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Supplementary Information
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Supplementary Information

Supplementary Information

(Unaudited)

The Company’s interim financial statements are prepared on a quarterly basis ending on the Friday closest to the end of the calendar quarter, with the exception of the fourth quarter which always ends on December 31.

In December 2014, the Company determined that an impairment test of the NDS goodwill and intangible assets was required, resulting in an impairment charge of $41.4 million in operating expenses.

On March 14, 2014, the Company acquired JADAK and started to include the operating results of JADAK in the consolidated financial statements as of the acquisition date. In July 2014, the Company completed the sale of certain assets and liabilities of the Scientific Lasers business for $6.5 million in cash, net of working capital adjustments, and recorded a $1.7 million loss on sale.

On January 15, 2013, the Company acquired NDS and started to include the operating results of NDS in the consolidated financial statements as of the acquisition date. In the second quarter of 2013, the Company consummated the sale of certain assets and liabilities of the Semiconductor Systems business for $8.0 million in cash, subject to closing working capital adjustments, and recorded a $0.3 million loss, net of tax. In September 2013, the Company settled final working capital adjustments on the sale of the Laser Systems business and the Semiconductor Systems business and recognized additional loss on disposal of these businesses of $0.3 million, net of tax.

The following tables reflect the Company’s unaudited condensed consolidated statements of operations (in thousands except per share data):

 

 

 

Three Months Ended

 

 

December 31,

 

 

September 26,

 

 

June 27,

 

 

March 28,

 

 

2014

 

 

2014

 

 

2014

 

 

2014

 

Sales

$

94,012

 

 

$

94,656

 

 

$

96,905

 

 

$

79,133

 

Cost of goods sold

 

54,284

 

 

 

54,973

 

 

 

58,254

 

 

 

47,028

 

Gross profit

 

39,728

 

 

 

39,683

 

 

 

38,651

 

 

 

32,105

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development and engineering

 

7,837

 

 

 

7,735

 

 

 

7,525

 

 

 

5,857

 

Selling, general and administrative

 

21,840

 

 

 

21,512

 

 

 

21,410

 

 

 

19,618

 

Amortization of purchased intangible assets

 

2,799

 

 

 

2,843

 

 

 

2,876

 

 

 

1,744

 

Restructuring and acquisition related costs

 

(14

)

 

 

771

 

 

 

360

 

 

 

818

 

Impairment of goodwill and intangible assets

 

41,442

 

 

 

—

 

 

 

—

 

 

 

—

 

Total operating expenses

 

73,904

 

 

 

32,861

 

 

 

32,171

 

 

 

28,037

 

Operating income (loss) from continuing operations

 

(34,176

)

 

 

6,822

 

 

 

6,480

 

 

 

4,068

 

Interest income (expense), foreign exchange transaction gains (losses) and other income (expense), net

 

(127

)

 

 

310

 

 

 

(1,017

)

 

 

(275

)

Income (loss) from continuing operations before income taxes

 

(34,303

)

 

 

7,132

 

 

 

5,463

 

 

 

3,793

 

Income tax provision

 

(6,013

)

 

 

2,013

 

 

 

2,057

 

 

 

937

 

Income (loss) from continuing operations

 

(28,290

)

 

 

5,119

 

 

 

3,406

 

 

 

2,856

 

Loss from discontinued operations, net of tax

 

(790

)

 

 

(273

)

 

 

(2,678

)

 

 

(1,866

)

Loss on disposal of discontinued operations, net of tax

 

(1,405

)

 

 

(321

)

 

 

—

 

 

 

—

 

Consolidated net income (loss)

 

(30,485

)

 

 

4,525

 

 

 

728

 

 

 

990

 

Less: Net income attributable to noncontrolling interest

 

—

 

 

 

—

 

 

 

(3

)

 

 

(7

)

Net income (loss) attributable to GSI Group Inc.

$

(30,485

)

 

$

4,525

 

 

$

725

 

 

$

983

 

Earnings (loss) per common share from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.82

)

 

$

0.15

 

 

$

0.10

 

 

$

0.08

 

Diluted

$

(0.82

)

 

$

0.15

 

 

$

0.10

 

 

$

0.08

 

Loss per common share from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.06

)

 

$

(0.02

)

 

$

(0.08

)

 

$

(0.05

)

Diluted

$

(0.06

)

 

$

(0.02

)

 

$

(0.08

)

 

$

(0.05

)

Earnings (loss) per common share attributable to GSI Group Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.88

)

 

$

0.13

 

 

$

0.02

 

 

$

0.03

 

Diluted

$

(0.88

)

 

$

0.13

 

 

$

0.02

 

 

$

0.03

 

 

 

 

 

 

Three Months Ended

 

 

December 31,

 

 

September 27,

 

 

June 28,

 

 

March 29,

 

 

2013

 

 

2013

 

 

2013

 

 

2013

 

Sales

$

82,212

 

 

$

79,858

 

 

$

79,769

 

 

$

75,071

 

Cost of goods sold

 

48,016

 

 

 

45,697

 

 

 

46,530

 

 

 

44,440

 

Gross profit

 

34,196

 

 

 

34,161

 

 

 

33,239

 

 

 

30,631

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development and engineering

 

5,825

 

 

 

6,031

 

 

 

6,115

 

 

 

5,816

 

Selling, general and administrative

 

19,268

 

 

 

19,006

 

 

 

19,374

 

 

 

18,689

 

Amortization of purchased intangible assets

 

1,645

 

 

 

1,772

 

 

 

1,617

 

 

 

2,236

 

Restructuring and acquisition related costs

 

663

 

 

 

1,553

 

 

 

743

 

 

 

2,428

 

Total operating expenses

 

27,401

 

 

 

28,362

 

 

 

27,849

 

 

 

29,169

 

Operating income from continuing operations

 

6,795

 

 

 

5,799

 

 

 

5,390

 

 

 

1,462

 

Interest income (expense), foreign exchange transaction gains (losses) and other income (expense), net

 

(850

)

 

 

(2,022

)

 

 

(1,087

)

 

 

690

 

Income from continuing operations before income taxes

 

5,945

 

 

 

3,777

 

 

 

4,303

 

 

 

2,152

 

Income tax provision

 

1,246

 

 

 

1,533

 

 

 

3,018

 

 

 

403

 

Income from continuing operations

 

4,699

 

 

 

2,244

 

 

 

1,285

 

 

 

1,749

 

Income (loss) from discontinued operations, net of tax

 

(411

)

 

 

(185

)

 

 

(1,827

)

 

 

369

 

Loss on disposal of discontinued operations, net of tax

 

—

 

 

 

(281

)

 

 

(311

)

 

 

—

 

Consolidated net income (loss)

 

4,288

 

 

 

1,778

 

 

 

(853

)

 

 

2,118

 

Less: Net (income) loss attributable to noncontrolling interest

 

20

 

 

 

12

 

 

 

(18

)

 

 

(36

)

Net income (loss) attributable to GSI Group Inc.

$

4,308

 

 

$

1,790

 

 

$

(871

)

 

$

2,082

 

Earnings per common share from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.14

 

 

$

0.07

 

 

$

0.03

 

 

$

0.05

 

Diluted

$

0.14

 

 

$

0.07

 

 

$

0.03

 

 

$

0.05

 

Earnings (loss) per common share from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.01

)

 

$

(0.02

)

 

$

(0.06

)

 

$

0.01

 

Diluted

$

(0.01

)

 

$

(0.02

)

 

$

(0.06

)

 

$

0.01

 

Earnings (loss) per common share attributable to GSI Group Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.13

 

 

$

0.05

 

 

$

(0.03

)

 

$

0.06

 

Diluted

$

0.13

 

 

$

0.05

 

 

$

(0.03

)

 

$

0.06