$MRCY
MERCURY SYSTEMS INC

2015 Q4 Form 10-Q Financial Statement

#000104952116000066 Filed on February 04, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4
Revenue $60.42M $57.09M
YoY Change 5.83% 12.09%
Cost Of Revenue $30.68M $30.05M
YoY Change 2.08% 12.96%
Gross Profit $29.74M $27.04M
YoY Change 10.0% 11.14%
Gross Profit Margin 49.22% 47.36%
Selling, General & Admin $12.58M $12.68M
YoY Change -0.74% -9.09%
% of Gross Profit 42.31% 46.89%
Research & Development $8.845M $7.895M
YoY Change 12.03% -22.16%
% of Gross Profit 29.74% 29.2%
Depreciation & Amortization $1.620M $1.590M
YoY Change 1.89% -18.13%
% of Gross Profit 5.45% 5.88%
Operating Expenses $23.37M $23.50M
YoY Change -0.54% -9.58%
Operating Profit $6.369M $3.539M
YoY Change 79.97% -313.06%
Interest Expense $5.000K $8.000K
YoY Change -37.5% -27.27%
% of Operating Profit 0.08% 0.23%
Other Income/Expense, Net $83.00K $398.0K
YoY Change -79.15% -9.55%
Pretax Income $6.473M $3.933M
YoY Change 64.58% -420.02%
Income Tax $1.433M $1.047M
% Of Pretax Income 22.14% 26.62%
Net Earnings $5.040M $265.0K
YoY Change 1801.89% -125.36%
Net Earnings / Revenue 8.34% 0.46%
Basic Earnings Per Share $0.15 $0.01
Diluted Earnings Per Share $0.15 $0.01
COMMON SHARES
Basic Shares Outstanding 33.12M shares 32.05M shares
Diluted Shares Outstanding 33.83M shares 32.69M shares

Balance Sheet

Concept 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.60M $57.00M
YoY Change 43.16% 28.09%
Cash & Equivalents $81.55M $56.99M
Short-Term Investments
Other Short-Term Assets $20.60M $24.90M
YoY Change -17.27% -3.49%
Inventory $36.71M $30.01M
Prepaid Expenses
Receivables $35.47M $47.43M
Other Receivables $0.00 $0.00
Total Short-Term Assets $199.0M $179.0M
YoY Change 11.14% 23.93%
LONG-TERM ASSETS
Property, Plant & Equipment $13.32M $12.97M
YoY Change 2.75% -19.68%
Goodwill $173.7M $168.1M
YoY Change 3.33% -4.79%
Intangibles $18.61M $21.48M
YoY Change -13.37% -31.0%
Long-Term Investments
YoY Change
Other Assets $3.169M $1.238M
YoY Change 155.98% 47.21%
Total Long-Term Assets $209.1M $206.3M
YoY Change 1.35% -8.41%
TOTAL ASSETS
Total Short-Term Assets $199.0M $179.0M
Total Long-Term Assets $209.1M $206.3M
Total Assets $408.1M $385.4M
YoY Change 5.9% 4.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.86M $11.30M
YoY Change 4.94% 218.04%
Accrued Expenses $8.719M $8.817M
YoY Change -1.11% 29.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.39M $39.46M
YoY Change 4.9% 62.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.100M $1.165M
YoY Change -5.58% -42.36%
Total Long-Term Liabilities $1.100M $1.165M
YoY Change -5.58% -42.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.39M $39.46M
Total Long-Term Liabilities $1.100M $1.165M
Total Liabilities $46.63M $51.15M
YoY Change -8.83% 31.39%
SHAREHOLDERS EQUITY
Retained Earnings $101.2M $84.86M
YoY Change 19.28% -7.98%
Common Stock $332.0K $322.0K
YoY Change 3.11% 3.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $361.5M $334.2M
YoY Change
Total Liabilities & Shareholders Equity $408.1M $385.4M
YoY Change 5.9% 4.23%

Cashflow Statement

Concept 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income $5.040M $265.0K
YoY Change 1801.89% -125.36%
Depreciation, Depletion And Amortization $1.620M $1.590M
YoY Change 1.89% -18.13%
Cash From Operating Activities $13.20M $8.200M
YoY Change 60.98% 12.33%
INVESTING ACTIVITIES
Capital Expenditures -$1.300M -$1.200M
YoY Change 8.33% -57.14%
Acquisitions
YoY Change
Other Investing Activities -$9.700M $0.00
YoY Change -100.0%
Cash From Investing Activities -$11.00M -$1.200M
YoY Change 816.67% -61.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K 1.100M
YoY Change -72.73% 266.67%
NET CHANGE
Cash From Operating Activities 13.20M 8.200M
Cash From Investing Activities -11.00M -1.200M
Cash From Financing Activities 300.0K 1.100M
Net Change In Cash 2.500M 8.100M
YoY Change -69.14% 80.0%
FREE CASH FLOW
Cash From Operating Activities $13.20M $8.200M
Capital Expenditures -$1.300M -$1.200M
Free Cash Flow $14.50M $9.400M
YoY Change 54.26% -6.93%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Amendment Flag
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Document Fiscal Period Focus
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dei Document Fiscal Year Focus
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dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
dei Document Type
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dei Entity Central Index Key
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dei Entity Filer Category
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dei Entity Registrant Name
EntityRegistrantName
MERCURY SYSTEMS INC
dei Trading Symbol
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MRCY
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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41000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
46000 shares
CY2015Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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634000 shares
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
840000 shares
CY2015Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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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. (the "Company" or "Mercury") is a leading commercial provider of secure processing subsystems designed and made in the U.S.A. Optimized for customer and mission success, Mercury's solutions power a wide variety of critical defense and intelligence programs. Headquartered in Chelmsford, Massachusetts, Mercury is pioneering a next-generation defense electronics business model specifically designed to meet the industry's current and emerging technology needs. 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 affordable secure 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, significant capabilities in signals intelligence ("SIGINT"), electro-optical/infrared ("EO/IR") and secure 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 M to consolidated financial statements.</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 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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