IRVINE, Calif., Aug. 1, 2012 /PRNewswire/ -- Newport Corporation (NASDAQ: NEWP) today reported financial results for its second quarter and six months ended June 30, 2012, and its outlook for the third quarter of 2012. The company noted the following highlights regarding the second quarter:
- Net sales of $153.7 million;
- Net income attributable to Newport Corporation of $9.2 million, or $0.24 per diluted share, when measured according to generally accepted accounting principles (GAAP);
- Net income attributable to Newport Corporation of $11.6 million, or $0.30 per diluted share, when measured on a non-GAAP basis, excluding certain expenses related to recent acquisitions, restructuring and severance costs, the amortization of intangible assets, stock-based compensation expense, and a gain resulting from the sale of a minority-owned investment, net of the tax impact of such excluded amounts;
- Cash from operations of $15.1 million, of which $11.1 million was used to reduce indebtedness; and
- The company is implementing a plan to achieve annualized cost savings of $15 million per year through integration synergies and other cost reductions.
Commenting on the results, Robert J. Phillippy, Newport's President and Chief Executive Officer, stated, "In the second quarter of 2012, we increased our operating income and cash from operations sequentially over the first quarter despite a slight decline in sales. We also had a very productive quarter in securing new business and launching new products, with several design wins with OEM customers and our introduction of the industry's first production ready, high-precision 450mm wafer handling solution for next generation semiconductor manufacturing."
Sales and Orders
Newport's sales and orders by end market were as follows:
