Mercury Computer Systems, Inc. reported operating results for its fourth quarter and fiscal year 2011 ended June 30, 2011. Fourth quarter fiscal 2011 revenues were $61.2 million, a decrease of $2.4 million from the fourth quarter of the prior fiscal year.
Revenues from commercial customers decreased by $8.0 million, while revenues from defence customers increased by $5.6 million as compared with the prior year’s fourth quarter.
For the full Year Fiscal 2011, revenues were $228.7 million, a $28.9 million, or 14%, increase from fiscal 2010. Revenues from defense customers increased by $21.6 million, or 14%, over the prior year and revenues from commercial customers increased by $7.3 million, or 17%, over the prior year.
“The fourth quarter was a strong finish to an excellent fiscal year for Mercury in a challenging defense environment,” said Mark Aslett, President and CEO, Mercury Computer Systems. “For the quarter, total revenue, gross margin, GAAP earnings per share, and adjusted EBITDA, all exceeded the high end of our guidance range. Operating cash flow more than doubled year-over-year. For the full-year fiscal 2011, total revenue increased 14% from fiscal 2010, driven by the highest defense revenues in the company’s history, operating income rose 44% and adjusted EBITDA grew 37%.”
“During the fourth quarter we also made substantial progress in rebuilding our backlog in defense, as our defense bookings increased 115% year-over-year and 81% sequentially,” Aslett said. “In just the past month of July — the first in our new fiscal year — we also booked three major deals totaling $40 million that were previously delayed by the government’s continuing resolution and late approval of the defense budget in our 2011 fiscal year. Total defense revenue for the fourth quarter, including ACS and Mercury Federal, was $53.5 million– up 12% year-over-year.”
“Mercury’s continued growth in defense, despite the challenging industry environment, demonstrates the success of our strategy to focus on specific areas in the defense marketplace — namely, ISR, electronic warfare and missile defense — that we believe will see robust funding and growth going forward,” Aslett said. “In addition, we have developed a business model that aligns well with defense procurement reform. We have positioned Mercury as the premier commercial outsourcing partner to the defense prime contractors as they seek the rapid development of more open and affordable ISR subsystem solutions.”
Mercury announced that Former Vice Chairman of the Joint Chiefs of Staff Admiral Edmund P. Giambastiani, Jr. was elected to the Board of Directors of Mercury Federal Systems, Inc. (MFS), a wholly-owned subsidiary of Mercury Computer Systems, Inc. .
Source: Press Release