Business briefs

23 Aug 2002

Including news from Intense Photonics, Agilent Technologies, Lumenis, Newport and more.

•  Intense Photonics, a UK-based developer of integrated optical components, has won EURO 16.4 million of series B venture capital. The company will use the cash to develop its product range and strengthen its marketing effort.

•  US-based Agilent Technologies has posted third quarter revenues of USD 1.39 billion. Despite reporting orders of USD 1.46 billion, the company also announced losses of USD 143 million on an operating earnings-before-goodwill basis. "We have plans to reduce costs by another USD 50 million per quarter by reducing costs in those business impacted by the weak telecoms markets," said Agilent president Ned Barnholt.

•  Lumenis of Israel, a maker of medical lasers, has received clearance from the US Food and Drug administration to use its ClearLight system to treat acne. The laser emits high-intensity, narrowband light to destroy the bacteria that cause the condition.

The company has also announced that it has drawn down its USD 70.7 million bank loan. The money will be used to repay USD 16.5 million outstanding under the company's revolving credit agreement and USD 54.2 million to repay its convertible subordinated notes.

•  Newport is restructuring its fiber optics and photonics division (FPD) due to the ongoing telecoms downturn. FPD has been reorganized into the advanced packaging and automation systems division with the loss of 225 to 275 jobs. The workforce reduction will be completed by the end of quarter three.

•  IQE, a UK-based supplier of epitaxial wafers to the semiconductor industry, has reported second quarter sales of EURO 9.95 million, a 12% increase from the previous quarter. First-half interim sales of EURO 18.8 million were 54% lower than the same period last year. The company will reduce its workforce by 16% to 310 during the third quarter.

•  The Crystal Consortium, a UK-based joint venture between QinetiQ and Strathclyde University, has announced an order book of EURO 1.2 million in its first year of trading. The company forecasts that its incomes will pass EURO 1.5 million next year.