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 IRVINE, Calif., July 29 /PRNewswire/ -- Newport Corp. (NASDAQ: NEWP) more than doubled second quarter net income from the level of the first quarter as the company continued to record improvement in its bottom line performance.
 In January, as previously announced, Newport made the change to a calendar fiscal year from its previous July 31 fiscal year end. Because prior-year financials were stated on the basis of a July 31 year end, directly comparable quarterly results are not available. This press release presents financial information for the three and six months ended June 30, 1993, as well as the three and six months ended July 31, 1992. A similar reporting format will be used for the balance of 1993.
 For the second quarter ended June 30, 1993, Newport recorded net income of $371,000, equal to 5 cents per share, on sales of $23,174,000. For the three months ended July 31, 1992, the company reported a net loss of $1,943,000, or 28 cents per share, on sales of $20,929,000.
 For the first six months ended June 30, 1993, Newport registered net income of $519,000, equal to 7 cents per share, on sales of $45,202,000. For the six months ended July 31, 1992, the company recorded a net loss of $14,866,000, equal to $2.13 per share, on sales of $45,082,000. The latter period included a one-time $13.8 million restructuring charge against operations.
 Richard E. Schmidt, chairman and chief executive officer, stated: "We're pleased by Newport's continued steady progress. We've improved gross margins and operating income. However, the company continues to face slow economies and competitive markets, especially in Europe.
 "Newport's now completed restructuring program is a key factor in our progress. We've substantially reduced our cost structure, cut marginal sales and product lines and positioned ourselves to leverage on the complementary technologies obtained as a result of the 1991 acquisition of Micro-Controle S.A. of France. This improvement is also reflected in our balance sheet. Since Dec. 31, 1992, our current ratio has improved to 2.0:1 and our total debt has been reduced $2.9 million to $24.5 million, both as of June 30, 1993. Newport is now a stronger, leaner company.
 "Plans call for further broadening of our business base in attractive niche markets, including micro-positioning for a variety of motion control applications. In addition, we intend vigorously to defend and enhance our leading position in the laser electro-optical laboratory market."
 He concluded: "We look forward to further improvement in the second half of 1993. In addition to pressing forward with our sales and marketing programs, we are planning to achieve further reductions in our costs. As economic conditions begin to rebound in the United States, Europe and Japan, Newport, with its command of key technologies, will be well positioned to address a growing number of opportunities."
 Newport Corp. is a 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 semiconductor manufacturing, telecommunications and analytical instrumentation. Customers include Fortune 500 corporations, national research laboratories, government and educational institutions.
 Consolidated Financial Highlights
 (Amounts in thousands, except per share data)
 Quarter ended Quarter Ended
 June 30, 1993 July 31, 1992
 Net sales $23,174 $20,929
 Net income (loss) $371 ($1,943)
 Earnings (loss) per share $0.05 ($0.28)
 Weighted average common
 and equivalent shares 7,029 6,966
 Six Months Ended
 June 30, 1993 July 31, 1992
 Net sales $45,202 $45,082
 Net income (loss) $519 ($14,866)
 Earnings (loss) per share $0.07 ($2.13)
 Weighted average common
 and equivalent shares 7,027 6,966
 -0- 7/29/93
 /CONTACT: Robert C. Hewitt, senior VP-finance of Newport Corp., 714-253-1405/

CO: Newport Corp. ST: California IN: CPR SU: ERN

LM-EH -- LA012 -- 7131 07/29/93 09:01 EDT
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Publication:PR Newswire
Date:Jul 29, 1993

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