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EXCEL - IDEA: XBRL DOCUMENT - AEROFLEX HOLDING CORP.Financial_Report.xls
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EX-31.1 - EXHIBIT 31.1 - AEROFLEX HOLDING CORP.v331865_ex31-1.htm
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EX-31.2 - EXHIBIT 31.2 - AEROFLEX HOLDING CORP.v331865_ex31-2.htm
EX-32.2 - EXHIBIT 32.2 - AEROFLEX HOLDING CORP.v331865_ex32-2.htm
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EX-31.3 - EXHIBIT 31.3 - AEROFLEX HOLDING CORP.v331865_ex31-3.htm
v2.4.0.6
Business Segments
6 Months Ended
Dec. 31, 2012
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
14. Business Segments

 

We are a global provider of radio frequency, or RF, and microwave integrated circuits, components and systems used in the design, development and maintenance of technically demanding, high-performance wireless communication systems. Our solutions include highly specialized microelectronic components and test and measurement equipment used by companies in the space, avionics, defense, commercial wireless communications, medical and other markets. Approximately 26% and 39% of our sales for the three months ended December 31, 2012 and 2011 and 29% and 36% for the six months ended December 31, 2012 and 2011, respectively, were to agencies of the United States government or to prime defense contractors or subcontractors of the United States government. No customer constituted more than 10% of sales during any of the periods presented. Inter-segment sales were not material and have been eliminated from the tables below.

 

The majority of our operations are located in the United States. We also have operations in Europe and Asia, with our most significant non-U.S. operations in the U.K. Net sales from facilities located in the U.K. were $38.1 million and $34.1 million for the three months ended December 31, 2012 and 2011 and $73.4 million and $68.9 million for the six months ended December 31, 2012 and 2011, respectively. Total assets of the U.K. operations were $173.4 million as of December 31, 2012 and $177.9 million as of June 30, 2012.

 

Net sales, based on the customers’ locations, attributed to the United States and other regions were as follows:

 

    Three Months Ended     Six Months Ended  
    December 31,     December 31,  
    2012     2011     2012     2011  
    (In thousands)  
                         
United States of America   $ 83,023     $ 104,390     $ 162,413     $ 194,576  
Europe and Middle East     30,208       30,986       66,016       64,290  
Asia and Australia     35,699       30,119       58,249       56,728  
Other regions     7,300       5,643       10,705       10,428  
    $ 156,230     $ 171,138     $ 297,383     $ 326,022  

  

We organize our operations into two segments: Aeroflex Microelectronic Solutions, or AMS, and Aeroflex Test Solutions, or ATS. We engineer, manufacture and market a diverse range of products in each of our segments.

 

AMS offers a broad range of microelectronics products and is a leading provider of high-performance, high reliability specialty microelectronics components. Its products include high reliability, or HiRel, microelectronics/semiconductors, RF and microwave components, mixed-signal/digital Application Specific Integrated Circuits (“ASICs”) and motion control products. ATS is a leading provider of a broad line of specialized test and measurement equipment. Its products include wireless test equipment, military radio and private mobile radio test equipment, avionics test equipment, synthetic test equipment and general purpose test equipment.

 

Selected financial data by segment was as follows:

 

             
    Three Months Ended     Six Months Ended  
    December 31,     December 31,  
    2012     2011     2012     2011  
    (In thousands)  
Net sales                                
- Microelectronic solutions ("AMS")   $ 78,551     $ 84,592     $ 153,001     $ 166,397  
- Test solutions ("ATS")     77,679       86,546       144,382       159,625  
Net sales   $ 156,230     $ 171,138     $ 297,383     $ 326,022  
                                 
Segment adjusted operating income                                
- AMS   $ 17,813     $ 19,302     $ 33,226     $ 38,690  
- ATS     7,807       10,395       10,013       12,224  
- Corporate expense     (3,483 )     (3,223 )     (7,509 )     (6,643 )
Adjusted operating income     22,137       26,474       35,730       44,271  
                                 
Amortization of acquired intangibles                                
- AMS     (8,839 )     (9,013 )     (17,672 )     (18,046 )
- ATS     (5,224 )     (6,652 )     (10,971 )     (13,355 )
Share-based compensation                                
- AMS     (267 )     (56 )     (376 )     (56 )
- ATS     (150 )     (34 )     (219 )     (34 )
- Corporate     (314 )     (1,040 )     (772 )     (1,640 )
Restructuring charges                                
- AMS     185       (235 )     (19 )     (611 )
- ATS     (251 )     (680 )     (3,314 )     (740 )
Business acquisition and divestiture related costs - Corporate     (100 )     -       (697 )     (14 )
Impairment of asset held for sale - AMS     (1,340 )     -       (1,340 )     -  
Increase in fair value of acquisition contingent consideration liability - Corporate     -       (448 )     -       (851 )
Current period impact of acquisition related adjustments                                
- AMS     20       (37 )     11       (75 )
- ATS     22       22       44       45  
- Corporate     (55 )     (55 )     (110 )     (110 )
Operating income (GAAP)     5,824       8,246       295       8,784  
                                 
Interest expense     (9,768 )     (8,560 )     (19,846 )     (17,134 )
Write-off of deferred financing costs     (227 )     -       (824 )     -  
Other income (expense), net     (212 )     (398 )     (501 )     (693 )
Income (loss) before income taxes   $ (4,383 )   $ (712 )   $ (20,876 )   $ (9,043 )

 

Management evaluates the operating results of our two segments based upon adjusted operating income, which is pre-tax operating income before certain non-cash, non-recurring and other items. We have set out above our adjusted operating income by segment and in the aggregate, and have provided a reconciliation of adjusted operating income to operating income on a GAAP basis and income (loss) before income taxes for the periods presented.