Financial focus

09 Nov 2005

The latest financial results from Newport, Zygo, Coherent, Micronic and Bookham.

•  Zygo, the US supplier of optical metrology kit and precision optics, has announced earnings of $2.3 million for its first quarter of fiscal 2006, up $1 million on earnings of $1.3 million for the same period in fiscal 2005. Net sales for the quarter increased 25% year-on-year to $34.6 million. Orders for the quarter were $38.6 million, up $4.5 million compared with the prior year first quarter. "We continue to invest in new products and services for the semiconductor market," said Zygo's president Bruce Robinson. "It is our belief that the strategy of transitioning from an OEM to a direct supplier will have a long-term positive effect on revenue and earnings growth."

•  Third quarter sales at Newport totalled $103 million, up 4% on the previous quarter's figure of $98.6 million. The company also reported a third quarter income of $6.9 million. "Our sales, gross margin and income from continuing operations all exceeded our forecast," said Robert Deuster, Newport's chairman. "This improvement is due to our recently completed program to integrate Spectra-Physics and to the continued positive response to our products in all of the key markets we serve." Newport expects its fourth quarter sales to be in the range $103 to $106 million.

•   "Bookings are the story for the fourth quarter," said John Ambroseo, president of Coherent, announcing orders of $164 million for the quarter, up 24% year-on-year and 33% on the preceding quarter. "The influx of new orders was impressive and due to the product and market breadth as well as geographic participation. It is also gratifying that investments we have made, particularly in the microelectronics, medical OEM and graphic arts markets, are paying off handsomely." The company also posted net sales of $133.8 million and a net income of $5.3 million for the fourth quarter, compared with $133.2 million and $9.4 million respectively for the prior year quarter.

•  Orders for the first nine months of 2005 reached a record SEK 1,143 million ($139 million) at Swedish laser pattern generator Micronic. For the same period in 2004, orders peaked at SEK 739 million. Profit after tax for the nine-month period was SEK 3 million compared to SEK 17 million for the prior year period. "In view of continued powerful growth in the display market, we have revised our full-year assessment for order intake," said Micronic's president Sven Lofquist. "We have already reached our minimum [order] target for the full year."

•  Bookham, US, has announced a net revenue of $62.6 million for its first quarter of fiscal 2006, up 44% from the same period in fiscal 2005. A net loss in the current first quarter of $0.5 million compares favourably to a net loss of $38.3 million prior year quarter. The $0.5 million figure however includes a one-off tax-gain of $11.8 million. Cash, cash equivalents and restricted cash at the end of the first quarter was $43 million compared with $32.3 million at the end of the prior quarter. "We remain on track to have most of our assembly and test operations in China by the end of the March quarter and expect to achieve continued cost savings as a result," commented Bookham's CEO Giorgio Anania.