$MRCY
MERCURY SYSTEMS INC

2015 Q3 Form 10-Q Financial Statement

#000104952115000049 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $58.41M $54.06M
YoY Change 8.04% 6.57%
Cost Of Revenue $30.11M $30.06M
YoY Change 0.15% 3.08%
Gross Profit $28.30M $24.00M
YoY Change 17.93% 11.3%
Gross Profit Margin 48.45% 44.39%
Selling, General & Admin $12.13M $12.29M
YoY Change -1.33% -14.18%
% of Gross Profit 42.85% 51.21%
Research & Development $8.866M $7.951M
YoY Change 11.51% -14.62%
% of Gross Profit 31.33% 33.13%
Depreciation & Amortization $3.301M $3.630M
YoY Change -9.06% -11.89%
% of Gross Profit 11.66% 15.13%
Operating Expenses $25.17M $23.27M
YoY Change 8.16% -9.11%
Operating Profit $3.131M $728.0K
YoY Change 330.08% -118.02%
Interest Expense $2.000K $8.000K
YoY Change -75.0% -46.67%
% of Operating Profit 0.06% 1.1%
Other Income/Expense, Net $71.00K -$6.000K
YoY Change -1283.33% -101.39%
Pretax Income $3.224M $717.0K
YoY Change 349.65% -119.79%
Income Tax $368.0K $0.00
% Of Pretax Income 11.41% 0.0%
Net Earnings $2.856M $499.0K
YoY Change 472.34% -122.12%
Net Earnings / Revenue 4.89% 0.92%
Basic Earnings Per Share $0.09 $0.02
Diluted Earnings Per Share $0.08 $0.02
COMMON SHARES
Basic Shares Outstanding 32.78M shares 31.64M shares
Diluted Shares Outstanding 33.62M shares 32.48M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.10M $48.90M
YoY Change 61.76% 21.95%
Cash & Equivalents $79.07M $48.88M
Short-Term Investments
Other Short-Term Assets $20.70M $22.00M
YoY Change -5.91% 4.76%
Inventory $34.67M $30.77M
Prepaid Expenses
Receivables $41.99M $35.16M
Other Receivables $0.00 $0.00
Total Short-Term Assets $200.9M $166.1M
YoY Change 20.97% 14.25%
LONG-TERM ASSETS
Property, Plant & Equipment $13.49M $13.34M
YoY Change 1.12% -8.39%
Goodwill $168.1M $168.1M
YoY Change 0.0% -4.79%
Intangibles $16.47M $23.24M
YoY Change -29.14% -29.04%
Long-Term Investments
YoY Change
Other Assets $2.148M $1.255M
YoY Change 71.16% 18.28%
Total Long-Term Assets $200.5M $210.9M
YoY Change -4.94% -6.48%
TOTAL ASSETS
Total Short-Term Assets $200.9M $166.1M
Total Long-Term Assets $200.5M $210.9M
Total Assets $401.4M $377.0M
YoY Change 6.47% 1.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.19M $12.38M
YoY Change 38.78% 64.64%
Accrued Expenses $9.143M $9.403M
YoY Change -2.77% 39.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $42.76M $34.08M
YoY Change 25.46% 24.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.237M $1.307M
YoY Change -5.36% 10.86%
Total Long-Term Liabilities $1.237M $1.307M
YoY Change -5.36% 10.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.76M $34.08M
Total Long-Term Liabilities $1.237M $1.307M
Total Liabilities $48.75M $46.55M
YoY Change 4.74% 11.72%
SHAREHOLDERS EQUITY
Retained Earnings $96.43M $84.60M
YoY Change 13.98% -9.3%
Common Stock $330.0K $320.0K
YoY Change 3.13% 3.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $352.6M $330.4M
YoY Change
Total Liabilities & Shareholders Equity $401.4M $377.0M
YoY Change 6.47% 1.65%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $2.856M $499.0K
YoY Change 472.34% -122.12%
Depreciation, Depletion And Amortization $3.301M $3.630M
YoY Change -9.06% -11.89%
Cash From Operating Activities $6.582M $2.178M
YoY Change 202.2% 0.23%
INVESTING ACTIVITIES
Capital Expenditures $1.867M $905.0K
YoY Change 106.3% -18.32%
Acquisitions
YoY Change
Other Investing Activities $185.0K $0.00
YoY Change
Cash From Investing Activities -$2.052M -$905.0K
YoY Change 126.74% -18.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.708M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$3.079M $392.0K
YoY Change -885.46% -742.62%
NET CHANGE
Cash From Operating Activities $6.582M $2.178M
Cash From Investing Activities -$2.052M -$905.0K
Cash From Financing Activities -$3.079M $392.0K
Net Change In Cash $1.451M $1.665M
YoY Change -12.85% 65.84%
FREE CASH FLOW
Cash From Operating Activities $6.582M $2.178M
Capital Expenditures $1.867M $905.0K
Free Cash Flow $4.715M $1.273M
YoY Change 270.38% 19.53%

Facts In Submission

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CY2015Q3 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 "Company" or "Mercury") is a leading high-tech commercial provider of more affordable secure and sensor processing subsystems designed and made in the U.S.A. powering today's 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 more 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, more affordable electronic warfare ("EW"), electronic attack ("EA") and electronic counter measure ("ECM") subsystems, 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. On January 23, 2015, the Company completed the sale of the MIS operating segment. See Note C to consolidated financial statements.</font></div></div>
CY2015Q3 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;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 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>

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