|
|
|
Interest
expense (income), net |
|
1,800 |
|
|
|
1,800 |
|
|
|
7,100 |
|
|
|
7,100 |
|
Income
taxes |
|
500 |
|
|
|
1,200 |
|
|
|
8,500 |
|
|
|
9,900 |
|
Depreciation |
|
3,300 |
|
|
|
3,300 |
|
|
|
15,200 |
|
|
|
15,200 |
|
Amortization
of intangible assets |
|
4,500 |
|
|
|
4,500 |
|
|
|
17,400 |
|
|
|
17,400 |
|
Restructuring and other charges |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Impairment
of long-lived assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Acquisition
and financing costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Fair value
adjustments from purchase accounting |
|
2,100 |
|
|
|
2,100 |
|
|
|
2,800 |
|
|
|
2,800 |
|
Litigation
and settlement (income) expense, net |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Stock-based
compensation expense |
|
3,800 |
|
|
|
3,800 |
|
|
|
15,500 |
|
|
|
15,500 |
|
Adjusted EBITDA
expectation |
$ |
17,000 |
|
|
$ |
19,000 |
|
|
$ |
82,000 |
|
|
$ |
86,000 |
|
|
|
|
|
|
|
|
|
MERCURY SYSTEMS, INC.
|
RECONCILIATION OF FORWARD-LOOKING GUIDANCE
RANGE |
Quarter Ending September 30, 2016 |
Year Ending June 30, 2017 |
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
Adjusted income from continuing operations and adjusted
earnings per share ("adjusted EPS") are non-GAAP measures for
reporting financial performance, exclude the impact of certain
items and, therefore, have not been calculated in accordance with
GAAP. Management believes that exclusion of these items assists in
providing a more complete understanding of the Company’s underlying
continuing operations results and trends and allows for
comparability with our peer company index and industry. This
non-GAAP financial measure may not be computed in the same manner
as similarly titled measures used by other companies. The Company
uses these measures along with the corresponding GAAP financial
measures to manage the Company’s business and to evaluate its
performance compared to prior periods and the marketplace. The
Company defines adjusted income from continuing operations as
income from continuing operations before amortization of intangible
assets, restructuring and other charges, impairment of long-lived
assets, acquisition and financing costs, fair value adjustments
from purchase accounting, litigation and settlement income and
expense, stock-based compensation expense, and the tax impact of
those items. Adjusted EPS expresses adjusted income from continuing
operations on a per share basis using weighted average diluted
shares outstanding. |
|
The following table reconciles the most directly comparable
GAAP financial measures to the non-GAAP financial measures. |
|
|
Three Months Ending September 30, 2016 |
|
Range |
|
Low |
|
High |
Income from continuing
operations and earnings per share |
$ |
1,000 |
|
|
$ |
0.02 |
|
|
$ |
2,300 |
|
|
$ |
0.06 |
|
Amortization
of intangible assets |
|
4,500 |
|
|
|
|
|
4,500 |
|
|
|
Restructuring and other charges |
|
- |
|
|
|
|
|
- |
|
|
|
Impairment
of long-lived assets |
|
- |
|
|
|
|
|
- |
|
|
|
Acquisition
and financing costs |
|
- |
|
|
|
|
|
- |
|
|
|
Fair value
adjustments from purchase accounting |
|
2,100 |
|
|
|
|
|
2,100 |
|
|
|
Litigation
and settlement (income) expense, net |
|
- |
|
|
|
|
|
- |
|
|
|
Stock-based
compensation expense |
|
3,800 |
|
|
|
|
|
3,800 |
|
|
|
Impact to
income taxes |
|
(3,640 |
) |
|
|
|
|
(3,640 |
) |
|
|
Adjusted income from
continuing operations and adjusted earnings per share |
$ |
7,760 |
|
|
$ |
0.19 |
|
|
$ |
9,060 |
|
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
Diluted
weighted-average shares outstanding: |
|
|
|
40,129 |
|
|
|
|
|
40,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ending June 30, 2017 |
|
Range |
|
Low |
|
High |
Income from continuing
operations and earnings per share |
$ |
15,500 |
|
|
$ |
0.39 |
|
|
$ |
18,100 |
|
|
$ |
0.45 |
|
Amortization
of intangible assets |
|
17,400 |
|
|
|
|
|
17,400 |
|
|
|
Restructuring and other charges |
|
- |
|
|
|
|
|
- |
|
|
|
Impairment
of long-lived assets |
|
- |
|
|
|
|
|
- |
|
|
|
Acquisition
and financing costs |
|
- |
|
|
|
|
|
- |
|
|
|
Fair value
adjustments from purchase accounting |
|
2,800 |
|
|
|
|
|
2,800 |
|
|
|
Litigation
and settlement (income) expense, net |
|
- |
|
|
|
|
|
- |
|
|
|
Stock-based
compensation expense |
|
15,500 |
|
|
|
|
|
15,500 |
|
|
|
Impact to
income taxes |
|
(12,495 |
) |
|
|
|
|
(12,495 |
) |
|
|
Adjusted income from
continuing operations and adjusted earnings per share |
$ |
38,705 |
|
|
$ |
0.96 |
|
|
$ |
41,305 |
|
|
$ |
1.02 |
|
|
|
|
|
|
|
|
|
Diluted
weighted-average shares outstanding: |
|
|
|
40,356 |
|
|
|
|
|
40,356 |
|
|
|
|
|
|
|
|
|
Contact:
Gerry Haines, CFO
Mercury Systems, Inc.
978-967-1990
Mercury Systems (NASDAQ:MRCY)
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