NEWPORT CORP. REPORTS FIRST QUARTER RESULTS
NEWPORT CORP. REPORTS FIRST QUARTER RESULTS FOUNTAIN VALLEY, Calif., Dec. 4 /PRNewswire/ -- Newport Corp.
(NASDAQ: NEWP) today reported first quarter sales of $17,306,000, up 16 percent from $14,863,000 in the prior year. Net income for the quarter was $161,000, equal to 2 cents per share, compared with $540,000 or 8 cents per share, a year ago.
Sales for the period were higher due to the inclusion of the non- French Micro-Controle subsidiaries which were purchased June 28, 1991. However, financial results for the period do not include the operations of Micro-Controle's French operations, which were acquired on Sept. 18, 1991, completing Newport's purchase of the micro- positioning business of Micro-Controle, S.A., a privately held company headquartered in Evry, France. The results of the Micro- Controle French operations will be reflected in Newport's financial information commencing Nov. 1, 1991 under applicable accounting principles. The French operations of Micro-Controle have historically produced revenues comparable to Newport. Richard E. Schmidt, chairman and chief executive officer, said, "Weakness in Newport's principal domestic market, along with only a partial consolidation of its major acquisition, were the most significant factors in the first quarter. "The first quarter included losses incurred by Micro-Controle's six non-French subsidiaries, which reduced earnings by approximately 4 cents per share. "Looking at Newport alone, sales decreased 11 percent due to the persistence of the recession, cutbacks in research funding and weakness in the domestic laboratory market served by Newport. The first quarter also reflected miscellaneous acquisition expense and a loss of investment income and higher interest expense as compared to the first quarter of the prior year due to the Micro-Controle purchase. "We continue to focus on our principal objectives of integrating Micro-Controle, implementing our growth programs and increasing productivity through the Newport Quality Initiative. "In addition, the development of a business base in the growing life sciences research market through our new Bio-Instruments Division will be important to Newport's future. Currently, we are building the dealer network for our confocal microscope attachment, a new high-value product with multi-million dollar potential. "The U.S. market continues to be uncertain. The effect of converting the accounting systems of Micro-Controle's operations to those of Newport has not been finalized. However, Newport believes that the second quarter results will benefit from the inclusion of our new French operations. For the longer term, our strategic alliance with Micro-Controle, along with our other key programs, positions us to expand our market leadership, capabilities and customer base. At the same time, our emphasis must be on continuous improvement in operations to increase our competitive strength under difficult conditions." Newport Corp. is the leading worldwide manufacturer and marketer of precision laboratory equipment for scientists and engineers who develop and apply technology involving lasers and optics. The Micro- Controle acquisition further enhances Newport's precision positioning capabilities for high technology industries including semiconductors and telecommunications. Customers include Fortune 500 corporations, national research laboratories, government and educational institutions and diverse small businesses. NEWPORT CORP. Consolidated Financial Highlights (Unaudited) (Amounts in thousands, except per share) Quarter ended Oct. 31, Percent 1991 1990 Change Net sales $17,306 $14,863 16 pct. Net income 155 540 (70 pct.) Earnings per share $0.02 $0.08 (75 pct.) Weighted average shares 7,050 7,142 (1 pct.) -0- 12/4/91 /CONTACT: Robert C. Hewitt, senior VP-finance of Newport Corp., 714-965-5405/ (NEWP) CO: Newport Corp. ST: California IN: SU: ERN
AL-KJ -- LA008 -- 9189 12/04/91 12:08 EST
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|Date:||Dec 4, 1991|
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