NEWS RELEASE

 

 

 

 

AEROFLEX ANNOUNCES FOURTH QUARTER AND FULL YEAR FISCAL 2013 RESULTS

 

PLAINVIEW, New York — August 15, 2013 -- Aeroflex Holding Corp. ("Aeroflex") (NYSE: ARX), a leading global provider of high performance microelectronic components, and test and measurement equipment, today announced its financial results for the fourth quarter and full fiscal year 2013, which ended June 30, 2013.

 

For the fourth quarter of fiscal 2013:

 

·Net sales were $188.8 million compared to $184.7 million in the fourth quarter of fiscal 2012.

 

·Operating loss was $(68.2) million and net loss was $(81.5) million, or $(0.96) per share, compared to operating income of $31.0 million and net income of $17.2 million, or $0.20 per share, in the fourth quarter of fiscal 2012. The fourth quarter of fiscal 2013 included a non-cash goodwill and other long-lived assets impairment charge of $94.1 million in its AVComm group and the fourth quarter of fiscal 2012 included non-cash income to revise an estimate of goodwill impairment in its RFMW group by $3.0 million and to adjust an acquisition related contingent liability by $8.9 million.

 

·On a Non-GAAP basis, Adjusted EBITDA was $51.1 million compared to Adjusted EBITDA of $43.6 million in the fourth quarter of fiscal 2012. Compared to the fourth quarter of fiscal 2012, operating income was $46.0 million compared to $39.0 million, and net income was $23.1 million, or $0.27 per share, compared to net income of $19.2 million, or $0.23 per share last year.

 

For the full fiscal year 2013:

 

·Net sales were $647.1 million compared to $673.0 million in fiscal 2012.

 

·Operating loss was $(70.4) million and net loss was $(104.2) million, or $(1.23) per share, compared to operating loss of $(21.3) million and a net loss of $(53.6) million, or $(0.63) per share, in fiscal 2012. This year included a non-cash goodwill and other long-lived assets impairment charge of $95.5 million in its AVComm group and a one-time $8.0 million International Traffic in Arms Regulation (“ITAR”) settlement expense which resolved historical self-disclosed ITAR violations. Fiscal 2012 included a non-cash goodwill and other long-lived assets impairment charge of $56.7 million in its RFMW group and non-cash income to adjust an acquisition related contingent liability by $7.6 million.

 

·On a Non-GAAP basis, Adjusted EBITDA was $129.7 million compared to Adjusted EBITDA of $131.5 million in fiscal 2012. Compared to fiscal 2012, operating income was $109.3 million compared to $112.7 million, and net income was $46.3 million, or $0.55 per share, compared to net income of $48.8 million, or $0.58 per share last year.

 

 


The following information was filed by Aeroflex Holding Corp. (ARX) on Thursday, August 15, 2013 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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