MRCY ( $40-$35) warns on earnings in 2nd quarter
(UPDATE: adds closing stock price, after-hours trade)
CHELMSFORD, Mass., Jan 3 (Reuters) - Mercury Computer Systems Inc.(NasdaqNM:MRCY - news) warned on Thursday it expects its fiscal second quarter earnings and revenues to be well below analysts' expectations because of the U.S. Congress' delay in approving the fiscal 2002 defense appropriations bill.
For the quarter ended Dec. 31, the company said it expects revenue to be $36 million to $37 million and diluted earnings per share to range from 13 cents to 17 cents.
Analysts, on average, had expected the company to earn 26 cents a share, with five estimates ranging from 24 cents to 27 cents a share, according to Thomson Financial/First Call.
The revenue figure is 15 percent to 17 percent lower then a year ago and below the company's previous guidance.
Shares of Mercury traded at $31 in after-hours activity on Instinet, down from its close of $40.10 on Nasdaq.
``As the Department of Defense implements its modernization strategy, and anticipated plans for combating terrorism are funded, we expect that there will be an increased requirement for the type of computer system produced by Mercury,'' Jay Bertelli, Mercury Computer Systems' president and chief executive, said in a statement |
