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FOR IMMEDIATE RELEASE
Mercury Computer Systems Reports Fourth Quarter and
Fiscal Year 2010 Results
Fourth quarter operating results highlights include:
Revenues of $63.6 million
Operating cash flow of $3.4 million
GAAP diluted earnings per share from continuing operations of $0.77
Adjusted EBITDA of $12.4 million
CHELMSFORD, Mass. August 3, 2010 Mercury Computer Systems, Inc. (NASDAQ: MRCY) reported operating results for its fourth quarter and fiscal year 2010 ended June 30, 2010. All results are presented and compared on a continuing operations basis.
Fourth Quarter Fiscal 2010 Results
Fourth quarter revenues were $63.6 million, an increase of $15.2 million from the fourth quarter of the prior fiscal year. Revenues from defense customers increased by $7.8 million and revenues from commercial customers increased by $7.4 million as compared with the prior years fourth quarter.
Fourth quarter GAAP income from continuing operations was $18.0 million, or $0.77 per diluted share. This compares with GAAP income from continuing operations of $3.1 million, or $0.14 per diluted share, for the prior years fourth quarter. Fourth quarter fiscal 2010 GAAP EPS included approximately $0.36 per diluted share for the partial reversal of the valuation allowance against deferred tax assets and the final determination of the effective tax rate for the year.
Beginning with the first quarter of fiscal 2010, Mercury changed its non-GAAP measure for reporting financial performance to adjusted EBITDA (earnings from continuing operations before interest income and expense, income taxes, depreciation, amortization of acquired intangible assets, restructuring, impairment of long-lived assets, and stock-based compensation costs). Effective for the fourth quarter of fiscal 2010, adjusted EBITDA excludes the impact of
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The following information was filed by Mercury Systems Inc (MRCY) on Tuesday, August 3, 2010 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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