Mercury Systems Reports Second Quarter Fiscal 2023 Results; Initiates Review of Strategic Alternatives
Mercury Systems Inc Second Quarter Highlights Include: Bookings of $270.3M yielding book-to-bill of 1.18 Record backlog of $1.12 billion Revenues increased 4% over prior year with positive organic growth Generated positive cash flow ANDOVER, Mass., Jan. 31, 2023 (GLOBE NEWSWIRE) — Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), reported operating results for the second quarter of fiscal 2023, ended December 30, 2022. Management Comments “In the second quarter, the Company generated positive organic growth and cash flow,” said Mark Aslett, Mercury’s President and Chief Executive Officer. “Driven by accelerated bookings growth, our book-to-bill was 1.18 for the quarter and backlog grew to a record $1.12 billion. Looking forward to the second half of fiscal 2023, we expect to see continued revenue growth, higher margins and increased profitability and as a result, we’re maintaining our full-year guidance for revenue and adjusted EBITDA.” “We see a favorable demand environment ahead even as we experienced some customer funding delays and continued supply chain challenges that are affecting the timing of conversion to revenue. Mercury is well-positioned to benefit from growth in U.S. and international defense spending, the increasing electronification of new and existing platforms, and ongoing supply chain delayering and reshoring.” Second Quarter Fiscal 2023 Results Total Company second quarter fiscal 2023 revenues were $229.6 million, compared to $220.4 million in the second quarter of fiscal 2022. The second quarter fiscal 2023 results included an aggregate of approximately $13.3 million of revenue attributable to the Avalex Technologies and Atlanta Micro acquired businesses. Total Company GAAP net loss for the second quarter of fiscal 2023 was $10.9 million, or $0.19 per share, compared to $2.6 million, or $0.05 per share, for the second quarter of fiscal 2022. Adjusted earnings per share (“adjusted EPS”) was $0.26 per share for the second quarter of fiscal 2023, compared to $0.39 per share in the second quarter of fiscal 2022. To attend the conference call or webcast, participants should register online at . Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. A replay of the webcast will be available two hours after the call and archived on the same web page for six months. Mercury Systems is a technology company that pushes processing power to the tactical edge, making the latest commercial technologies profoundly more accessible for today’s most challenging aerospace and defense missions. From silicon to system scale, Mercury enables customers to accelerate innovation and turn data into decision superiority. Mercury is headquartered in Andover, Massachusetts, and has 24 locations worldwide. To learn more, visit . (Nasdaq: MRCY) Investors and others should note that we announce material financial information using our website (), SEC filings, press releases, public conference calls, webcasts, and social media, including Twitter ( and ) and LinkedIn (). Therefore, we encourage investors and others interested in Mercury to review the information we post on the social media and other communication channels listed on our website.
