8-K
filed August 15, 2023, 7:59 PM ET
ticker MRCY
CIK 0001049521
leadership
confidence high
sentiment negative
materiality 0.80
MERCURY SYSTEMS INC (MRCY): restructuring charge — Mercury Systems appoints Bill Ballhaus permanent CEO; Q4 net loss $8.2M, cuts 150 jobs
MERCURY SYSTEMS INC
- Bill Ballhaus appointed President and CEO effective Aug 15, 2023; previously interim CEO since June 24.
- Workforce reduction of ~150 positions approved Aug 9, 2023, with expected restructuring charges of ~$9M and annual net savings of ~$24M.
- Q4 FY2023 revenue $253.2M (down 13% YoY), GAAP net loss $8.2M ($0.15 loss per share), adjusted EPS $0.11.
- Full year FY2023 revenue $973.9M (down 1.4% YoY), GAAP net loss $28.3M ($0.50 loss per share), adjusted EBITDA $132.3M.
- Cost savings plan targets FY2024 net savings of $20-22M and $24M annualized; challenged programs impacted EBITDA by ~$56M in FY2023.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
MERCURY SYSTEMS INC reported financial results for the fiscal year ended June 30, 2023.
- Period
- the fiscal year ended June 30, 2023
- Result
- reported results
Exact text from the filing
On August 15, 2023, Mercury Systems, Inc. (the “Company”) issued a press release and an earnings presentation regarding its financial results for the fourth quarter and fiscal year ended June 30, 2023.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
MERCURY SYSTEMS INC reported financial results for the fourth quarter ended June 30, 2023.
- Period
- the fourth quarter ended June 30, 2023
- Result
- reported results
Exact text from the filing
On August 15, 2023, Mercury Systems, Inc. (the “Company”) issued a press release and an earnings presentation regarding its financial results for the fourth quarter and fiscal year ended June 30, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
William L. Ballhaus was appointed as President and Chief Executive Officer at MERCURY SYSTEMS INC.
- Action
- appointed
- Role
- President and Chief Executive Officer
Exact text from the filing
On August 15, 2023, the Company announced that William L. Ballhaus has been appointed as the Company’s President and Chief Executive Officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
William L. Ballhaus was appointed as Chairman of the Board at MERCURY SYSTEMS INC.
- Action
- appointed
- Role
- Chairman of the Board
Exact text from the filing
Mr. Ballhaus will become the Company’s Chairman of the Board effective with the 2023 annual meeting of shareholders.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
MERCURY SYSTEMS INC announced a restructuring with charges of approximately $9 million (eliminates approximately 150 positions).
- Type
- restructuring
- Charge
- approximately $9 million
- Headcount
- eliminates approximately 150 positions
Exact text from the filing
On July 20, 2023, we announced the plan to embed the 1MPACT value creation initiatives into operations, and on August 9, 2023, we approved and initiated a workforce reduction that, together with the 1MPACT related action, eliminates approximately 150 positions, resulting in expected restructuring charges of approximately $9 million.
View on SEC.gov
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