Record Third Quarter Revenue, Non-GAAP Operating Income and Adjusted EBITDA
PLAINVIEW, New York — May 10, 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 third quarter and nine months ended March 31, 2011.
Net sales increased 14.7% from the third quarter of fiscal 2010 to a new third quarter record of $193.2 million. Both segments contributed to the growth this quarter, as did sales from acquired businesses, which accounted for approximately 5% of revenue. Non-GAAP operating income increased 15.1% from the third quarter of fiscal 2010 to $46.0 million, also a new third quarter record. Adjusted EBITDA also reached a new third quarter record of $50.7 million which is a 13.6% increase from the third quarter of fiscal 2010.
“I am very pleased with our record third quarter results,” said Len Borow, Chief Executive Officer. “Our strong gross margins this quarter were derived from a favorable product mix, primarily related to Hi-Rel Radhard integrated circuits and wireless products, and demonstrate the value proposition of our products in the market. Our partnership with our customers and our ability to commercialize our intellectual property continues to drive our strong financial performance.”
The following tables present selected financial information for the three and nine months ended March 31, 2011 and 2010 prepared in accordance with generally accepted accounting principles (“GAAP”) and on a basis other than GAAP (“Non-GAAP”). The full fiscal year 2011 non-GAAP effective tax rate expected from Aeroflex’s current geographic mix of non-GAAP pre-tax income is 31%. This rate was applied to its non-GAAP pre-tax income for the three and nine month periods ended March 31, 2011 and 2010. A reconciliation between GAAP and Non-GAAP amounts is presented at the end of this press release.
The following information was filed by Aeroflex Inc on Tuesday, May 10, 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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CIK: 2601 Form Type:10-Q Quarterly Report Accession Number: 0001144204-11-027451 Submitted to the SEC: Tue May 10 2011 10:49:45 AM EST Accepted by the SEC: Tue May 10 2011 Period: Thursday, March 31, 2011 Industry: Semiconductors And Related Devices