Business
Mercury Systems Reports First Quarter Fiscal 2022 Results
First Quarter Highlights Include:Revenues of $225 million increased 9% over prior yearExecuting on 1MPACT value creation initiativeAnnounced agreement to
About this update from Mercury Systems Inc
[{"type":"text","content":"First Quarter Highlights Include:Revenues of $225 million increased 9% over prior yearExecuting on 1MPACT value creation initiativeAnnounced agreement to acquire Avalex Technologies ANDOVER, Mass., Nov. 02, 2021 (GLOBE NEWSWIRE) -- Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), reported operating results for the first quarter of fiscal 2022, ended October 1, 2021. Management Comments“The Company’s first quarter financial performance was in line with our expectations,” said Mark Aslett, Mercury’s President and Chief Executive Officer. “We expect to deliver substantial year-over-year growth in bookings in FY22, weighted toward the second half, as well as a positive book-to-bill for the year and solid growth in our backlog. This should set the stage for strong results in FY23, including a return to high single-digit to low double-digit organic growth. We anticipate elevated risk levels for the remainder of the fiscal year due to the potential of a prolonged defense budget continuing resolution, federal vaccination mandate and supply chain constraints though we are diligently managing and mitigating those risks. During the quarter, we continued executing on our 1MPACT value creation initiative and are progressing as planned on the expected savings in this fiscal year. We also announced a definitive agreement to acquire Avalex Technologies, which scales our global avionics and mission systems capabilities.” First Quarter Fiscal 2022 ResultsTotal Company first quarter fiscal 2022 revenues were $225.0 million, compared to $205.6 million in the first quarter of fiscal 2021. The first quarter fiscal 2022 results included an aggregate of approximately $41.3 million of revenue attributable to the Physical Optics Corporation and Pentek acquired businesses. Total Company GAAP net (loss) income for the first quarter of fiscal 2022 was $(7.1) million, or $(0.13) per share, compared to $15.8 million, or $0.29 per share, for the first quarter of fiscal 2021. Adjusted earnings per share (“adjusted EPS”) was $0.41 per share for the first quarter of fiscal 2022, compared to $0.51 per share in the first quarter of fiscal 2021. First quarter fiscal 2022 adjusted EBITDA for the total Company was $38.3 million, compared to $42.8 million for the first quarter of fiscal 2021. Cash flows from operating activities in the first quarter of fiscal 2022 w...