Last $10.55 USD
Change Today -0.04 / -0.38%
Volume 97.7K
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As of 8:04 PM 07/10/14 All times are local (Market data is delayed by at least 15 minutes).

aeroflex holding corp (ARX) Key Developments

The Law Firm of Andrews & Springer LLC Announces Filing of Class Action Lawsuit against Aeroflex Holding Corp

Andrews & Springer LLC announced that a class action lawsuit has been filed on behalf of stockholders of Aeroflex Holding Corp. seeking to challenge the company's recently announced buyout. According to the lawsuit, on May 20, 2014, Aeroflex and Cobham plc ("Cobham") announced the signing of a definitive merger agreement pursuant to which Cobham will acquire Aeroflex in a merger valued at roughly $1.46 billion. As a result of the buyout, Aeroflex shareholders are only anticipated to receive $10.50 per share in cash in exchange for each common share of Aeroflex. The complaint, which was filed on June 3, 2014, notes that Goldman Sachs, who advised Aeroflex on the merger, is a significant shareholder of Aeroflex. Goldman Sachs, along with two private equity firms, Veritas Capital Fund III, L.P. and Golden Gate Private Equity Inc., who collectively own roughly 64.8% of Aeroflex, have already agreed to vote in favor of the merger. The complaint further alleges that the premium on the consideration that Aeroflex shareholders are receiving is insufficient.

Cobham plc, Aeroflex Holding Corp. - M&A Call

To discuss proposed acquisition of Aeroflex Holding Corp

Aeroflex Holding Corp. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2014; Provides Earnings Guidance for the Fourth Quarter Ending June 30, 2014

Aeroflex Holding Corp. announced unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2014. For the quarter, the company reported net sales of $155.5 million compared to $157.0 million in the third quarter of fiscal 2013. Operating income was $15.1 million and income from continuing operations was $5.3 million, or $0.06 per diluted share, compared to operating loss of $3.1 million and loss from continuing operations of $9.8 million, or $0.12 per diluted share, in the third quarter of fiscal 2013. Net income was $5.326 million or $0.06 per diluted share against net loss of $9.389 million or $0.11 per diluted share a year ago. On a Non-GAAP basis, Adjusted EBITDA was $33.1 million compared to Adjusted EBITDA of $29.3 million in the third quarter of fiscal 2013. For the quarter, Non-GAAP operating income was $27.7 million compared to $24.0 million, and Non-GAAP net income was $14.4 million, or $0.17 per share, compared to $9.9 million, or $0.12 per share, last year. EBITDA was $28.281 million against $16.555 million a year ago. For the nine months, the company reported net sales of $439.300 million compared to $446.549 million in the nine months of fiscal 2013. Operating income was $24.624 million and income from continuing operations was $2.498 million, or $0.03 per diluted share, compared to operating loss of $4.029 million and loss from continuing operations of $24.156 million, or $0.28 per diluted share, in the nine months of fiscal 2013. Net income was $16.960 million or $0.20 per diluted share against net loss of $22.783 million or $0.27 per diluted share a year ago. Non-GAAP operating income was $62.468 million and net income was $28.404 million or $0.33 per diluted share against operating income of $61.454 million and net income of $22.055 million or $0.26 per diluted share a year ago. Net cash provided by operating activities was $26.840 million against $43.100 million a year ago. Capital expenditures were $16.980 million against $14.311 million a year ago. EBITDA was $67.182 million against $53.968 million a year ago. Adjusted EBITDA was $78.470 million against $76.549 million a year ago. For the fourth quarter ending June 30, 2014, the company expects net sales to be between $186 million and $196 million, GAAP income from continuing operations to be between $18 million and $21 million, Adjusted EBITDA to be between $48 million and $52 million, GAAP income from continuing operations per share to be between $0.21 and $0.25 and Non-GAAP net income per share to be between $0.28 and $0.31. The range of expected GAAP and Non-GAAP earnings per share for the fiscal fourth quarter was calculated using GAAP and Non-GAAP effective tax rates of 28% and 32%, respectively.

Aeroflex Holding Corp. to Report Q3, 2014 Results on May 07, 2014

Aeroflex Holding Corp. announced that they will report Q3, 2014 results on May 07, 2014

Aeroflex Holding Corp., Q3 2014 Earnings Call, May 07, 2014

Aeroflex Holding Corp., Q3 2014 Earnings Call, May 07, 2014

 

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