secwatch.observer — SEC 8-K summary
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Issuer:     MERCURY SYSTEMS INC (MRCY)
CIK:        0001049521
Form:       8-K
Filed at:   2023-08-15T23:59:59+00:00
Accession:  0001049521-23-000029
Event type: leadership
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 2.05, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Mercury Systems appoints Bill Ballhaus permanent CEO; Q4 net loss $8.2M, cuts 150 jobs
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1049521/000104952123000029/0001049521-23-000029-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1049521/000104952123000029/mrcy-20230815.htm
  HTML page:      https://secwatch.observer/filing/0001049521-23-000029

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