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Aeroflex Inc (2601) SEC Filing 10-Q Quarterly report for the period ending Friday, December 31, 2010

Aeroflex Inc

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CIK: 2601
 


AEROFLEX ANNOUNCES FISCAL SECOND QUARTER RESULTS
 
 
·
Record Second Quarter Revenue and Gross Profit
  
 
·
Book-to-Bill Greater than 1:1
  
 
·
Repaid $186.6 million of High Yield Debt
  
 
PLAINVIEW, New York — February 8, 2011 -- Aeroflex Holding Corp. ("Aeroflex") (NYSE: ARX),
a leading global provider of microelectronic components and test and measurement equipment, today announced its financial results for the fiscal second quarter and six months ended December 31, 2010.

In November 2010, Aeroflex successfully completed a $267 million initial public offering.  Almost all of the net proceeds after fees, expenses and extinguishment costs were used to retire $186.6 million of high yield debt.

Record net sales this quarter were driven by continued growth in LTE products, radiation hardened space products and revenue from acquired companies.  GAAP results were impacted by non-recurring costs associated with the initial public offering and the extinguishment of high yield debt.  Compared to the second quarter of fiscal 2010, non-GAAP results for the second quarter of fiscal 2011 include costs associated with the acceleration of research and development projects in Aeroflex Test Solutions to meet customer requirements for new products, and higher operating costs due to the acquisitions of Willtek, Radiation Assured Devices and Advanced Control Components which were not fully integrated during the quarter.

The full fiscal year 2011 non-GAAP effective tax rate expected from our current geographic mix of non-GAAP pre-tax income is 31%.  This rate was applied to our non-GAAP pre tax income for the three and six month periods ended December 31, 2010.

The following tables present selected financial information for the three and six months ended December 31, 2010 and 2009 prepared in accordance with generally accepted accounting principles (“GAAP”) and on a basis other than GAAP (“Non-GAAP”). A reconciliation of GAAP to Non-GAAP is presented at the end of this press release.

 
 
The following information was filed by Aeroflex Inc on Tuesday, February 8, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 2601
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-11-006889
Submitted to the SEC: Wed Feb 09 2011 2:08:12 PM EST
Accepted by the SEC: Wed Feb 09 2011
Period: Friday, December 31, 2010
Industry: Semiconductors And Related Devices

External Resources:
SEC.gov

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