Printer Friendly

NEWPORT REPORTS IMPROVED PROFITS IN FIRST QUARTER OF 1993

 IRVINE, Calif., May 3 /PRNewswire/ -- Newport Corp. (NASDAQ: NEWP) achieved further progress in its operating results in the first quarter ended March 31, 1993.
 In January, as previously announced, Newport made the change to a calendar fiscal year. 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 months ended March 31, 1993, as well as the three months ended April 30, 1992. A similar reporting format will be used for the balance of 1993.
 For the first quarter ended March 31, 1993, Newport posted net income of $148,000, equal to 2 cents per share, on sales of $22,028,000. For the three months ended April 30, 1992, the company had a net loss of $12,923,000, equal to $1.86 per share, on sales of $24,153,000. The latter period reflected a one-time $13.8 million restructuring charge against operations.
 Richard E. Schmidt, chairman and chief executive officer, said: "We continue to see steady improvement in our bottom line performance, reflecting our concerted efforts to restructure and improve Newport's worldwide operations. We have achieved some significant reductions in our overall expenses while eliminating certain marginal sales and product lines.
 "During the past year, our progress has been steady. For the quarter ended July 31, 1992, the net loss was $1,943,000, or 28 cents per share. The loss was cut to $713,000, or 10 cents per share, in the quarter ended Oct. 31, 1992, and in the two-month transition period ended Dec. 31, 1992, we recorded net income of $65,000, or 1 cent per share. I'm pleased we saw further gains in the latest three-month period.
 "First quarter sales improved from those of the transition period, reflecting relatively stronger results from the Pacific Rim countries. We continue to build our base of original equipment manufacturers and to target niche market opportunities where Newport's technology and expertise may be profitably applied. While sales do not yet reflect this effort, we have been increasing our order backlog. On a worldwide basis orders for Micro-Controle products posted their best showing since the second quarter of fiscal 1992.
 "As we've said in previous press releases, our results have been hurt by weakness in the European economies, and this situation will continue to be a restraining factor for the balance of 1993. While we are seeing good results in a number of Pacific Rim nations, conditions in the major market of Japan are very difficult.
 "Despite the challenges of slow economies worldwide, we believe Newport is on a positive course. Our restructuring program, which will be completed by the end of June, is producing the desired benefits. When economic conditions improve in some of our important markets, Newport will be well positioned to benefit. Our focus remains on reducing costs, increasing manufacturing efficiency and broadening our base in industrial niche markets.
 "I look forward to continued progress and further profitability in 1993."
 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 medical and analytical instrumentation. Customers include Fortune 500 corporations, national research laboratories, government and educational institutions.
 NEWPORT CORP.
 Consolidated Financial Highlights
 (Amounts in thousands, except per share)
 Quarter Ended
 March 31, April 30,
 1993 1992
 Net sales $22,028 $24,153
 Net income (loss) 148 (12,923)
 Earnings (loss) per share $0.02 ($1.86)
 Weighted average common
 and equivalent shares 7,025 6,966
 -0- 5/3/93
 /CONTACT: Robert C. Hewitt, senior VP-Finance of Newport, 714-253-1405/
 (NEWP)


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

BP-JL -- LA009 -- 3561 05/03/93 08:31 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 3, 1993
Words:646
Previous Article:IVAX ANNOUNCES A 253 PERCENT EARNINGS INCREASE AND DECLARES A CASH DIVIDEND
Next Article:SKYWEST INC. REPORTS FISCAL 1993 ANNUAL RESULTS, FILES REGISTRATION STATEMENT WITH SECURITIES AND EXCHANGE COMMISSION
Topics:


Related Articles
PATTERN PROCESSING TECHNOLOGIES REPORTS FISCAL 1993 FIRST QUARTER RESULTS
nVIEW CORPORATION REPORTS FIRST QUARTER RESULTS
GENERAL PARCEL SERVICE REPORTS RESULTS
NOLAND COMPANY REPORTS RESULTS
NEWPORT POSTS GAIN IN SECOND QUARTER PROFITS
TSI ANNOUNCES HIGHER SECOND QUARTER EARNINGS
NEWPORT POSTS STRONG INCREASE IN FIRST QUARTER PROFITS
NOLAND REPORTS IMPROVED SECOND-QUARTER EARNINGS
NEWPORT CORP. POSTS SUBSTANTIAL INCREASE IN NET INCOME FOR THE SECOND QUARTER OF 1994
NEWPORT CORPORATION REPORTS GAINS IN SALES, NET INCOME FOR 1996 FIRST QUARTER

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters