Irvine, CA - Newport Corporation has reported net sales of $154.2 million in 4Q13 ended Dec. 28, 2013, an increase of 10.9% sequentially and 8.8% compared with the same period last year. The company also had new orders of $166.8 million, an increase of 15.5% sequentially and 24.6% compared with the same period last year.
"We executed well in the fourth quarter and delivered strong financial results. Sales exceeded the top end of our guidance range, and operating income, earnings per diluted share and cash from operations all reached their highest levels of the year,” said Robert J. Phillippy, Newport's president and CEO, commenting on the results.
Net income for Newport Corporation was $9.8 million, or $0.24 per diluted share, when measured according to generally accepted accounting principles (GAAP). Non-GAAP net income of $15.3 million, or $0.38 per diluted share, excluding integration-related expenses, restructuring and severance costs, the amortization of intangible assets, stock-based compensation expense, a loss on sale of assets and the tax impact of the excluded amounts.
“We enter 2014 with increasing momentum in our business, and continue to focus on initiatives to deliver long-term growth while maintaining operational efficiency. Fourth-quarter orders of $166.8 million were the second highest level in our history. We believe this performance reflects the improving market climate and the share gains we have achieved in a number of key applications, and we are confident that we are positioned well for sales and profit growth in 2014,” added Phillippy.
The company's sales and orders were driven primarily by new design wins and increased activity levels with customers in the microelectronics end market. The company's 4Q orders from this market included a $14 million collaborative development agreement announced in early Nov. with an OEM customer for opto-mechanical subsystems for a next-generation semiconductor equipment application. The company expects to deliver the first prototype units in mid-2014.
Newport also recorded sequential and year-over-year increases in sales and orders in its industrial manufacturing end market, and year-over-year increases in sales and orders in its life and health sciences end market. Fourth-quarter sales to and orders from customers in the scientific research end market increased sequentially, consistent with historical seasonal patterns, though activity levels in this market as well as in the defense and security end market continued to be adversely impacted by government funding constraints.
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