Mercury Systems Receives $25M Integrated Subsystems Order for Electronic Support Application

Rhea-AI Summary

Mercury Systems (NASDAQ: MRCY) announced a $25 million follow-on order from a defense prime contractor for integrated radio frequency (RF) and digital subsystems, aimed at advanced naval electronic support applications. This order, booked in Q4 of fiscal 2020, is expected to be shipped over several quarters. The company's focus on enhancing RF conversion and digital signal processing technologies positions it uniquely within the defense industry. The commitment to innovation supports the growing demand for agile capabilities amidst emerging threats.

Positive

• Received a $25 million follow-on order from a defense prime contractor.
• Focus on advanced RF conversion and digital signal processing technologies.
• Order expected to be shipped over several quarters, indicating future revenue.

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• None.

ANDOVER, Mass., June 30, 2020 (GLOBE NEWSWIRE) -- Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), a leader in trusted, secure mission-critical technologies for aerospace and defense, announced it received a $25 million follow-on order from a leading defense prime contractor for integrated radio frequency (RF) and digital subsystems for an advanced naval electronic support application. The order was booked in the Company’s fiscal 2020 fourth quarter and is expected to be shipped over the next several quarters.

“Receiving this follow-on order demonstrates our focus on developing the most advanced RF conversion and digital signal processing technologies and making them profoundly more accessible to the defense industry,” said Neal Austin, Vice President and General Manager of Mercury's Embedded Sensor Processing group. “As new threats rapidly emerge across the electromagnetic spectrum, we support our customers with the agile, high-performance capabilities they need. Our ability to provide complete RF-to-digital conversion and processing solutions has created a level of value that’s unique in our industry and reinforces our commitment to Innovation that Matters.”

Mercury is accelerating innovation for its customers as the Company bridges the gap between commercial technology and defense applications to meet the industry’s current and emerging needs. For more information, visit www.mrcy.com or contact Mercury at (866) 627-6951 or info@mrcy.com.

Mercury Systems – Innovation That Matters^®
Mercury Systems is the leader in making trusted, secure mission-critical technologies profoundly more accessible to the aerospace and defense industries. Optimized for customer and mission success, our innovative solutions power more than 300 critical aerospace and defense programs. Headquartered in Andover, Mass., and with manufacturing and design facilities around the world, Mercury specializes in engineering, adapting and manufacturing new solutions purpose-built to meet the industry’s current and emerging high-tech needs. Our employees are committed to Innovation That Matters®. To learn more, visit mrcy.com, or follow us on Twitter.

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 the products and services described herein and to fiscal 2020 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,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” 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, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of any U.S. Federal government shutdown or extended continuing resolution, 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, changes in, or in the U.S. Government’s interpretation of, federal export control or procurement rules and regulations, market acceptance of the Company's products, shortages in components, production delays or unanticipated expenses due to performance quality issues with outsourced components, inability to fully realize the expected benefits from acquisitions and restructurings, or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, increases in interest rates, changes to cyber-security regulations and requirements, changes in tax rates or tax regulations, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2019, and as updated by the Company’s Current Report on Form 8-K filed on April 28, 2020. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

Contact:
Robert McGrail, Director of Corporate Communications
Mercury Systems, Inc.
+1 978-967-1366 / rmcgrail@mrcy.com

Mercury Systems and Innovation That Matters are trademarks of Mercury Systems, Inc. Other product and company names mentioned may be trademarks and/or registered trademarks of their respective holders.

FAQ

What was the amount of the follow-on order announced by Mercury Systems?

Mercury Systems announced a $25 million follow-on order.

When was the order booked by Mercury Systems?

The order was booked in the fourth quarter of fiscal 2020.

What is the purpose of the integrated RF and digital subsystems from Mercury Systems?

These subsystems are designed for an advanced naval electronic support application.

How long will it take for Mercury Systems to ship the new order?

The order is expected to be shipped over the next several quarters.

What does the follow-on order signify for Mercury Systems?

It demonstrates Mercury Systems' commitment to innovation in RF and digital signal processing technologies.