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Apr 28, 2009 at 12:00 AM EDT
Mercury Computer Systems Reports Third Quarter Fiscal 2009 Revenues of $50.6 Million
Mercury Computer Systems Reports Third Quarter Fiscal 2009 Revenues of $50.6 Million
Operating cash flow of
Book-to-bill ratio of 1.14-to-1
GAAP earnings per share from continuing operations of
Non-GAAP earnings per share from continuing operations of
The results of Mercury's
Third quarter revenues were
GAAP net income for the third quarter was
Third quarter GAAP income from continuing operations was
Third quarter GAAP operating income was
Cash flows from operating activities were a net inflow of
"This was another successful quarter for Mercury," said
"As we fast approach the end of a turnaround year, we are making good progress driving further growth in our defense business through new design wins, by expanding our systems integration and services business in ACS, as well as through Mercury Federal," Mr. Aslett continued. "Although we continue to face challenges in our commercial markets, we currently anticipate strong defense bookings and revenue in the fiscal fourth quarter, as well as solid profitability for the company as a whole. This should enable Mercury to exit the year with significant momentum, positioning us for renewed growth in fiscal 2010."
Backlog
The Company's total backlog at the end of the third quarter was
Revenues by Operating Unit
Advanced Computing Solutions (ACS) -- Revenues for the quarter from ACS were
Emerging Businesses -- The results for this segment primarily consist of Mercury's wholly-owned subsidiary
The revenues by operating unit do not include adjustments to eliminate any inter-segment revenues.
Business Outlook
This section presents our current expectations and estimates, given current visibility, on our business outlook for the upcoming fiscal quarter. It is possible that actual performance will differ materially from the estimates given − either on the upside or on the downside. Investors should consider all of the risks, including those listed in the Safe Harbor Statement below, with respect to these estimates, and make themselves aware of the risk factors that may impact the Company's actual performance.
For the fourth quarter of fiscal year 2009, revenues are currently expected to be in the range of approximately
Recent Highlights
January - Mercury announced availability of the Ensemble™ MCH2020 MicroTCA Carrier Hub and a 12-slot MicroTCA Application Platform. The MCH2020 is the third-generation RapidIO switching module within the Ensemble product family, and it can be readily configured with any combination of Ensemble processing AMCs to create a high-performance, real-time computing
January - Mercury announced that it was selected by
January - Mercury announced that it signed a definitive agreement and closed on the sale of its wholly-owned subsidiaries, Visage Imaging®, Inc. and its affiliate Visage Imaging GmbH, to
January - Mercury announced the OpenVPX™
March - Mercury announced on behalf of the
March - Mercury announced that it is exercising its right to redeem the remaining outstanding balance of
Conference Call Information
Mercury will host a conference call on
To listen to the conference call, dial (888) 668-1636 in the USA and
A replay of the call by telephone will be available from approximately
Use of Non-GAAP (Generally Accepted Accounting Principles) Financial Measures
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, the Company provides non-GAAP financial measures adjusted to exclude certain non-cash and other specified charges, which the Company believes are useful to help investors better understand its past financial performance and prospects for the future. However, the presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for financial information provided in accordance with GAAP. Management believes these non-GAAP financial measures assist in providing a more complete understanding of the Company's underlying operational results and trends, and management uses these measures along with their corresponding GAAP financial measures to manage the Company's business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. A reconciliation of GAAP to non-GAAP financial results discussed in this press release is contained in the attached exhibits.
Mercury is based in
Forward-Looking Safe Harbor Statement
This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to fiscal 2009 business performance and beyond and the Company's plans for growth and improvement in profitability and cash flow. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, general economic and business conditions, including unforeseen weakness in the Company's markets, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, continued funding of defense programs, the timing of such funding, changes in the U.S. Government's interpretation of federal procurement rules and regulations, market acceptance of the Company's products, shortages in components, production delays due to performance quality issues with outsourced components, inability to fully realize the expected benefits from acquisitions or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, timing and costs associated with disposing of businesses, and difficulties in retaining key customers. These risks and uncertainties also include such additional risk factors as are discussed in the Company's filings with the
Contact:
Robert Hult , CFO, Mercury Computer Systems, Inc.
978-967-1990
Challenges Drive Innovation, Ensemble, and OpenVPX are trademarks, and PowerStream is a registered trademark of
MERCURY COMPUTER SYSTEMS, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands) March 31, June 30,
2009 2008
---- ----
Assets
Current assets:
Cash and cash equivalents $40,584 $59,045
Marketable securities - 60,205
Accounts receivable, net 33,811 29,995
Inventory 18,890 24,202
Prepaid expenses and other current assets 3,261 7,862
Current assets of discontinued operations 1,742 4,534
----- -----
Total current assets 98,288 185,843
Marketable securities 44,981 47,231
Option to sell auction rate securities at par 5,194 -
Property and equipment, net 8,539 10,053
Goodwill 57,653 57,653
Acquired intangible assets, net 3,371 4,718
Other non-current assets 3,874 5,520
Non-current assets of discontinued operations 7,989 27,532
----- ------
Total assets $229,889 $338,550
======== ========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $13,607 $13,647
Accrued expenses 6,391 8,674
Accrued compensation 8,581 8,249
Notes payable 5,312 125,000
Borrowings under line of credit and current capital
lease obligation 33,426 277
Income taxes payable 1,020 580
Deferred revenues and customer advances 7,048 10,521
Current liabilities of discontinued operations 7,816 12,810
----- ------
Total current liabilities 83,201 179,758
Notes payable and non-current capital lease obligations 7 18
Accrued compensation - 1,709
Deferred tax liabilities, net 83 285
Deferred gain on sale-leaseback 8,159 9,027
Other non-current liabilities 1,187 919
Non-current liabilities of discontinued operations 9 322
--- ---
Total liabilities 92,646 192,038
Shareholders' equity:
Common stock 222 220
Additional paid-in capital 104,906 100,268
Retained earnings 30,357 40,575
Accumulated other comprehensive income 1,758 5,449
----- -----
Total shareholders' equity 137,243 146,512
------- -------
Total liabilities and shareholders' equity $229,889 $338,550
======== ========
MERCURY COMPUTER SYSTEMS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three months
ended Nine months ended
March 31, March 31,
--------- ---------
2009 2008 2009 2008
---- ---- ---- ----
Net revenues $50,563 $50,674 $140,497 $140,572
Cost of revenues (1) 21,380 22,308 60,983 57,611
------ ------ ------ ------
Gross profit 29,183 28,366 79,514 82,961
Operating expenses:
Selling, general and
administrative (1) 12,584 16,685 38,666 49,097
Research and development (1) 11,118 11,992 33,001 34,548
Amortization of acquired
intangible assets 498 1,291 1,955 3,871
Restructuring 239 1,054 713 1,253
--- ----- --- -----
Total operating expenses 24,439 31,022 74,335 88,769
----- ------ ----- ------
Income (loss) from operations 4,744 (2,656) 5,179 (5,808)
Interest income 239 1,541 1,920 5,753
Interest expense (497) (839) (2,280) (2,522)
Other income (expense), net 317 476 120 995
--- --- --- ---
Income (loss) from continuing
operations before income taxes 4,803 (1,478) 4,939 (1,582)
Income tax expense 101 732 101 1,916
--- --- --- -----
Income (loss) from continuing
operations 4,702 (2,210) 4,838 (3,498)
Loss from discontinued operations,
net of tax (704) (3,429) (19,696) (11,536)
Gain on disposal of discontinued
operations, net of tax 4,152 - 4,640 -
----- --- ----- ---
Net income (loss) $8,150 $(5,639) $(10,218) $(15,034)
====== ======= ======== ========
Basic earnings (loss) per share:
Income (loss) from continuing
operations $0.21 $(0.10) $0.22 $(0.16)
Loss from discontinued
operations (0.03) (0.16) (0.89) (0.54)
Gain on disposal of discontinued
operations 0.19 - 0.21 -
---- --- ---- ---
Net income (loss) per share $0.37 $(0.26) $(0.46) $(0.70)
===== ====== ====== ======
Diluted earnings (loss) per share:
Income (loss) from continuing
operations $0.21 $(0.10) $0.22 $(0.16)
Loss from discontinued
operations (0.03) (0.16) (0.88) (0.54)
Gain on disposal of discontinued
operations 0.18 - 0.20 -
---- --- ---- ---
Net income (loss) per share $0.36 $(0.26) $(0.46) $(0.70)
===== ====== ====== ======
Weighted average shares outstanding:
Basic 22,208 21,689 22,113 21,590
====== ====== ====== ======
Diluted 22,486 21,689 22,374 21,590
====== ====== ====== ======
(1) Includes stock-based compensation
expense, which was allocated as
follows:
Cost of revenues $69 $228 $278 $475
Selling, general and
administrative $877 $1,919 $3,391 $5,999
Research and development $276 $573 $1,001 $1,655
MERCURY COMPUTER SYSTEMS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended Nine months ended
March 31, March 31,
--------- ---------
2009 2008 2009 2008
---- ---- ---- ----
Cash flows from operating activities:
Net income (loss) $8,150 $(5,639) $(10,218) $(15,034)
Depreciation and amortization 2,074 4,254 7,493 12,132
Impairment of goodwill and long-
lived assets - - 14,555 -
Other non-cash items, net (3,936) 4,002 (875) 11,972
Changes in operating assets and
liabilities (3,802) 6,973 (3,099) 2,191
------ ----- ------ -----
Net cash provided by operating
activities 2,486 9,590 7,856 11,261
----- ----- ----- ------
Cash flows from investing activities:
Sales of marketable securities,
net 117,923 33,601 60,295 55,549
Purchases of property and
equipment, net (969) (1,282) (3,188) (3,016)
Proceeds from liquidation of
insurance policies - - 831 324
Proceeds from sale of
discontinued operations 819 - 819 -
Acquisitions, net of cash
acquired, and acquired intangible
assets - - - (2,400)
--- --- --- ------
Net cash provided by investing
activities 117,773 32,319 58,757 50,457
------- ------ ------ ------
Cash flows from financing activities:
Proceeds from employee stock
option and purchase plans - 1 413 1,146
Repurchases of common stock (107) (167) (404) (516)
Borrowings under line of
credit 1,906 - 33,316 -
Payments of principal under notes
payable (119,688) - (119,688) -
Payments under capital lease (43) (30) (178) (91)
Gross tax windfall from stock-
based compensation 151 - 601 226
--- --- --- ---
Net cash (used in) provided by
financing activities (117,781) (196) (85,940) 765
-------- ---- ------- ---
Effect of exchange rate changes
on cash and cash equivalents 148 (103) 866 218
--- ---- --- ---
Net increase (decrease) in cash
and cash equivalents 2,626 41,610 (18,461) 62,701
Cash and cash equivalents at
beginning of period 37,958 72,384 59,045 51,293
------ ------ ------ ------
Cash and cash equivalents at end
of period $40,584 $113,994 $40,584 $113,994
======= ======== ======= ========
UNAUDITED SUPPLEMENTAL INFORMATION - RECONCILIATION OF GAAP TO NON-GAAP
MEASURES
The Company provides non-GAAP operating income (losses), non-GAAP income
(losses) from continuing operations, and non-GAAP basic and diluted
earnings (losses) from continuing operations per share as supplemental
measures to GAAP regarding the Company's operational performance. These
financial measures exclude the impact of certain items and, therefore,
have not been calculated in accordance with GAAP. The adjustments to
these non-GAAP financial measures, and the basis for such adjustments,
are outlined below:
Stock-based compensation expense. The Company incurs expense related to
stock-based compensation included in its GAAP presentation of cost of
revenues, selling, general and administrative expense and research and
development expense. Although stock-based compensation is an expense of
the Company and viewed as a form of compensation, these expenses vary in
amount from period to period, and are affected by market forces that are
difficult to predict and are not within the control of management, such
as the market price and volatility of the Company's shares, risk-free
interest rates and the expected term and forfeiture rates of the awards.
In accordance with SFAS No. 123R, stock-based compensation expense is
calculated as of the grant date of each stock-based award, and generally
cannot be changed or influenced by management after the grant date.
Management believes that exclusion of these expenses allows comparisons
of operating results that are consistent with periods prior to the
Company's adoption of SFAS No. 123R, and allows comparisons of the
Company's operating results to those of other companies, both public,
private or foreign, that either are not required to adopt SFAS No. 123R,
or disclose non-GAAP financial measures that exclude stock-based
compensation.
Amortization of acquired intangible assets. The Company incurs
amortization of intangibles related to various acquisitions it has made
in recent years. These intangible assets are valued at the time of
acquisition, are then amortized over a period of several years after the
acquisition and generally cannot be changed or influenced by management
after the acquisition. Management believes that exclusion of these
expenses allows comparisons of operating results that are consistent over
time for both our newly-acquired and long-held businesses.
Restructuring. The Company incurs restructuring charges in connection
with management's decisions to undertake certain actions to realign
operating expenses through workforce reductions and the closure of certain
Company facilities, businesses and product lines. Management believes
this item is outside the normal operations of the Company's business and
is not indicative of ongoing operating results, and that exclusion of
this expense allows comparisons of operating results that are consistent
across past, present and future periods.
Inventory Writedown. The Company incurred a significant inventory
writedown in the third quarter of fiscal 2008, resulting from the closure
of one of its businesses. Management believes this item was outside the
normal operations of the Company's business and is not indicative of
ongoing operating results, and that exclusion of this writedown allows
comparisons of operating results that are consistent across past, present
and future periods.
Tax valuation allowance. The Company records a tax valuation allowance
as an expense item when it is "more likely than not" per FAS 109 criteria
that the Company will not reap the benefits of the deferred tax assets
(future deductible amounts derived from temporary differences between
book and taxable income). Management believes these allowances are not
indicative of ongoing operating results, and that exclusion of this
expense item allows comparisons of operating results that are consistent
across past, present and future periods.
Adjustments for related tax impact. Finally, for purposes of calculating
non-GAAP net income (losses) from continuing operations and non-GAAP
basic and diluted earnings (losses) from continuing operations per share,
management adjusts the (benefit) provision for income taxes to tax effect
the non-GAAP adjustments described above as they have a significant impact
on the Company's income tax (benefit) provision.
Management excludes the above-described items and their related tax impact
from its internal forecasts and models when establishing internal
operating budgets, supplementing the financial results and forecasts
reported to the Company's board of directors, determining the portion of
bonus compensation for executive officers and other key employees based
on operating performance, evaluating short-term and long-term operating
trends in the Company's operations, and allocating resources to various
initiatives and operational requirements. The Company believes that
these non-GAAP financial adjustments are useful to investors because
they allow investors to evaluate the effectiveness of the methodology and
information used by management in its financial and operational
decision-making.
These non-GAAP financial measures have not been prepared in accordance
with GAAP, and should not be considered in isolation or as a substitute
for financial information provided in accordance with GAAP. These
non-GAAP financial measures may not be computed in the same manner as
similarly titled measures used by other companies. The Company expects
to continue to incur expenses similar to the non-GAAP financial
adjustments described above, and investors should not infer from the
Company's presentation of these non-GAAP financial measures that these
costs are unusual, infrequent or non-recurring.
The following tables reconcile the non-GAAP financial measures to their
most directly comparable GAAP financial measures.
(in thousands, except per share data)
Three months
ended Nine months ended
March 31, March 31,
--------- ---------
2009 2008 2009 2008
---- ---- ---- ----
Income (loss) from operations $4,744 $(2,656) $5,179 $(5,808)
Stock-based compensation 1,222 2,720 4,670 8,129
Amortization of acquired
intangible assets 498 1,291 1,955 3,871
Restructuring 239 1,054 713 1,253
Inventory writedown - 792 - 792
--- --- --- ---
Non-GAAP income from operations $6,703 $3,201 $12,517 $8,237
====== ====== ======= ======
Three months
ended Nine months ended
March 31, March 31,
--------- ---------
2009 2008 2009 2008
---- ---- ---- ----
Income (loss) from continuing
operations $4,702 $(2,210) $4,838 $(3,498)
Stock-based compensation 1,222 2,720 4,670 8,129
Amortization of acquired
intangible assets 498 1,291 1,955 3,871
Restructuring 239 1,054 713 1,253
Inventory writedown - 792 - 792
Tax valuation allowance and tax
impact of excluding the above
items (2,198) (582) (4,073) (1,823)
------ ---- ------ ------
Non-GAAP income from continuing
operations $4,463 $3,065 $8,103 $8,724
====== ====== ====== ======
Non-GAAP income from continuing
operations per share:
Basic $0.20 $0.14 $0.37 $0.40
===== ===== ===== =====
Diluted $0.20 $0.14 $0.36 $0.40
===== ===== ===== =====
Non-GAAP weighted average shares
outstanding:
Basic 22,208 21,689 22,113 21,590
====== ====== ====== ======
Diluted 22,486 22,039 22,374 21,948
====== ====== ====== ======
UNAUDITED SUPPLEMENTAL INFORMATION - QUARTERLY CONSOLIDATED STATEMENTS OF
OPERATIONS RECLASSIFIED TO REFLECT DISCONTINUED OPERATIONS
The following quarterly consolidated statements of operations have been
reclassified to reflect the following businesses of the Company as
discontinued operations:
Embedded Systems and Professional Services, a subsidiary of Visage
Imaging -- sold during the quarter ended June 30, 2008
SolMap Pharmaceuticals -- sold during the quarter ended September 30,
2008
Visage Imaging -- sold during the quarter ended March 31, 2009 Visualization Sciences Group -- expected to be sold during the
quarter ended June 30, 2009
The Company's former Avionics and Unmanned Systems Group (AUSG) business,
which the Company divested through licensing technology and transitioning
support to Honeywell during the quarter ended June 30, 2008 , did not
qualify for treatment as discontinued operations. As a result, the
historical operating results of AUSG are included in continuing operations
in the consolidated statements of operations.
Three Months Ended
-------------------------------------------- Year Ended
September 30, December 31, March 31, June 30, June 30,
2007 2007 2008 2008 2008
---- ---- ---- ---- ----
Net revenues $42,681 $47,217 $50,674 $49,636 $190,208
Cost of revenues (1) 16,089 19,214 22,308 22,660 80,271
------ ------ ------ ------ ------
Gross profit 26,592 28,003 28,366 26,976 109,937
Operating expenses:
Selling, general and
administrative (1) 15,219 17,193 16,685 13,987 63,084
Research and
development (1) 11,421 11,135 11,992 10,686 45,234
Amortization of
acquired
intangible
assets 1,290 1,290 1,291 1,275 5,146
Impairment of
goodwill and long-
lived assets - - - 561 561
Gain on sale of
long-lived and
other assets - - - (3,151) (3,151)
Restructuring 7 192 1,054 3,201 4,454
--- --- ----- ----- -----
Total operating
expenses 27,937 29,810 31,022 26,559 115,328
------ ------ ------ --- ------
Income (loss) from
operations (1,345) (1,807) (2,656) 417 (5,391)
Interest income 2,103 2,109 1,541 736 6,489
Interest expense (844) (839) (839) (838) (3,360)
Other income
(expense), net 365 154 476 540 1,535
--- --- --- --- -----
Income (loss) from
continuing
operations before
income taxes 279 (383) (1,478) 855 (727)
Income tax expense
(benefit) 1,447 (263) 732 1,226 3,142
----- ---- --- ----- -----
Income (loss) from
continuing
operations (1,168) (120) (2,210) (371) (3,869)
Loss from
discontinued
operations, net of
tax (2,140) (5,967) (3,429) (19,003) (30,539)
Gain (loss) on
disposal of
discontinued
operations, net of
tax - - - (1,005) (1,005)
--- --- --- ------ ------
Net income (loss) $(3,308) $(6,087) $(5,639) $(20,379) $(35,413)
======= ======= ======= ======== ========
Basic earnings (loss)
per share:
Income (loss) from
continuing
operations $(0.05) $(0.00) $(0.10) $(0.02) $(0.18)
Loss from
discontinued
operations (0.10) (0.28) (0.16) (0.87) (1.41)
Gain on disposal
of discontinued
operations - $(0.00) - (0.05) (0.05)
--- ----- --- ----- -----
Net income (loss)
per share $(0.15) $(0.28) $(0.26) $(0.94) $(1.64)
====== ====== ====== ====== ======
Diluted earnings
(loss) per share:
Income (loss) from
continuing
operations $(0.05) $- $(0.10) $(0.02) $(0.18)
Loss from
discontinued
operations (0.10) (0.28) (0.16) (0.87) (1.41)
Gain on disposal
of discontinued
operations - - - (0.05) (0.05)
--- --- --- ----- -----
Net income (loss)
per share $(0.15) $(0.28) $(0.26) $(0.94) $(1.64)
====== ====== ====== ====== ======
Weighted average
shares outstanding:
Basic 21,474 21,607 21,689 21,785 21,639
====== ====== ====== ====== ======
Diluted 21,474 21,607 21,689 21,785 21,639
====== ====== ====== ====== ======
(1) Includes stock-based
compensation expense,
which was allocated
as follows:
Cost of revenues $82 $165 $228 $(64) $411
Selling, general
and
administrative 1,658 2,422 1,919 606 6,605
Research and
development 510 572 573 175 1,830
--- --- --- --- -----
$2,250 $3,159 $2,720 $717 $8,846
====== ====== ====== ==== ======
Three Months Ended Nine Months
----------------------------------- Ended
September 30, December 31, March 31, March 31,
2008 2008 2009 2009
---- ---- ---- ----
Net revenues $44,840 $45,094 $50,563 $140,497
Cost of revenues
(1) 19,913 19,690 21,380 60,983
------ ------ ------ ------
Gross profit 24,927 25,404 29,183 79,514
Operating expenses:
Selling, general
and administrative
(1) 12,085 13,997 12,584 38,666
Research and
development (1) 10,251 11,632 11,118 33,001
Amortization of
acquired
intangible
assets 1,010 447 498 1,955
Impairment of
goodwill and long-
lived assets - - - -
Gain on sale of
long-lived and
other assets - - - -
Restructuring 239 235 239 713
--- --- --- ---
Total operating
expenses 23,585 26,311 24,439 74,335
----- ---- ----- -----
Income (loss) from
operations 1,342 (907) 4,744 5,179
Interest income 995 686 239 1,920
Interest expense (838) (945) (497) (2,280)
Other income
(expense), net (146) (51) 317 120
---- --- --- ---
Income (loss) from
continuing
operations before
income taxes 1,353 (1,217) 4,803 4,939
Income tax expense
(benefit) - - 101 101
--- --- --- ---
Income (loss) from
continuing
operations 1,353 (1,217) 4,702 4,838
Loss from
discontinued
operations, net of
tax (3,129) (15,863) (704) (19,696)
Gain (loss) on
disposal of
discontinued
operations, net of
tax 472 16 4,152 4,640
--- -- ----- -----
Net income (loss) $(1,304) $(17,064) $8,150 $(10,218)
======= ======== ====== ========
Basic earnings (loss)
per share:
Income (loss) from
continuing
operations $0.06 $(0.05) $0.21 $0.22
Loss from
discontinued
operations (0.14) (0.72) (0.03) (0.89)
Gain on disposal
of discontinued
operations 0.02 0.00 0.19 0.21
---- ---- ---- ----
Net income (loss)
per share $(0.06) $(0.77) $0.37 $(0.46)
====== ====== ===== ======
Diluted earnings
(loss) per share:
Income (loss) from
continuing
operations $0.06 $(0.05) $0.21 $0.22
Loss from
discontinued
operations (0.14) (0.72) (0.03) (0.88)
Gain on disposal
of discontinued
operations 0.02 0.00 0.18 0.20
---- ---- ---- ----
Net income (loss)
per share $(0.05) $(0.77) $0.36 $(0.46)
====== ====== ===== ======
Weighted average
shares outstanding:
Basic 22,009 22,121 22,208 22,113
====== ====== ====== ======
Diluted 22,009 22,121 22,486 22,374
====== ====== ====== ======
(1) Includes stock-based
compensation expense,
which was allocated
as follows:
Cost of revenues $68 $141 $69 $278
Selling, general
and
administrative 730 1,784 877 3,391
Research and
development 311 414 276 1,001
--- --- --- -----
$1,109 $2,339 $1,222 $4,670
====== ====== ====== ======
MERCURY COMPUTER SYSTEMS, INC.
RECONCILIATION OF FORWARD-LOOKING GUIDANCE RANGE
Quarter ending June 30, 2009
RANGE
Earnings From Earnings From
Continuing Operations Continuing Operations
Per Share - Diluted Per Share - Diluted
GAAP expectation $0.04 $0.08
Adjustment to exclude
stock-based compensation 0.01 0.01
Adjustment to exclude
amortization of acquired
intangible assets 0.02 0.02
Adjustment for tax impact (0.02) (0.03)
----- -----
Non-GAAP expectation $0.05 $0.08
===== =====
SOURCE
/CONTACT:
+1-978-967-1990
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