$MRCY
MERCURY SYSTEMS INC

2014 Q2 Form 10-Q Financial Statement

#000104952114000009 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $53.68M $53.39M $50.36M
YoY Change 3.59% 6.01% -24.82%
Cost Of Revenue $29.20M $29.02M $31.55M
YoY Change 25.32% -8.03% -1.18%
Gross Profit $24.48M $24.38M $21.35M
YoY Change 16.33% 14.17% -39.11%
Gross Profit Margin 45.61% 45.65% 42.39%
Selling, General & Admin $13.10M $12.36M $13.92M
YoY Change 11.97% -11.17% -8.54%
% of Gross Profit 53.51% 50.72% 65.19%
Research & Development $8.100M $8.166M $7.503M
YoY Change 8.0% 8.84% -34.48%
% of Gross Profit 33.09% 33.5% 35.14%
Depreciation & Amortization $3.700M $1.923M $2.068M
YoY Change -15.91% -7.01% 4.97%
% of Gross Profit 15.11% 7.89% 9.69%
Operating Expenses $22.90M $25.78M $24.04M
YoY Change 8.53% 7.26% -14.02%
Operating Profit -$296.0K -$1.407M -$1.850M
YoY Change -92.73% -23.95% -126.03%
Interest Expense $0.00 $11.00K $7.000K
YoY Change 57.14% -12.5%
% of Operating Profit
Other Income/Expense, Net $300.0K $337.0K $24.00K
YoY Change 200.0% 1304.17% -95.42%
Pretax Income $18.00K -$1.079M -$1.831M
YoY Change -100.45% -41.07% -124.01%
Income Tax $729.0K -$809.0K -$2.341M
% Of Pretax Income 4050.0%
Net Earnings -$7.546M -$578.0K $788.0K
YoY Change 275.05% -173.35% -84.98%
Net Earnings / Revenue -14.06% -1.08% 1.56%
Basic Earnings Per Share -$0.24 -$0.02 $0.03
Diluted Earnings Per Share -$0.24 -$0.02 $0.03
COMMON SHARES
Basic Shares Outstanding 33.25M shares 31.16M shares 30.24M shares
Diluted Shares Outstanding 31.16M shares 30.41M shares

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.30M $45.70M $35.10M
YoY Change 20.97% 30.2% -69.43%
Cash & Equivalents $47.29M $45.71M $35.15M
Short-Term Investments
Other Short-Term Assets $21.70M $17.90M $20.90M
YoY Change -6.87% -14.35% 42.18%
Inventory $31.66M $35.33M $38.74M
Prepaid Expenses
Receivables $37.63M $33.54M $29.47M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $160.3M $151.0M $142.3M
YoY Change 9.57% 6.14% -29.27%
LONG-TERM ASSETS
Property, Plant & Equipment $14.14M $15.23M $16.63M
YoY Change -2.2% -8.45% 7.99%
Goodwill $168.1M $177.1M $178.4M
YoY Change 0.36% -0.72%
Intangibles $25.01M $28.95M $37.21M
YoY Change -22.6% -22.19%
Long-Term Investments
YoY Change
Other Assets $987.0K $713.0K $1.305M
YoY Change -14.77% -45.36% -68.93%
Total Long-Term Assets $213.4M $222.6M $234.1M
YoY Change -6.45% -4.93% 31.44%
TOTAL ASSETS
Total Short-Term Assets $160.3M $151.0M $142.3M
Total Long-Term Assets $213.4M $222.6M $234.1M
Total Assets $373.7M $373.6M $376.4M
YoY Change -0.19% -0.74% -0.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.054M $10.41M $5.997M
YoY Change 47.79% 73.62% -26.87%
Accrued Expenses $8.377M $9.440M $7.779M
YoY Change 17.74% 21.35% -68.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $32.93M $33.02M $28.62M
YoY Change 6.85% 15.38% -23.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.666M $1.733M $1.216M
YoY Change 31.28% 42.52% -83.57%
Total Long-Term Liabilities $1.666M $1.733M $1.216M
YoY Change 31.28% 42.52% -83.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.93M $33.02M $28.62M
Total Long-Term Liabilities $1.666M $1.733M $1.216M
Total Liabilities $46.57M $41.33M $47.97M
YoY Change 1.38% -13.84% -11.65%
SHAREHOLDERS EQUITY
Retained Earnings $84.10M $91.65M $97.54M
YoY Change -11.96% -6.04%
Common Stock $312.0K $312.0K $303.0K
YoY Change 2.63% 2.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $327.1M $332.3M $328.4M
YoY Change
Total Liabilities & Shareholders Equity $373.7M $373.6M $376.4M
YoY Change -0.19% -0.74% -0.77%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$7.546M -$578.0K $788.0K
YoY Change 275.05% -173.35% -84.98%
Depreciation, Depletion And Amortization $3.700M $1.923M $2.068M
YoY Change -15.91% -7.01% 4.97%
Cash From Operating Activities $2.500M $2.200M $1.700M
YoY Change -47.92% 29.41% -86.4%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$1.200M -$600.0K
YoY Change 0.0% 100.0% -78.57%
Acquisitions
YoY Change
Other Investing Activities $300.0K $0.00 $100.0K
YoY Change -62.5% -100.0%
Cash From Investing Activities -$1.300M -$1.200M -$400.0K
YoY Change 44.44% 200.0% -86.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 400.0K 100.0K -100.0K
YoY Change 33.33% -200.0% -133.33%
NET CHANGE
Cash From Operating Activities 2.500M 2.200M 1.700M
Cash From Investing Activities -1.300M -1.200M -400.0K
Cash From Financing Activities 400.0K 100.0K -100.0K
Net Change In Cash 1.600M 1.100M 1.200M
YoY Change -61.9% -8.33% -87.88%
FREE CASH FLOW
Cash From Operating Activities $2.500M $2.200M $1.700M
Capital Expenditures -$1.600M -$1.200M -$600.0K
Free Cash Flow $4.100M $3.400M $2.300M
YoY Change -35.94% 47.83% -84.97%

Facts In Submission

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dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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dei Trading Symbol
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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"), F-15, 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 </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> operating segments: (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, synthesizers, switch filters, and power amplifiers and limiters, as well as new scalable manufacturing capabilities. 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"), signals 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 operating segments 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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Revenues
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us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
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CY2013Q2 us-gaap Sale Leaseback Transaction Deferred Gain Net
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CY2014Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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us-gaap Stock Issued1
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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>
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q1 mrcy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
5242000 USD
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16374000 USD
CY2014Q1 mrcy Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign Countries
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToIndividualForeignCountries
55500000 USD
mrcy Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign Countries
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToIndividualForeignCountries
153355000 USD
CY2013Q1 mrcy Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign Countries
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToIndividualForeignCountries
54123000 USD
mrcy Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign Countries
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToIndividualForeignCountries
162530000 USD
mrcy Fair Value Adjustments From Purchase Accounting
FairValueAdjustmentsFromPurchaseAccounting
0 USD
mrcy Fair Value Adjustments From Purchase Accounting
FairValueAdjustmentsFromPurchaseAccounting
-2293000 USD
CY2014Q1 mrcy Fair Value Adjustments From Purchase Accounting
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0 USD
CY2013Q1 mrcy Fair Value Adjustments From Purchase Accounting
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-96000 USD
mrcy Fair Value Of Unvested Stock Options Assumed
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0 USD
mrcy Fair Value Of Unvested Stock Options Assumed
FairValueOfUnvestedStockOptionsAssumed
513000 USD
mrcy Natureof Business Numberof Contractors Using Productsand Services
NatureofBusinessNumberofContractorsUsingProductsandServices
25 contractor
mrcy Natureof Business Numberof Programs Using Productsand Services
NatureofBusinessNumberofProgramsUsingProductsandServices
300 program
mrcy Restructuring Expense Reversal
RestructuringExpenseReversal
85000 USD
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001049521
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
33252927 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
MERCURY SYSTEMS INC

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