[May 14, 2013] Aeroflex Reports Third Quarter Fiscal 2013 Results Tweet May 14, 2013 (Close-Up Media via COMTEX) -- Aeroflex Holding Corp., a global provider of high performance microelectronic components, and test and measurement equipment, announced its financial results for the third quarter of fiscal 2013, which ended March 31. In a release on May 9, the Company noted earnings details: For the third quarter of fiscal 2013: -Net sales were $161.0 million compared to $162.3 million in the third quarter of fiscal 2012. -Operating loss was $(2.5) million and net loss was $(9.4) million, or $(0.11) per share, compared to operating loss of $(61.1) million and a net loss of $(65.3) million, or $(0.77) per share in the third quarter of fiscal 2012. This quarter, operating and net loss included a one-time $8 million International Traffic in Arms Regulation ("ITAR") settlement expense to resolve historical self-disclosed ITAR violations. The third quarter of fiscal 2012 included a non-cash goodwill and intangibles impairment charge of $59.7 million in the RFMW group. -On a Non-GAAP basis, compared to the third quarter of fiscal 2012, operating income was $24.1 million compared to $23.0 million, net income was $9.9 million, or $0.12 per share compared to net income of $7.4 million, or $0.09 per share, and Adjusted EBITDA was $29.4 million compared to Adjusted EBITDA of $27.8 million in the third quarter of fiscal 2012. "Our wireless ATS business has continued its turnaround this fiscal year. The significant operational changes we implemented are now visible in our results as demonstrated by our increased gross margins and Adjusted EBITDA. We are executing on our strategic plan despite the challenges that exist due to sequestration in some of our government markets," stated Len Borow, CEO of Aeroflex. "Our AMS business continues to have a strong bookings year contributing to our nine month book-to-bill of over 1-to-1, which provides increased confidence going into our largest quarter of the fiscal year." Business Outlook For the fiscal fourth quarter ending June 30, Aeroflex expects net sales to be between $175 million and $185 million, GAAP net income to be between $8 million and $11 million, Adjusted EBITDA to be between $41 million and $45 million, GAAP net income per share to be between $0.09 and $0.12 and Non-GAAP net income per share to be between $0.21 and $0.25. The range of expected GAAP and Non-GAAP net income per share for the fiscal fourth quarter was calculated using GAAP and Non-GAAP effective tax rates of 23 percent and 30 percent, respectively. ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]