Please wait while we load the requested 10-Q report or click the link below:
AEROFLEX ANNOUNCES THIRD QUARTER FISCAL 2014 RESULTS
PLAINVIEW, New York — May 7, 2014 -- 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 third quarter of fiscal 2014, which ended March 31, 2014.
As announced on September 5, 2013, Aeroflex sold the net assets of Aeroflex Test Equipment Services (“ATES”), a division of its U.K. subsidiary, Aeroflex Limited, for $19.2 million in cash. The results of operations of ATES are reported as income from discontinued operations. Aeroflex’s prior period results have been adjusted to reflect this transaction. The results for the quarter include Shenick Network Systems Limited which was acquired for cash of $27.1 million on February 5, 2014. Shenick’s sales and result of operations were not significant in the quarter.
Aeroflex’s results from continuing operations for the third quarter of fiscal 2014 are discussed below:
|·||Net sales were $155.5 million compared to $157.0 million in the third quarter of fiscal 2013.|
|·||Operating income was $15.1 million and income from continuing operations was $5.3 million, or $0.06 per share, compared to operating loss of $(3.1) million and loss from continuing operations of $(9.8) million, or $(0.12) per share, in the third quarter of fiscal 2013.|
|·||On a Non-GAAP basis, Adjusted EBITDA was $33.1 million compared to Adjusted EBITDA of $29.3 million in the third quarter of fiscal 2013. For the quarter, Non-GAAP operating income was $27.7 million compared to $24.0 million, and Non-GAAP net income was $14.4 million, or $0.17 per share, compared to $9.9 million, or $0.12 per share, last year.|
“We continued to execute well and deliver solid financial results this quarter,” stated Len Borow, Chief Executive Officer of Aeroflex. “We had strength across many of our core markets, especially the ATS wireless business and, the AMS HiRel business which performed well in light of macro government-related headwinds. Our book to bill was solid again at approximately 1-to-1 which is positioning us well to deliver a strong fourth quarter.”
The following tables present selected financial information for the three and nine months ended March 31, 2014 and 2013 prepared in accordance with generally accepted accounting principles (“GAAP”) and on a basis other than GAAP (“Non-GAAP”). Prior fiscal year comparative information has been restated to present the operating results of ATES as a discontinued operation. A reconciliation between GAAP and Non-GAAP amounts is presented at the end of this press release. The 32% Non-GAAP effective tax rate in the fiscal 2014 period and 33% in the fiscal 2013 period result from Aeroflex’s geographic mix of Non-GAAP pre-tax income. These rates were applied to Aeroflex’s Non-GAAP pre-tax income for the three and nine months periods ended March 31, 2014 and 2013, respectively.
The following information was filed by Aeroflex Holding Corp. (ARX) on Wednesday, May 7, 2014 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.
View differences made from one quarter to another to evaluate Aeroflex Holding Corp.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Aeroflex Holding Corp..