$MRCY
MERCURY SYSTEMS INC

2012 Q3 Form 10-Q Financial Statement

#000119312512451734 Filed on November 05, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $45.68M $49.12M
YoY Change -7.01% -5.72%
Cost Of Revenue $29.04M $19.21M
YoY Change 51.19% -10.25%
Gross Profit $19.24M $29.92M
YoY Change -35.69% -2.55%
Gross Profit Margin 42.12% 60.9%
Selling, General & Admin $14.53M $13.65M
YoY Change 6.51% -3.91%
% of Gross Profit 75.54% 45.61%
Research & Development $10.04M $11.87M
YoY Change -15.39% 8.85%
% of Gross Profit 52.18% 39.66%
Depreciation & Amortization $3.999M $2.671M
YoY Change 49.72% 57.12%
% of Gross Profit 20.79% 8.93%
Operating Expenses $31.57M $26.35M
YoY Change 19.82% 3.34%
Operating Profit -$11.52M $3.565M
YoY Change -423.25% -31.44%
Interest Expense $8.000K $9.000K
YoY Change -11.11%
% of Operating Profit 0.25%
Other Income/Expense, Net $339.0K $405.0K
YoY Change -16.3% -19.0%
Pretax Income -$11.19M $3.967M
YoY Change -382.1% -31.6%
Income Tax -$3.817M $1.314M
% Of Pretax Income 33.12%
Net Earnings -$7.200M $2.653M
YoY Change -371.39% -26.31%
Net Earnings / Revenue -15.76% 5.4%
Basic Earnings Per Share -$0.24
Diluted Earnings Per Share -$0.24 $90.00K
COMMON SHARES
Basic Shares Outstanding 29.88M shares 29.28M shares
Diluted Shares Outstanding 29.88M shares 30.03M shares

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.60M $165.9M
YoY Change -81.56% 101.82%
Cash & Equivalents $30.57M $165.9M
Short-Term Investments
Other Short-Term Assets $20.90M $11.50M
YoY Change 81.74% 26.37%
Inventory $40.44M $24.50M
Prepaid Expenses
Receivables $40.50M $39.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $143.3M $241.2M
YoY Change -40.59% 61.01%
LONG-TERM ASSETS
Property, Plant & Equipment $19.74M $14.20M
YoY Change 39.0% 33.96%
Goodwill $177.5M
YoY Change
Intangibles $41.80M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.098M $3.900M
YoY Change -71.85% -61.39%
Total Long-Term Assets $243.7M $113.6M
YoY Change 114.52% 42.53%
TOTAL ASSETS
Total Short-Term Assets $143.3M $241.2M
Total Long-Term Assets $243.7M $113.6M
Total Assets $387.0M $354.8M
YoY Change 9.07% 54.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.89M $12.50M
YoY Change -12.9% 8.7%
Accrued Expenses $12.67M $13.70M
YoY Change -7.5% 3.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.50M $31.70M
YoY Change 15.15% -7.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.678M $12.80M
YoY Change -86.89% 21.9%
Total Long-Term Liabilities $1.678M $12.80M
YoY Change -86.89% 19.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.50M $31.70M
Total Long-Term Liabilities $1.678M $12.80M
Total Liabilities $58.43M $48.10M
YoY Change 21.47% 7.13%
SHAREHOLDERS EQUITY
Retained Earnings $101.5M
YoY Change
Common Stock $300.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $328.6M $306.7M
YoY Change
Total Liabilities & Shareholders Equity $387.0M $354.8M
YoY Change 9.07% 54.6%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$7.200M $2.653M
YoY Change -371.39% -26.31%
Depreciation, Depletion And Amortization $3.999M $2.671M
YoY Change 49.72% 57.12%
Cash From Operating Activities -$9.949M $4.216M
YoY Change -335.98% -55.15%
INVESTING ACTIVITIES
Capital Expenditures $980.0K $1.646M
YoY Change -40.46% -202.88%
Acquisitions $67.72M
YoY Change
Other Investing Activities $265.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$68.97M -$1.666M
YoY Change 4039.62% -110.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$6.479M 406.0K
YoY Change -1695.81% -49.25%
NET CHANGE
Cash From Operating Activities -$9.949M 4.216M
Cash From Investing Activities -$68.97M -1.666M
Cash From Financing Activities -$6.479M 406.0K
Net Change In Cash -$85.39M 2.956M
YoY Change -2988.84% -88.67%
FREE CASH FLOW
Cash From Operating Activities -$9.949M $4.216M
Capital Expenditures $980.0K $1.646M
Free Cash Flow -$10.93M $2.570M
YoY Change -525.25% -76.64%

Facts In Submission

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MERCURY COMPUTER SYSTEMS INC
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CY2012Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.58 pure
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.007 pure
CY2012Q3 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
-5203000
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2345000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-11184000
CY2012Q3 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
18000
CY2012Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
853000
CY2012Q3 us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
-972000
CY2012Q3 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
67721000
CY2012Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
339000
CY2012Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-7200000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-7167000
CY2012Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
142 Person
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2012Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3999000
CY2012Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-5820000
CY2012Q3 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
265000
CY2012Q3 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
571000
CY2012Q3 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
6575000
CY2012Q3 us-gaap Stock Issued1
StockIssued1
11584000
CY2012Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y6M
CY2012Q3 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
46000
CY2012Q3 us-gaap Amortization Of Acquired Intangible Assets
AmortizationOfAcquiredIntangibleAssets
1788000
CY2012Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
133000
CY2012Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
230000
CY2012Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9949000
CY2012Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-68966000
CY2012Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
2000
CY2012Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
CY2012Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
980000
CY2012Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-85396000
CY2012Q3 us-gaap Restructuring Charges
RestructuringCharges
4984000
CY2012Q3 us-gaap Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
-606000
CY2012Q3 us-gaap Operating Cycle
OperatingCycle
Longer than one year
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29883000 shares
CY2012Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1758000
CY2012Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
12000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-10851000
CY2012Q3 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>A. Description of Business</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Mercury Computer Systems, Inc. (the &#x201C;Company&#x201D; or &#x201C;Mercury&#x201D;) is a best of breed provider of commercially developed, open sensor and Big Data processing systems, software and services for critical commercial, defense and intelligence applications. The Company&#x2019;s solutions play a critical role in a wide range of applications, processing and transforming sensor data to information for storage, analysis and interpretation. The Company&#x2019;s goal is to grow and build on its position as a critical component of the defense and intelligence industrial base and be the leading provider of open and affordable sensor processing subsystems for intelligence, surveillance and reconnaissance (&#x201C;ISR&#x201D;), electronic warfare (&#x201C;EW&#x201D;), and missile defense applications. In military reconnaissance and surveillance platforms, the Company&#x2019;s sub-systems receive, process, and store real-time radar, video, sonar and signals intelligence data. The Company provides radio frequency (&#x201C;RF&#x201D;) and microwave products for enhanced signal acquisitions and communications in military and commercial applications. Additionally, Mercury Federal Systems, the Company&#x2019;s wholly owned subsidiary, focuses on direct and indirect contracts supporting the defense, intelligence, and homeland security agencies. The Company has growing capabilities in the area of &#x201C;Big Data&#x201D; processing, analytics and analysis in support of both the U.S. Department of Defense (&#x201C;DoD&#x201D;) and to the intelligence community as they enhance their ability to acquire, process and exploit large amounts of data for both real-time analytics and &#x201C;forensic&#x201D; analysis.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company&#x2019;s products and solutions address mission-critical requirements within the defense industry for C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance) and electronic warfare systems and services, and target several markets including maritime defense, airborne reconnaissance, ballistic missile defense, ground mobile and force protection systems and tactical communications and network systems. The Company&#x2019;s products or solutions have been deployed in more than 300 different programs with over 25 different prime defense contractors. The Company delivers commercially developed technology and solutions that are based on open system architectures and widely adopted industry standards, and supports all of this with services and support capabilities.</font></p> </div>
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10039000
CY2012Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-6479000
CY2012Q3 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-75000
CY2012Q3 us-gaap Cost Of Revenue
CostOfRevenue
29038000
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.24
CY2012Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-6000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1492000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
31574000
CY2012Q3 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
9000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29883000 shares
CY2012Q3 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2488000
CY2012Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
1846000
CY2012Q3 us-gaap Revenues
Revenues
49428000
CY2012Q3 us-gaap Depreciation
Depreciation
2211000
CY2012Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-1193000
CY2012Q3 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
31000
CY2012Q3 us-gaap Gross Profit
GrossProfit
20390000
CY2012Q3 us-gaap Interest Paid
InterestPaid
8000
CY2012Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-3507000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-7200000
CY2012Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
9000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14533000
CY2012Q3 us-gaap Entity Wide Revenue Major Customer Percentage
EntityWideRevenueMajorCustomerPercentage
0.38 pure
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3651000
CY2012Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-2000
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.24
CY2012Q3 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">U<small>SE</small> <small>OF</small> E<small>STIMATES</small></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">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></p> </div>
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
21000
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1788000
CY2012Q3 us-gaap Interest Expense
InterestExpense
8000
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.80
CY2012Q3 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
10000
CY2012Q3 mrcy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
1638000
CY2012Q3 mrcy Percentage Of Company Revenue
PercentageOfCompanyRevenue
0.10 pure
CY2012Q3 mrcy Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign Countries
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToIndividualForeignCountries
49428000
CY2012Q3 mrcy Fair Value Adjustments From Purchase Accounting
FairValueAdjustmentsFromPurchaseAccounting
-925000
CY2012Q3 mrcy Restructuring Expense Reversal
RestructuringExpenseReversal
219000

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