$MRCY
MERCURY SYSTEMS INC

2013 Q3 Form 10-Q Financial Statement

#000104952113000018 Filed on November 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $50.73M $45.68M
YoY Change 11.05% -7.01%
Cost Of Revenue $29.16M $29.04M
YoY Change 0.43% 51.19%
Gross Profit $21.56M $19.24M
YoY Change 12.07% -35.69%
Gross Profit Margin 42.51% 42.12%
Selling, General & Admin $14.32M $14.53M
YoY Change -1.46% 6.51%
% of Gross Profit 66.42% 75.54%
Research & Development $9.312M $10.04M
YoY Change -7.24% -15.39%
% of Gross Profit 43.19% 52.18%
Depreciation & Amortization $4.120M $3.999M
YoY Change 3.03% 49.72%
% of Gross Profit 19.11% 20.79%
Operating Expenses $25.60M $31.57M
YoY Change -18.91% 19.82%
Operating Profit -$4.041M -$11.52M
YoY Change -64.93% -423.25%
Interest Expense $15.00K $8.000K
YoY Change 87.5% -11.11%
% of Operating Profit
Other Income/Expense, Net $432.0K $339.0K
YoY Change 27.43% -16.3%
Pretax Income -$3.623M -$11.19M
YoY Change -67.63% -382.1%
Income Tax -$1.319M -$3.817M
% Of Pretax Income
Net Earnings -$2.256M -$7.200M
YoY Change -68.67% -371.39%
Net Earnings / Revenue -4.45% -15.76%
Basic Earnings Per Share -$0.07 -$0.24
Diluted Earnings Per Share -$0.07 -$0.24
COMMON SHARES
Basic Shares Outstanding 30.65M shares 29.88M shares
Diluted Shares Outstanding 30.65M shares 29.88M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.10M $30.60M
YoY Change 31.05% -81.56%
Cash & Equivalents $40.11M $30.57M
Short-Term Investments
Other Short-Term Assets $21.00M $20.90M
YoY Change 0.48% 81.74%
Inventory $35.18M $40.44M
Prepaid Expenses
Receivables $35.14M $40.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $145.3M $143.3M
YoY Change 1.44% -40.59%
LONG-TERM ASSETS
Property, Plant & Equipment $14.57M $19.74M
YoY Change -26.21% 39.0%
Goodwill $176.6M $177.5M
YoY Change -0.51%
Intangibles $32.76M $41.80M
YoY Change -21.62%
Long-Term Investments
YoY Change
Other Assets $1.061M $1.098M
YoY Change -3.37% -71.85%
Total Long-Term Assets $225.5M $243.7M
YoY Change -7.45% 114.52%
TOTAL ASSETS
Total Short-Term Assets $145.3M $143.3M
Total Long-Term Assets $225.5M $243.7M
Total Assets $370.9M $387.0M
YoY Change -4.16% 9.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.522M $10.89M
YoY Change -30.91% -12.9%
Accrued Expenses $6.743M $12.67M
YoY Change -46.79% -7.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.42M $36.50M
YoY Change -24.89% 15.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.179M $1.678M
YoY Change -29.74% -86.89%
Total Long-Term Liabilities $1.179M $1.678M
YoY Change -29.74% -86.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.42M $36.50M
Total Long-Term Liabilities $1.179M $1.678M
Total Liabilities $41.67M $58.43M
YoY Change -28.68% 21.47%
SHAREHOLDERS EQUITY
Retained Earnings $93.27M $101.5M
YoY Change -8.14%
Common Stock $309.0K $300.0K
YoY Change 3.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $329.2M $328.6M
YoY Change
Total Liabilities & Shareholders Equity $370.9M $387.0M
YoY Change -4.16% 9.07%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$2.256M -$7.200M
YoY Change -68.67% -371.39%
Depreciation, Depletion And Amortization $4.120M $3.999M
YoY Change 3.03% 49.72%
Cash From Operating Activities $2.173M -$9.949M
YoY Change -121.84% -335.98%
INVESTING ACTIVITIES
Capital Expenditures $1.108M $980.0K
YoY Change 13.06% -40.46%
Acquisitions $0.00 $67.72M
YoY Change -100.0%
Other Investing Activities $0.00 $265.0K
YoY Change -100.0%
Cash From Investing Activities -$1.108M -$68.97M
YoY Change -98.39% 4039.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$61.00K -$6.479M
YoY Change -99.06% -1695.81%
NET CHANGE
Cash From Operating Activities $2.173M -$9.949M
Cash From Investing Activities -$1.108M -$68.97M
Cash From Financing Activities -$61.00K -$6.479M
Net Change In Cash $1.004M -$85.39M
YoY Change -101.18% -2988.84%
FREE CASH FLOW
Cash From Operating Activities $2.173M -$9.949M
Capital Expenditures $1.108M $980.0K
Free Cash Flow $1.065M -$10.93M
YoY Change -109.74% -525.25%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of Business</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mercury Systems, Inc. (the &#8220;Company&#8221; or &#8220;Mercury&#8221;) provides commercially developed, open sensor and Big Data processing systems, software and services for critical commercial, defense and intelligence applications. The Company delivers innovative solutions, rapid time-to-value and world-class service and support to our defense prime contractor customers. The Company's products and solutions have been deployed in more than </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">300</font><font style="font-family:inherit;font-size:10pt;"> programs with over </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">25</font><font style="font-family:inherit;font-size:10pt;"> different defense prime contractors. Key programs include Aegis, Patriot, Surface Electronic Warfare Improvement Program ("SEWIP"), Predator and Reaper. The Company also delivers services and solutions in support of the intelligence community. Mercury Systems operates across a broad spectrum of defense and intelligence programs and the Company delivers its solutions and services via three business units: (i) Mercury Commercial Electronics ("MCE"); (ii) Mercury Defense Systems ("MDS") and; (iii) Mercury Intelligence Systems ("MIS"). </font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">MCE delivers innovative, commercially developed, open sensor and Big Data processing systems, software and services that include embedded multi-computing and embedded sensor processing. Mercury's products include, but are not limited to, embedded processing boards, digital receiver boards, and chassis-based systems using air, conduction, and proprietary cooling technologies. MCE has added capabilities around radio frequency ("RF") and microwave technologies, including tuners, converters, transceivers, switch filters, and power amplifiers and limiters, as well as emerging new manufacturing capabilities on a more scalable basis. MDS leverages commercially available technologies and solutions (or &#8220;building blocks&#8221;) from the Company's MCE business. MDS leverages this technology to develop integrated sensor processing subsystems and capabilities, for the C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance), electronic warfare ("EW"), electronic counter measures ("ECM"), signal intelligence ("SIGINT") and radar test and simulation markets. MIS delivers Big Data processing capabilities, software data processing solutions and predictive analytics capabilities to address intelligence community and Department of Defense ("DoD") mission needs. These three business units allow the Company to deliver capabilities that combine technology building blocks, deep domain expertise in the defense sector and critical solution areas, and specialized skills in serving the DoD and the intelligence community.</font></div></div>
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18000 USD
CY2013Q3 us-gaap Other Noncash Income Expense
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243000 USD
CY2013Q3 us-gaap Other Nonoperating Income Expense
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432000 USD
CY2012Q3 us-gaap Other Nonoperating Income Expense
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339000 USD
CY2013Q3 us-gaap Payments For Proceeds From Other Investing Activities
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0 USD
CY2012Q3 us-gaap Payments For Proceeds From Other Investing Activities
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265000 USD
CY2013Q3 us-gaap Payments For Restructuring
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523000 USD
CY2013Q3 us-gaap Payments To Acquire Available For Sale Securities Debt
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0 USD
CY2012Q3 us-gaap Payments To Acquire Available For Sale Securities Debt
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6575000 USD
CY2013Q3 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2012Q3 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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67721000 USD
CY2013Q3 us-gaap Research And Development Expense
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CY2013Q3 us-gaap Prepaid Expense And Other Assets Current
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CY2013Q3 us-gaap Preferred Stock Shares Authorized
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CY2013Q2 us-gaap Preferred Stock Shares Authorized
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1000000 shares
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0 shares
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0 shares
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0 USD
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0 USD
CY2013Q2 us-gaap Prepaid Taxes
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CY2013Q3 us-gaap Proceeds From Stock Options Exercised
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60000 USD
CY2012Q3 us-gaap Proceeds From Stock Options Exercised
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133000 USD
CY2013Q2 us-gaap Property Plant And Equipment Net
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CY2013Q3 us-gaap Repayments Of Debt And Capital Lease Obligations
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CY2012Q3 us-gaap Repayments Of Debt And Capital Lease Obligations
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CY2012Q3 us-gaap Research And Development Expense
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10039000 USD
CY2012Q3 us-gaap Payments To Acquire Property Plant And Equipment
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980000 USD
CY2013Q3 us-gaap Payments To Acquire Property Plant And Equipment
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1108000 USD
CY2013Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2013Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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546000 USD
CY2013Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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546000 USD
CY2013Q3 us-gaap Restructuring Charges
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CY2013Q2 us-gaap Restructuring Reserve Current
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CY2013Q3 us-gaap Restructuring Reserve Current
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CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2012Q3 us-gaap Revenues
Revenues
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CY2013Q3 us-gaap Revenues
Revenues
53940000 USD
CY2012Q3 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
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0 USD
CY2013Q3 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
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0 USD
CY2013Q2 us-gaap Sale Leaseback Transaction Deferred Gain Net
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CY2013Q3 us-gaap Sale Leaseback Transaction Deferred Gain Net
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CY2013Q3 us-gaap Selling General And Administrative Expense
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CY2013Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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684000 USD
CY2013Q3 us-gaap Stock Issued1
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CY2012Q3 us-gaap Stock Issued1
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CY2013Q3 us-gaap Stockholders Equity
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329218000 USD
CY2013Q2 us-gaap Stockholders Equity
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328501000 USD
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2013Q3 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">U</font><font style="font-family:inherit;font-size:8pt;">SE</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:8pt;">OF</font><font style="font-family:inherit;font-size:10pt;"> E</font><font style="font-family:inherit;font-size:8pt;">STIMATES</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</font></div></div>
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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29883000 shares
CY2012Q3 mrcy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
1638000 USD
CY2013Q3 mrcy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
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3619000 USD
CY2013Q3 mrcy Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign Countries
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToIndividualForeignCountries
53940000 USD
CY2012Q3 mrcy Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign Countries
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToIndividualForeignCountries
49428000 USD
CY2012Q3 mrcy Fair Value Adjustments From Purchase Accounting
FairValueAdjustmentsFromPurchaseAccounting
-925000 USD
CY2013Q3 mrcy Fair Value Adjustments From Purchase Accounting
FairValueAdjustmentsFromPurchaseAccounting
0 USD
CY2013Q3 mrcy Fair Value Of Unvested Stock Options Assumed
FairValueOfUnvestedStockOptionsAssumed
0 USD
CY2012Q3 mrcy Fair Value Of Unvested Stock Options Assumed
FairValueOfUnvestedStockOptionsAssumed
513000 USD
CY2013Q3 mrcy Natureof Business Numberof Contractors Using Productsand Services
NatureofBusinessNumberofContractorsUsingProductsandServices
25 contractor
CY2013Q3 mrcy Natureof Business Numberof Programs Using Productsand Services
NatureofBusinessNumberofProgramsUsingProductsandServices
300 program
CY2013Q3 mrcy Restructuring Expense Reversal
RestructuringExpenseReversal
15000 USD
CY2013Q3 dei Amendment Flag
AmendmentFlag
false
CY2013Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2013Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2013Q3 dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
CY2013Q3 dei Document Type
DocumentType
10-Q
CY2013Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001049521
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
33289445 shares
CY2013Q3 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2013Q3 dei Entity Registrant Name
EntityRegistrantName
MERCURY SYSTEMS INC
CY2013Q3 dei Trading Symbol
TradingSymbol
MRCY

Files In Submission

Name View Source Status
0001049521-13-000018-index-headers.html Edgar Link pending
0001049521-13-000018-index.html Edgar Link pending
0001049521-13-000018.txt Edgar Link pending
0001049521-13-000018-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
mrcy-09302013x10q.htm Edgar Link pending
mrcy-09302013xexx311.htm Edgar Link pending
mrcy-09302013xexx312.htm Edgar Link pending
mrcy-09302013xexx321.htm Edgar Link pending
mrcy-20130930.xml Edgar Link completed
mrcy-20130930.xsd Edgar Link pending
mrcy-20130930_cal.xml Edgar Link unprocessable
mrcy-20130930_def.xml Edgar Link unprocessable
mrcy-20130930_lab.xml Edgar Link unprocessable
mrcy-20130930_pre.xml Edgar Link unprocessable
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report.css Edgar Link pending
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