Mercury Systems: An Unexpected Opportunity
Tue, Aug. 2, 4:16 PM
Mon, Aug. 1, 5:35 PM
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Thu, Mar. 24, 12:47 PM
Wed, Mar. 23, 4:32 PM
- Analog/mixed-signal and telecom chipmaker Microsemi (NASDAQ:MSCC) is selling its embedded security, RF/microwave, and custom microelectronics businesses to embedded processing module/subsystem maker Mercury Systems (NASDAQ:MRCY) for $300M in cash.
- The deal is expected to close in calendar Q2. Microsemi declares the sale frees up capital "for the ongoing development of proprietary, higher-value solutions for our aerospace & defense, communications, industrial and storage end markets," and pay down debt raised to finance the PMC-Sierra acquisition. The company also uses the occasion to affirm its FQ2 (calendar Q1) guidance.
- Mercury notes the acquired businesses had revenue of $100M and adjusted EBITDA of $28M in Microsemi's FY15 (ended last September), and predicts the deal will be "highly accretive" to its FY17 (ends June '17) EPS and adjusted EBITDA margin. It's paying for the purchase via $50M in existing cash + a $265M term loan, and also taking out a $75M credit facility that won't be tapped for now.
- Mercury: "The transaction adds secure solid-state storage to our array of industry-leading, pre-integrated processing subsystems capabilities. It nearly doubles the size of our RF and Microwave business, adding new capabilities, scale and synergies. In addition, it provides us with new capabilities in embedded security and mixed signal system-on-chip processing. All these capabilities are highly aligned with our business from a strategic perspective..."
- Microsemi is unchanged after hours. Mercury is up 3% to $16.99.
- PRs: Microsemi, Mercury Systems
Tue, Jan. 26, 4:05 PM
- Mercury Systems (NASDAQ:MRCY): FQ2 EPS of $0.23 beats by $0.12.
- Revenue of $60.41M (+5.8% Y/Y) beats by $0.62M.
Mon, Jan. 25, 5:35 PM
Oct. 27, 2015, 4:20 PM
- Mercury Systems (NASDAQ:MRCY): FQ1 EPS of $0.06 misses by $0.01.
- Revenue of $58.41M (+8.0% Y/Y) beats by $1.31M.
- Shares +0.23%.
Oct. 26, 2015, 5:35 PM
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Aug. 4, 2015, 4:16 PM
- Mercury Systems (NASDAQ:MRCY): FQ4 EPS of $0.18 beats by $0.06.
- Revenue of $64.1M (+19.4% Y/Y) beats by $0.46M.
Aug. 3, 2015, 5:35 PM
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Apr. 28, 2015, 4:21 PM
- Mercury Systems (NASDAQ:MRCY): FQ3 EPS of $0.17 beats by $0.04.
- Revenue of $59.6M (+11.6% Y/Y) beats by $0.76M.
Jan. 27, 2015, 4:20 PM
- Mercury Systems (NASDAQ:MRCY): FQ2 EPS of $0.14 beats by $0.10.
- Revenue of $57.08M (+12.1% Y/Y) beats by $0.72M.
Jan. 26, 2015, 5:35 PM
Oct. 28, 2014, 4:40 PM
- Mercury Systems (NASDAQ:MRCY): FQ1 EPS of $0.02 beats by $0.05.
- Revenue of $54.1M (+0.3% Y/Y) beats by $0.66M.