$MRCY
MERCURY SYSTEMS INC

2013 Q2 Form 10-Q Financial Statement

#000119312513212995 Filed on May 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2013 Q1 2012 Q1
Revenue $51.82M $50.36M $66.99M
YoY Change -14.86% -24.82% 11.83%
Cost Of Revenue $23.30M $31.55M $31.93M
YoY Change -23.86% -1.18% 18.24%
Gross Profit $21.05M $21.35M $35.06M
YoY Change -30.46% -39.11% 6.57%
Gross Profit Margin 40.61% 42.39% 52.34%
Selling, General & Admin $11.70M $13.92M $15.22M
YoY Change -15.83% -8.54% 5.67%
% of Gross Profit 55.6% 65.19% 43.4%
Research & Development $7.500M $7.503M $11.45M
YoY Change -31.19% -34.48% 7.03%
% of Gross Profit 35.64% 35.14% 32.66%
Depreciation & Amortization $4.400M $2.068M $1.970M
YoY Change 33.33% 4.97% -14.35%
% of Gross Profit 20.91% 9.69% 5.62%
Operating Expenses $21.10M $24.04M $27.96M
YoY Change 0.48% -14.02% 8.36%
Operating Profit -$4.074M -$1.850M $7.106M
YoY Change -168.4% -126.03% 0.08%
Interest Expense $0.00 $7.000K $8.000K
YoY Change -12.5%
% of Operating Profit 0.11%
Other Income/Expense, Net $100.0K $24.00K $524.0K
YoY Change -75.0% -95.42% 31.0%
Pretax Income -$4.002M -$1.831M $7.625M
YoY Change -163.46% -124.01% 3.04%
Income Tax -$2.044M -$2.341M $2.380M
% Of Pretax Income 31.21%
Net Earnings -$2.012M $788.0K $5.245M
YoY Change -135.45% -84.98% -2.87%
Net Earnings / Revenue -3.88% 1.56% 7.83%
Basic Earnings Per Share -$0.07 $0.03
Diluted Earnings Per Share -$0.07 $0.03 $169.4K
COMMON SHARES
Basic Shares Outstanding 32.33M shares 30.24M shares 29.56M shares
Diluted Shares Outstanding 30.41M shares 30.17M shares

Balance Sheet

Concept 2013 Q2 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.10M $35.10M $114.8M
YoY Change -66.29% -69.43% -26.6%
Cash & Equivalents $39.13M $35.15M $114.8M
Short-Term Investments
Other Short-Term Assets $23.30M $20.90M $14.70M
YoY Change 41.21% 42.18% 54.74%
Inventory $37.43M $38.74M $21.80M
Prepaid Expenses
Receivables $29.23M $29.47M $49.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $146.3M $142.3M $201.2M
YoY Change -29.56% -29.27% -12.48%
LONG-TERM ASSETS
Property, Plant & Equipment $14.46M $16.63M $15.40M
YoY Change -9.21% 7.99% 20.31%
Goodwill $167.6M $178.4M
YoY Change 35.5%
Intangibles $32.31M $37.21M
YoY Change 28.8%
Long-Term Investments
YoY Change
Other Assets $1.158M $1.305M $4.200M
YoY Change 17.09% -68.93% -10.64%
Total Long-Term Assets $228.1M $234.1M $178.1M
YoY Change 28.23% 31.44% 55.27%
TOTAL ASSETS
Total Short-Term Assets $146.3M $142.3M $201.2M
Total Long-Term Assets $228.1M $234.1M $178.1M
Total Assets $374.4M $376.4M $379.3M
YoY Change -2.9% -0.77% 10.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.773M $5.997M $8.200M
YoY Change -46.98% -26.87% 17.14%
Accrued Expenses $7.115M $7.779M $24.40M
YoY Change -28.09% -68.12% 27.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $30.82M $28.62M $37.50M
YoY Change -16.58% -23.69% 7.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.269M $1.216M $7.400M
YoY Change -7.17% -83.57% -48.61%
Total Long-Term Liabilities $1.269M $1.216M $7.400M
YoY Change -7.17% -83.57% -48.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.82M $28.62M $37.50M
Total Long-Term Liabilities $1.269M $1.216M $7.400M
Total Liabilities $45.93M $47.97M $54.30M
YoY Change -12.52% -11.65% 7.52%
SHAREHOLDERS EQUITY
Retained Earnings $95.52M $97.54M
YoY Change -12.15%
Common Stock $304.0K $303.0K
YoY Change 2.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $328.5M $328.4M $325.1M
YoY Change
Total Liabilities & Shareholders Equity $374.4M $376.4M $379.3M
YoY Change -2.9% -0.77% 10.07%

Cashflow Statement

Concept 2013 Q2 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$2.012M $788.0K $5.245M
YoY Change -135.45% -84.98% -2.87%
Depreciation, Depletion And Amortization $4.400M $2.068M $1.970M
YoY Change 33.33% 4.97% -14.35%
Cash From Operating Activities $4.800M $1.700M $12.50M
YoY Change 14.29% -86.4% 135.85%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$600.0K -$2.800M
YoY Change -46.67% -78.57% 64.71%
Acquisitions
YoY Change
Other Investing Activities $800.0K $100.0K $0.00
YoY Change -214.29% -100.0%
Cash From Investing Activities -$900.0K -$400.0K -$2.900M
YoY Change -75.68% -86.21% -90.79%
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 -100.0K 300.0K
YoY Change -50.0% -133.33% -99.68%
NET CHANGE
Cash From Operating Activities 4.800M 1.700M 12.50M
Cash From Investing Activities -900.0K -400.0K -2.900M
Cash From Financing Activities 300.0K -100.0K 300.0K
Net Change In Cash 4.200M 1.200M 9.900M
YoY Change 281.82% -87.88% -85.4%
FREE CASH FLOW
Cash From Operating Activities $4.800M $1.700M $12.50M
Capital Expenditures -$1.600M -$600.0K -$2.800M
Free Cash Flow $6.400M $2.300M $15.30M
YoY Change -11.11% -84.97% 118.57%

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dei Entity Registrant Name
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<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 Systems, Inc., formerly 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 delivers innovative solutions, rapid time-to-value and world-class service and support to our prime contractor customers. The Company has worked on over 300 programs, including Aegis, Patriot, SEWIP, Gorgon Stare and Predator/Reaper.</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 goal is to grow and build on its position as a critical component of the defense and intelligence industrial base and become the leading provider of open and affordable sensor processing subsystems. The Mercury Commercial Electronics (&#x201C;MCE&#x201D;) operating segment designs, develops and builds open sensor processing products and subsystems that include embedded processing modules and subsystems, radio frequency (&#x201C;RF&#x201D;) and microwave multi-function assemblies as well as subsystems, and RF and microwave components. The Mercury Defense Systems (&#x201C;MDS&#x201D;) operating segment leverages building blocks provided by MCE to build solutions for electronic warfare (&#x201C;EW&#x201D;) and electronic countermeasures, electro optical/infrared, signal intelligence (&#x201C;SIGINT&#x201D;) and radar environment test and simulation. The Mercury Intelligence Systems (&#x201C;MIS&#x201D;) operating segment delivers Big Data analytic processing, predictive analytics and multi-intelligence analysis in support of the intelligence community.</font></p> </div>
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
25130000
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NetCashProvidedByUsedInFinancingActivities
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IncreaseDecreaseInPrepaidExpense
-1747000
us-gaap Cost Of Revenue
CostOfRevenue
92819000
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IncomeLossFromContinuingOperationsPerBasicShare
-0.37
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-24000
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AllocatedShareBasedCompensationExpenseNetOfTax
3970000
us-gaap Operating Expenses
OperatingExpenses
80262000
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ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
18000
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WeightedAverageNumberOfSharesOutstandingBasic
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IncreaseDecreaseInInventories
856000
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PaymentsOfStockIssuanceCosts
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PaymentsForRestructuring
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us-gaap Revenues
Revenues
153355000
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IncomeTaxesPaidNet
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PaymentsForProceedsFromOtherInvestingActivities
265000
us-gaap Depreciation
Depreciation
6470000
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IncreaseDecreaseInOtherNoncurrentAssets
-763000
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GrossProfit
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InterestPaid
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DeferredIncomeTaxExpenseBenefit
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NetIncomeLoss
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ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
18000
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SellingGeneralAndAdministrativeExpense
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EntityWideRevenueMajorCustomerPercentage
0.35 pure
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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EffectOfExchangeRateOnCashAndCashEquivalents
69000
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IncomeLossFromContinuingOperationsPerDilutedShare
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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>
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AmortizationOfIntangibleAssets
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us-gaap Interest Expense
InterestExpense
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.80
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IncreaseDecreaseInAccruedIncomeTaxesPayable
-295000
mrcy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
7888000
mrcy Number Of Reportable Operating Segments
NumberOfReportableOperatingSegments
2 Segment
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EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToIndividualForeignCountries
153355000
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FairValueAdjustmentsFromPurchaseAccounting
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RestructuringExpenseReversal
458000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
pure
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OperatingIncomeLoss
24156000
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OtherNoncashIncomeExpense
614000
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EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1846000
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IncreaseDecreaseInPrepaidTaxes
-992000
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PaymentsToAcquireBusinessesNetOfCashAcquired
70370000
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OtherNonoperatingIncomeExpense
1323000
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ComprehensiveIncomeNetOfTax
16969000
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ConcentrationRiskPercentage1
0.23 pure
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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DepreciationDepletionAndAmortization
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ShareBasedCompensation
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IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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IncreaseDecreaseInOtherNoncurrentLiabilities
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SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y
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RepaymentsOfDebtAndCapitalLeaseObligations
137000
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2651000
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ProceedsFromStockOptionsExercised
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BusinessCombinationAcquisitionRelatedCosts
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NetCashProvidedByUsedInOperatingActivities
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NetCashProvidedByUsedInInvestingActivities
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us-gaap Investment Income Interest
InvestmentIncomeInterest
12000
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PaymentsToAcquirePropertyPlantAndEquipment
6438000
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CashAndCashEquivalentsPeriodIncreaseDecrease
-48030000
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IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
-2594000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30057000 shares
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IncreaseDecreaseInAccountsReceivable
-6404000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
26000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
25465000
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ResearchAndDevelopmentExpense
35041000
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NetCashProvidedByUsedInFinancingActivities
1351000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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us-gaap Cost Of Revenue
CostOfRevenue
78178000
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IncomeLossFromContinuingOperationsPerBasicShare
0.58
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-14000
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AllocatedShareBasedCompensationExpenseNetOfTax
3348000
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OperatingExpenses
81736000
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ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
487000
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WeightedAverageNumberOfSharesOutstandingBasic
29432000 shares
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3215000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
625000 shares
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PaymentsOfStockIssuanceCosts
30000
us-gaap Revenues
Revenues
184070000
us-gaap Depreciation
Depreciation
5730000
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IncomeTaxesPaidNet
6621000
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PaymentsForProceedsFromOtherInvestingActivities
281000
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IncreaseDecreaseInOtherNoncurrentAssets
-652000
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GrossProfit
105892000
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InterestPaid
26000
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PaymentsToAcquireIntangibleAssets
50000
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DeferredIncomeTaxExpenseBenefit
1354000
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NetIncomeLoss
16943000
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ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
487000
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SellingGeneralAndAdministrativeExpense
43281000
us-gaap Entity Wide Revenue Major Customer Percentage
EntityWideRevenueMajorCustomerPercentage
0.57 pure
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8522000
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EffectOfExchangeRateOnCashAndCashEquivalents
71000
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IncomeLossFromContinuingOperationsPerDilutedShare
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2651000
us-gaap Interest Expense
InterestExpense
26000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
460000
mrcy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
39572000
mrcy Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign Countries
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToIndividualForeignCountries
184070000
mrcy Fair Value Adjustments From Purchase Accounting
FairValueAdjustmentsFromPurchaseAccounting
245000
CY2012 us-gaap Restructuring Charges
RestructuringCharges
2821000
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PaymentsForRestructuring
123000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
pure
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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OperatingIncomeLoss
-1463000
CY2013Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
690000
CY2013Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
24000
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ComprehensiveIncomeNetOfTax
615000
CY2013Q1 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.15 pure
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1901000
CY2013Q1 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
1456000
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y
CY2013Q1 us-gaap Amortization Of Acquired Intangible Assets
AmortizationOfAcquiredIntangibleAssets
2356000
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BusinessCombinationAcquisitionRelatedCosts
32000
CY2013Q1 us-gaap Revenues
Revenues
54123000
CY2013Q1 us-gaap Depreciation
Depreciation
2068000
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GrossProfit
22574000
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NetIncomeLoss
788000
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SellingGeneralAndAdministrativeExpense
13918000
CY2013Q1 us-gaap Entity Wide Revenue Major Customer Percentage
EntityWideRevenueMajorCustomerPercentage
0.26 pure
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2232000
CY2013Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.03
CY2013Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2356000
CY2013Q1 us-gaap Interest Expense
InterestExpense
7000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
CY2013Q1 mrcy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
5242000
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EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToIndividualForeignCountries
54123000
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30235000 shares
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
175000 shares
CY2013Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
2000
CY2013Q1 us-gaap Restructuring Charges
RestructuringCharges
228000
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WeightedAverageNumberOfDilutedSharesOutstanding
30410000 shares
CY2013Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-173000
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1444000
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7503000
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CostOfRevenue
31549000
CY2013Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.03
CY2013Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-5000
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AllocatedShareBasedCompensationExpenseNetOfTax
1211000
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
24037000
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FairValueAdjustmentsFromPurchaseAccounting
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
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CY2012Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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ComprehensiveIncomeNetOfTax
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ShareBasedCompensation
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CY2012Q1 us-gaap Amortization Of Acquired Intangible Assets
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1143000
CY2012Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
145000
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InvestmentIncomeInterest
3000
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WeightedAverageNumberOfDilutedSharesOutstanding
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7625000
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WeightedAverageNumberOfSharesOutstandingBasic
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606000 shares
CY2012Q1 us-gaap Revenues
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CY2012Q1 us-gaap Depreciation
Depreciation
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NetIncomeLoss
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66989000
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223000
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RestructuringAndRelatedCostNumberOfPositionsEliminated
41 Person

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