Mercury Systems, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Provides Earnings Guidance for the Third Quarter Ending March 31, 2018; Provides Earnings Guidance for the Year 2018
For the six months, the company reported net revenues of $223,981,000 against $185,663,000 a year ago. Income from operations was $21,259,000 against $12,700,000 a year ago. Income before income taxes was $20,040,000 against $9,543,000 a year ago. Net income was $27,086,000 or $0.57 per share diluted against $9,023,000 or $0.23 per share diluted a year ago. Net cash provided by operating activities was $16,807,000 against $24,521,000 a year ago. Purchases of property and equipment were $7,592,000 against $13,753,000 a year ago. Adjusted EBITDA was $51,925,000 against $41,192,000 a year ago. Capital expenditures were $7,592,000 against $13,753,000 a year ago. Adjusted income and adjusted earnings per share was $30,842,000 or $0.65 per share against $20,792,000 or $0.52 per share a year ago.
For the three months ending March 31, 2018, the company expects revenue in the range of $116 million to $120 million for the fiscal third quarter. EPS of range between $0.16 to $0.19 per share. Net income range from $7,800,000 to $9,000,000 a year ago. Amortization of intangible assets of $5,700,000 to $5,700,000. Adjusted EBITDA expectation of $26,300,000 to $28,000. Adjusted income and adjusted earnings per share of $15,500,000 or $0.33 per share to $16,800,000 or $0.35 per share. Effective tax rate of approximately 33%.
For the year, the company expects EPS ranging from $0.81 to $0.85 per share. Net income ranging from $38,400,000 to $40,400,000. Revenue ranging from $460 million to $468 million. Amortization of intangible assets of $22,500,000 to $22,500,000. Adjusted EBITDA expectation of $106,000,000 to $109,000,000. Adjusted income and adjusted earnings per share of $63,300,000 or $1.33 per share to $65,400,000 or $1.37 per share.