$MRCY
MERCURY SYSTEMS INC

2015 Q2 Form 10-Q Financial Statement

#000104952115000018 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $64.12M $59.58M $53.39M
YoY Change 19.45% 11.58% 6.01%
Cost Of Revenue $28.90M $31.66M $29.02M
YoY Change -1.03% 9.11% -8.03%
Gross Profit $31.27M $27.92M $24.38M
YoY Change 27.72% 14.53% 14.17%
Gross Profit Margin 48.76% 46.86% 45.65%
Selling, General & Admin $12.20M $11.84M $12.36M
YoY Change -6.87% -4.21% -11.17%
% of Gross Profit 39.02% 42.42% 50.72%
Research & Development $12.60M $8.115M $8.166M
YoY Change 55.56% -0.62% 8.84%
% of Gross Profit 40.3% 29.07% 33.5%
Depreciation & Amortization $3.400M $1.510M $1.923M
YoY Change -8.11% -21.48% -7.01%
% of Gross Profit 10.87% 5.41% 7.89%
Operating Expenses $26.50M $21.76M $25.78M
YoY Change 15.72% -15.6% 7.26%
Operating Profit $7.931M $6.157M -$1.407M
YoY Change -2779.39% -537.6% -23.95%
Interest Expense $0.00 $7.000K $11.00K
YoY Change -36.36% 57.14%
% of Operating Profit 0.0% 0.11%
Other Income/Expense, Net $100.0K $7.000K $337.0K
YoY Change -66.67% -97.92% 1304.17%
Pretax Income $7.982M $6.163M -$1.079M
YoY Change 44244.44% -671.18% -41.07%
Income Tax $1.850M $1.469M -$809.0K
% Of Pretax Income 23.18% 23.84%
Net Earnings $5.930M $3.675M -$578.0K
YoY Change -178.58% -735.81% -173.35%
Net Earnings / Revenue 9.25% 6.17% -1.08%
Basic Earnings Per Share $0.18 $0.11 -$0.02
Diluted Earnings Per Share $0.18 $0.11 -$0.02
COMMON SHARES
Basic Shares Outstanding 34.20M shares 32.30M shares 31.16M shares
Diluted Shares Outstanding 33.23M shares 31.16M shares

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.60M $66.50M $45.70M
YoY Change 64.06% 45.51% 30.2%
Cash & Equivalents $77.59M $66.52M $45.71M
Short-Term Investments
Other Short-Term Assets $12.40M $20.60M $17.90M
YoY Change -42.86% 15.08% -14.35%
Inventory $31.96M $32.53M $35.33M
Prepaid Expenses
Receivables $31.77M $47.55M $33.54M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $175.8M $187.8M $151.0M
YoY Change 9.64% 24.31% 6.14%
LONG-TERM ASSETS
Property, Plant & Equipment $13.23M $12.39M $15.23M
YoY Change -6.49% -18.62% -8.45%
Goodwill $168.1M $168.1M $177.1M
YoY Change 0.0% -5.06% -0.72%
Intangibles $18.00M $19.74M $28.95M
YoY Change -28.03% -31.83% -22.19%
Long-Term Investments
YoY Change
Other Assets $915.0K $941.0K $713.0K
YoY Change -7.29% 31.98% -45.36%
Total Long-Term Assets $211.1M $201.5M $222.6M
YoY Change -1.07% -9.47% -4.93%
TOTAL ASSETS
Total Short-Term Assets $175.8M $187.8M $151.0M
Total Long-Term Assets $211.1M $201.5M $222.6M
Total Assets $386.9M $389.2M $373.6M
YoY Change 3.52% 4.19% -0.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.928M $14.39M $10.41M
YoY Change -1.79% 38.18% 73.62%
Accrued Expenses $9.005M $9.190M $9.440M
YoY Change 7.5% -2.65% 21.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $33.29M $40.73M $33.02M
YoY Change 1.08% 23.37% 15.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.998M $1.195M $1.733M
YoY Change 19.93% -31.04% 42.52%
Total Long-Term Liabilities $1.998M $1.195M $1.733M
YoY Change 19.93% -31.04% 42.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.29M $40.73M $33.02M
Total Long-Term Liabilities $1.998M $1.195M $1.733M
Total Liabilities $36.74M $48.58M $41.33M
YoY Change -21.1% 17.52% -13.84%
SHAREHOLDERS EQUITY
Retained Earnings $94.47M $88.54M $91.65M
YoY Change 12.33% -3.39% -6.04%
Common Stock $326.0K $324.0K $312.0K
YoY Change 4.49% 3.85% 2.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $350.1M $340.7M $332.3M
YoY Change
Total Liabilities & Shareholders Equity $386.9M $389.2M $373.6M
YoY Change 3.52% 4.19% -0.74%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $5.930M $3.675M -$578.0K
YoY Change -178.58% -735.81% -173.35%
Depreciation, Depletion And Amortization $3.400M $1.510M $1.923M
YoY Change -8.11% -21.48% -7.01%
Cash From Operating Activities $12.70M $9.100M $2.200M
YoY Change 408.0% 313.64% 29.41%
INVESTING ACTIVITIES
Capital Expenditures -$2.500M -$1.400M -$1.200M
YoY Change 56.25% 16.67% 100.0%
Acquisitions
YoY Change
Other Investing Activities -$500.0K $900.0K $0.00
YoY Change -266.67% -100.0%
Cash From Investing Activities -$3.000M -$500.0K -$1.200M
YoY Change 130.77% -58.33% 200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.500M 900.0K 100.0K
YoY Change 275.0% 800.0% -200.0%
NET CHANGE
Cash From Operating Activities 12.70M 9.100M 2.200M
Cash From Investing Activities -3.000M -500.0K -1.200M
Cash From Financing Activities 1.500M 900.0K 100.0K
Net Change In Cash 11.20M 9.500M 1.100M
YoY Change 600.0% 763.64% -8.33%
FREE CASH FLOW
Cash From Operating Activities $12.70M $9.100M $2.200M
Capital Expenditures -$2.500M -$1.400M -$1.200M
Free Cash Flow $15.20M $10.50M $3.400M
YoY Change 270.73% 208.82% 47.83%

Facts In Submission

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dei Document Period End Date
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dei Entity Registrant Name
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MERCURY SYSTEMS INC
dei Trading Symbol
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CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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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. is a leading high-tech commercial provider of more affordable secure and sensor processing subsystems designed and made in the U.S.A. for critical 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&#8217;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, Predator, F-35 and Reaper. The Company&#8217;s organizational structure allows it to deliver capabilities that combine technology building blocks and deep domain expertise in the defense sector. </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 secure and sensor processing subsystems. 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"), electro-optical/infrared ("EO/IR") processing technologies and radar environment test and simulation systems. </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. On January 23, 2015, the Company completed the sale of the MIS operating segment.</font></div></div>
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>

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