$MRCY
MERCURY SYSTEMS INC

2014 Q3 Form 10-Q Financial Statement

#000104952114000039 Filed on November 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $54.06M $50.73M
YoY Change 6.57% 11.05%
Cost Of Revenue $30.06M $29.16M
YoY Change 3.08% 0.43%
Gross Profit $24.00M $21.56M
YoY Change 11.3% 12.07%
Gross Profit Margin 44.39% 42.51%
Selling, General & Admin $12.29M $14.32M
YoY Change -14.18% -1.46%
% of Gross Profit 51.21% 66.42%
Research & Development $7.951M $9.312M
YoY Change -14.62% -7.24%
% of Gross Profit 33.13% 43.19%
Depreciation & Amortization $3.630M $4.120M
YoY Change -11.89% 3.03%
% of Gross Profit 15.13% 19.11%
Operating Expenses $23.27M $25.60M
YoY Change -9.11% -18.91%
Operating Profit $728.0K -$4.041M
YoY Change -118.02% -64.93%
Interest Expense $8.000K $15.00K
YoY Change -46.67% 87.5%
% of Operating Profit 1.1%
Other Income/Expense, Net -$6.000K $432.0K
YoY Change -101.39% 27.43%
Pretax Income $717.0K -$3.623M
YoY Change -119.79% -67.63%
Income Tax $0.00 -$1.319M
% Of Pretax Income 0.0%
Net Earnings $499.0K -$2.256M
YoY Change -122.12% -68.67%
Net Earnings / Revenue 0.92% -4.45%
Basic Earnings Per Share $0.02 -$0.07
Diluted Earnings Per Share $0.02 -$0.07
COMMON SHARES
Basic Shares Outstanding 31.64M shares 30.65M shares
Diluted Shares Outstanding 32.48M shares 30.65M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.90M $40.10M
YoY Change 21.95% 31.05%
Cash & Equivalents $48.88M $40.11M
Short-Term Investments
Other Short-Term Assets $22.00M $21.00M
YoY Change 4.76% 0.48%
Inventory $30.77M $35.18M
Prepaid Expenses
Receivables $35.16M $35.14M
Other Receivables $0.00 $0.00
Total Short-Term Assets $166.1M $145.3M
YoY Change 14.25% 1.44%
LONG-TERM ASSETS
Property, Plant & Equipment $13.34M $14.57M
YoY Change -8.39% -26.21%
Goodwill $168.1M $176.6M
YoY Change -4.79% -0.51%
Intangibles $23.24M $32.76M
YoY Change -29.04% -21.62%
Long-Term Investments
YoY Change
Other Assets $1.255M $1.061M
YoY Change 18.28% -3.37%
Total Long-Term Assets $210.9M $225.5M
YoY Change -6.48% -7.45%
TOTAL ASSETS
Total Short-Term Assets $166.1M $145.3M
Total Long-Term Assets $210.9M $225.5M
Total Assets $377.0M $370.9M
YoY Change 1.65% -4.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.38M $7.522M
YoY Change 64.64% -30.91%
Accrued Expenses $9.403M $6.743M
YoY Change 39.45% -46.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.08M $27.42M
YoY Change 24.32% -24.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.307M $1.179M
YoY Change 10.86% -29.74%
Total Long-Term Liabilities $1.307M $1.179M
YoY Change 10.86% -29.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.08M $27.42M
Total Long-Term Liabilities $1.307M $1.179M
Total Liabilities $46.55M $41.67M
YoY Change 11.72% -28.68%
SHAREHOLDERS EQUITY
Retained Earnings $84.60M $93.27M
YoY Change -9.3% -8.14%
Common Stock $320.0K $309.0K
YoY Change 3.56% 3.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $330.4M $329.2M
YoY Change
Total Liabilities & Shareholders Equity $377.0M $370.9M
YoY Change 1.65% -4.16%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $499.0K -$2.256M
YoY Change -122.12% -68.67%
Depreciation, Depletion And Amortization $3.630M $4.120M
YoY Change -11.89% 3.03%
Cash From Operating Activities $2.178M $2.173M
YoY Change 0.23% -121.84%
INVESTING ACTIVITIES
Capital Expenditures $905.0K $1.108M
YoY Change -18.32% 13.06%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$905.0K -$1.108M
YoY Change -18.32% -98.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $392.0K -$61.00K
YoY Change -742.62% -99.06%
NET CHANGE
Cash From Operating Activities $2.178M $2.173M
Cash From Investing Activities -$905.0K -$1.108M
Cash From Financing Activities $392.0K -$61.00K
Net Change In Cash $1.665M $1.004M
YoY Change 65.84% -101.18%
FREE CASH FLOW
Cash From Operating Activities $2.178M $2.173M
Capital Expenditures $905.0K $1.108M
Free Cash Flow $1.273M $1.065M
YoY Change 19.53% -109.74%

Facts In Submission

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CY2014Q3 us-gaap Nature Of Operations
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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-align:justify;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 affordable, commercially developed, open sensor processing systems and services for critical commercial, defense and intelligence applications. The Company delivers innovative solutions, rapid time-to-value and service and support to its 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;">300</font><font style="font-family:inherit;font-size:10pt;"> programs with over </font><font style="font-family:inherit;font-size:10pt;">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"), Gorgon Stare, F-35, Predator and Reaper.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's goal is to grow and build on its position as a critical component of the defense industrial base and become the leading provider of open and affordable sensor processing systems. The Mercury Commercial Electronics (&#8220;MCE&#8221;) operating segment designs, develops and builds open sensor processing products and subsystems that include embedded processing modules and subsystems, radio frequency (&#8220;RF&#8221;) and microwave multi-function assemblies as well as subsystems, and RF and microwave components. The Mercury Defense Systems (&#8220;MDS&#8221;) operating segment provides significant capabilities relating to pre-integrated, open, affordable electronic warfare ("EW"), electronic attack ("EA") and electronic counter measure ("ECM") subsystems and significant capabilities in signals intelligence ("SIGINT") and electro-optical/infrared ("EO/IR") processing technologies. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2014, the Company initiated a plan to divest the Mercury Intelligence Systems (&#8220;MIS&#8221;) operating segment, based on the Company's strategic direction and investment priorities focusing on its core business. As a result, the Company's MIS operating segment met the &#8220;held for sale&#8221; criteria in accordance with Financial Accounting Standard Boards (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) 205,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Presentation of Financial Statements, </font><font style="font-family:inherit;font-size:10pt;">(&#8220;FASB ASC 205&#8221;) as of June 30, 2014 and all reporting periods thereafter (see Note C to the Consolidated Financial Statements). The consolidated financial statements, excluding the statements of cash flows, and the notes to the consolidated financial statements were restated for all periods presented to reflect the discontinuation of the MIS operating segment, in accordance with FASB ASC 205.</font></div></div>
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CY2014Q3 us-gaap Net Cash Provided By Used In Financing Activities
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CY2013Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2173000 USD
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-2256000 USD
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
499000 USD
CY2014Q2 us-gaap Noncurrent Assets
NoncurrentAssets
14144000 USD
CY2014Q3 us-gaap Noncurrent Assets
NoncurrentAssets
13343000 USD
CY2014Q3 us-gaap Operating Cycle
OperatingCycle
Longer than one year
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
23271000 USD
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
25603000 USD
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4041000 USD
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
728000 USD
CY2014Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
987000 USD
CY2014Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1255000 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
59000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-97000 USD
CY2014Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1307000 USD
CY2014Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1666000 USD
CY2014Q3 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
285000 USD
CY2013Q3 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
243000 USD
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
432000 USD
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-6000 USD
CY2014Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
1204000 USD
CY2014Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
905000 USD
CY2013Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1108000 USD
CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2014Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14144000 USD
CY2014Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4547000 USD
CY2014Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3631000 USD
CY2014Q2 us-gaap Prepaid Taxes
PrepaidTaxes
1481000 USD
CY2014Q3 us-gaap Prepaid Taxes
PrepaidTaxes
1399000 USD
CY2013Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
60000 USD
CY2014Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
236000 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13343000 USD
CY2014Q3 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
160000 USD
CY2013Q3 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
121000 USD
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7951000 USD
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9312000 USD
CY2014Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
265000 USD
CY2014Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
265000 USD
CY2014Q3 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
1114000 USD
CY2014Q3 us-gaap Restructuring Charges
RestructuringCharges
1268000 USD
CY2013Q3 us-gaap Restructuring Charges
RestructuringCharges
-15000 USD
CY2014Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
2143000 USD
CY2014Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
2207000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
84099000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
84598000 USD
CY2014Q3 us-gaap Revenues
Revenues
54061000 USD
CY2013Q3 us-gaap Revenues
Revenues
50726000 USD
CY2014Q2 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
2086000 USD
CY2014Q3 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
1796000 USD
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14321000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12290000 USD
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2614000 USD
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
3035000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
3200 shares
CY2014Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
1022000 USD
CY2013Q3 us-gaap Stock Issued1
StockIssued1
7728000 USD
CY2014Q3 us-gaap Stock Issued1
StockIssued1
7052000 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
330441000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
327147000 USD
CY2014Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;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-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
846000 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30653000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32481000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30653000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31635000 shares
CY2013Q3 mrcy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
3323000 USD
CY2014Q3 mrcy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
8003000 USD
CY2014Q3 mrcy Natureof Business Numberof Contractors Using Productsand Services
NatureofBusinessNumberofContractorsUsingProductsandServices
25 contractor
CY2014Q3 mrcy Natureof Business Numberof Programs Using Productsand Services
NatureofBusinessNumberofProgramsUsingProductsandServices
300 program
CY2014Q3 mrcy Restructuring Expense Reversal
RestructuringExpenseReversal
184000 USD
CY2014Q3 dei Amendment Flag
AmendmentFlag
false
CY2014Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2014Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q3 dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
CY2014Q3 dei Document Type
DocumentType
10-Q
CY2014Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001049521
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
33920669 shares
CY2014Q3 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q3 dei Entity Registrant Name
EntityRegistrantName
MERCURY SYSTEMS INC
CY2014Q3 dei Trading Symbol
TradingSymbol
MRCY

Files In Submission

Name View Source Status
R40.htm Edgar Link pending
0001049521-14-000039-index-headers.html Edgar Link pending
0001049521-14-000039-index.html Edgar Link pending
0001049521-14-000039.txt Edgar Link pending
0001049521-14-000039-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
mrcy-20140930.xml Edgar Link completed
mrcy-20140930.xsd Edgar Link pending
mrcy-20140930_cal.xml Edgar Link unprocessable
mrcy-20140930_def.xml Edgar Link unprocessable
mrcy-20140930_lab.xml Edgar Link unprocessable
mrcy-20140930_pre.xml Edgar Link unprocessable
mrcy-9302014xexx101.htm Edgar Link pending
mrcy-9302014xexx102.htm Edgar Link pending
mrcy-9302014xexx311.htm Edgar Link pending
mrcy-9302014xexx312.htm Edgar Link pending
mrcy-9302014xexx321.htm Edgar Link pending
mrcy9302014-10q.htm Edgar Link pending
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report.css Edgar Link pending
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