Aeroflex Holding Corp. ("Aeroflex") (NYSE: ARX), a leading global provider of microelectronic components and test and measurement equipment, today announced its financial results for the fiscal third quarter and nine months ended March 31, 2011.
Net sales increased 14.7% from the third quarter of fiscal 2010 to a new third quarter record of $193.2 million. Both segments contributed to the growth this quarter, as did sales from acquired businesses, which accounted for approximately 5% of revenue. Non-GAAP operating income increased 15.1% from the third quarter of fiscal 2010 to $46.0 million, also a new third quarter record. Adjusted EBITDA also reached a new third quarter record of $50.7 million which is a 13.6% increase from the third quarter of fiscal 2010.
“I am very pleased with our record third quarter results,” said Len Borow, Chief Executive Officer. “Our strong gross margins this quarter were derived from a favorable product mix, primarily related to Hi-Rel Radhard integrated circuits and wireless products, and demonstrate the value proposition of our products in the market. Our partnership with our customers and our ability to commercialize our intellectual property continues to drive our strong financial performance.”
For the fiscal fourth quarter ending June 30, 2011, Aeroflex expects net sales to be between $220 million and $228 million, Adjusted EBITDA to be between $64 million and $69 million, and non-GAAP net income per share to be between $.40 and $.44. The range of expected non-GAAP net income per share reflects interest expense savings from the debt refinancing completed on May 9, 2011 and was calculated using a non-GAAP effective tax rate of 31%.
