UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
October 31, 2012
NEWPORT CORPORATION
(Exact name of registrant as specified in its charter)
Nevada |
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000-01649 |
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94-0849175 |
(State or other jurisdiction of |
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(Commission File Number) |
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(IRS Employer Identification No.) |
1791 Deere Avenue, Irvine, California |
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92606 |
(Address of principal executive offices) |
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(Zip Code) |
(949) 863-3144
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On October 31, 2012, Newport Corporation (the Registrant) announced its financial results for the third quarter and nine months ended September 29, 2012, and its financial outlook for the fourth quarter of 2012. The press release issued by the Registrant in connection with the announcement is attached to this report as Exhibit 99.1.
This information shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing by the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as may be set forth by specific reference in such a filing.
Use of Non-GAAP Financial Measures
In the press release attached to this report as Exhibit 99.1, the Registrant has supplemented certain of its financial measures prepared in accordance with accounting principles generally accepted in the United States (GAAP) with non-GAAP financial measures. These non-GAAP financial measures and the reasons for their inclusion, as well as the limitations on the usefulness of such information to an investor, are described below.
The Registrant has provided non-GAAP measures of (1) gross profit, (2) operating income, (3) net income attributable to Newport Corporation, and (4) net income per diluted share attributable to Newport Corporation, for the three and nine months ended September 29, 2012 and October 1, 2011, which exclude a number of items that management considers to be outside of the Registrants core operating results. A table detailing the items excluded from the non-GAAP measures and reconciling such non-GAAP results with the Registrants GAAP results is included following the consolidated statements of income and comprehensive income that are a part of the press release. In the press release, the Registrant has also provided general guidance concerning its expected non-GAAP operating income and non-GAAP net income for its fourth fiscal quarter of 2012. As of October 31, 2012, the Registrant is unable to quantify the expected impact of the items expected to be excluded from its non-GAAP results for such period.
The Registrant has provided these non-GAAP results and guidance with the intent of providing both management and investors with a more complete understanding of the Registrants core operating results and performance trends, and a more meaningful basis for comparison of the Registrants results with its historical and future financial results, as well as with the results of other companies that may report non-GAAP measures that exclude similar items. The Registrant believes that the items excluded from these non-GAAP measures generally do not reflect the ongoing operating performance of the Registrants business. In addition, these adjusted non-GAAP measures are among the primary indicators that management uses as a basis for its planning and forecasting and may also be used by management for other purposes including its evaluation of performance to determine the achievement of goals under the Registrants incentive plans.
However, the presentation of this additional information is not meant to be considered in isolation or as a substitute for the Registrants financial measures prepared in accordance with GAAP. These non-GAAP measures exclude items that may have a material impact on the Registrants operating results calculated in accordance with GAAP, which impact is included in the Registrants GAAP financial statements. Although the Registrant believes it is useful for investors to view the Registrants core operating results in the absence of the excluded items, certain of these excluded items represent actual expenses that impact the cash available to the Registrant for other uses. To gain a comprehensive understanding of all impacts on the Registrants income from any and all events, management also relies upon the Registrants GAAP financial statements, and investors should as well. Further, the Registrant notes that non-GAAP measures may be defined and calculated differently among companies, or from period to period by the same company, which may limit the usefulness of the non-GAAP information to an investor.
The Registrant expects to incur stock-based compensation expense, amortization of intangible assets, and acquisition-related costs in future periods, and may also incur other items, such as significant gains or losses from contingencies. Additionally, the Registrant may be impacted by significant tax matters in future periods. The Registrant may present non-GAAP financial measures for such future periods that exclude any or all of the foregoing
items, if it believes that doing so is consistent with the goal of providing useful information to investors and management.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
|
Description |
99.1 |
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Press Release dated October 31, 2012 (furnished pursuant to Item 2.02 and not deemed filed). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
October 31, 2012 |
NEWPORT CORPORATION | |
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| |
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| |
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By: |
/s/ Jeffrey B. Coyne |
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Jeffrey B. Coyne |
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Senior Vice President, General Counsel and Corporate Secretary |
Exhibit 99.1
Press Release
Contact:
Charles F. Cargile, 949/863-3144
Newport Corporation, Irvine, CA
investor@newport.com
or
Rob Fink, 212/896-1206
KCSA Strategic Communications
Newport@kcsa.com
NEWPORT CORPORATION REPORTS
THIRD QUARTER 2012 RESULTS
Irvine, California October 31, 2012 Newport Corporation (NASDAQ: NEWP) today reported financial results for its third quarter and nine months ended September 29, 2012, and its outlook for the fourth quarter of 2012. The company noted the following highlights regarding the third quarter:
· Net sales of $142.9 million;
· Net income attributable to Newport Corporation of $7.6 million, or $0.20 per diluted share, when measured according to generally accepted accounting principles (GAAP);
· Net income attributable to Newport Corporation of $13.7 million, or $0.35 per diluted share, when measured on a non-GAAP basis, excluding expenses related to recent acquisitions, restructuring and severance costs, the amortization of intangible assets, stock-based compensation expense, a gain resulting from the sale of a minority-owned investment, and the tax impact of such excluded amounts;
· Cash from operations of $26.0 million, of which $4.6 million was used to reduce indebtedness; and
· The company is ahead of schedule in its 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, Newports President and Chief Executive Officer, stated, Our third quarter operating income, non-GAAP earnings per share and cash from operations were all at the highest levels we have achieved in any quarter in 2012, despite challenging conditions in our end markets. The $15 million cost reduction plan we launched earlier this year was well timed, and we are implementing it effectively. In parallel, we continue to execute our strategic plan, with a focus on new product development and market share gains. These combined efforts will enable us to achieve strong growth and significant operating leverage as market conditions improve.
Sales and Orders
Newports sales and orders by end market were as follows:
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Percentage Change vs. |
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Three Months Ended |
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Nine Months Ended |
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Third |
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Nine |
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September 29, |
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October 1, |
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September 29, |
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October 1, |
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Quarter |
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Months |
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(In thousands, except percentages, unaudited) |
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2012 |
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2011 (1) |
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2012 |
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2011 (1) |
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2012 |
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2012 |
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Sales by End Market |
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Scientific research and defense/security |
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$ |
49,935 |
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$ |
41,931 |
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$ |
151,330 |
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$ |
122,986 |
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19.1 |
% |
23.0 |
% |
Microelectronics |
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32,799 |
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34,093 |
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110,150 |
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122,008 |
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-3.8 |
% |
-9.7 |
% | ||||
Life and health sciences |
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29,200 |
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30,753 |
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99,509 |
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81,785 |
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-5.0 |
% |
21.7 |
% | ||||
Industrial manufacturing and other |
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30,947 |
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18,821 |
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92,714 |
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57,362 |
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64.4 |
% |
61.6 |
% | ||||
Total |
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$ |
142,881 |
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$ |
125,598 |
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$ |
453,703 |
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$ |
384,141 |
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13.8 |
% |
18.1 |
% |
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Orders by End Market |
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Scientific research and defense/security |
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$ |
51,775 |
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$ |
44,369 |
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$ |
151,054 |
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$ |
127,876 |
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16.7 |
% |
18.1 |
% |
Microelectronics |
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32,596 |
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32,080 |
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116,756 |
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131,835 |
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1.6 |
% |
-11.4 |
% | ||||
Life and health sciences |
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32,999 |
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24,079 |
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115,939 |
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76,287 |
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37.0 |
% |
52.0 |
% | ||||
Industrial manufacturing and other |
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26,403 |
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18,077 |
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94,414 |
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56,026 |
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46.1 |
% |
68.5 |
% | ||||
Total |
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$ |
143,773 |
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$ |
118,605 |
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$ |
478,163 |
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$ |
392,024 |
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21.2 |
% |
22.0 |
% |
Notes:
(1) Certain prior period amounts have been reclassified to conform to the current period presentation.
In the third quarter of 2012, sales and orders increased 13.8% and 21.2%, respectively, compared with the third quarter of 2011, as weakness in some end markets was more than offset by the contributions from the acquisitions of Ophir Optronics and ILX Lightwave, which were not included in the results of the prior year period. These acquisitions added $26.1 million in sales and $29.0 million in new orders in the third quarter of 2012.
On a sequential basis, sales declined 7.0% compared with the second quarter of 2012, as stronger sales to customers in Newports scientific research and defense/security markets partially offset the weakness in the companys other target end markets. New orders declined 3.0% in the third quarter of 2012 compared with the second quarter level, due to lower orders from customers in the companys microelectronics and industrial and other markets, offset in part by higher orders from customers in the companys life and health sciences and scientific research and defense/security end markets.
Operating Income and Net Income
Newport reported operating income for the third quarter of 2012 of $12.6 million, or 8.8% of net sales, when calculated in accordance with GAAP. On a non-GAAP basis, excluding acquisition-related expenses, restructuring and severance costs, the amortization of intangible assets and stock-based compensation expense, the companys operating income for the third quarter of 2012 was $21.2 million, or 14.8% of net sales.
The company reported net income attributable to Newport Corporation for the third quarter of 2012 of $7.6 million, or $0.20 per diluted share, when calculated in accordance with GAAP. On a non-GAAP basis, excluding the items referenced above, a gain on the sale of a minority-owned investment and the tax impact of such excluded amounts, net income attributable to Newport Corporation for the third quarter of 2012 was $13.7 million, or $0.35 per diluted share.
The company has provided a reconciliation of its gross profit, operating income, net income and net income per diluted share calculated in accordance with GAAP and on a non-GAAP basis following the statements of income and comprehensive income included in this release. Management believes that the supplemental presentation of non-GAAP financial information helps to provide insight into the companys core business results, as well as a more meaningful comparison of its financial results between periods.
Cash, Cash Equivalents and Marketable Securities
In the third quarter of 2012, Newport generated $26.0 million in cash from operations, of which $4.6 million was used to reduce indebtedness. The company ended the quarter with $76.9 million in cash, cash equivalents and marketable securities, an increase of $19.4 million compared with the second quarter of 2012. In the first nine months of 2012, Newport has generated $54.3 million in cash from operations and reduced its total indebtedness by $37.2 million.
Cost Reduction Plan
The company noted that it continues to implement its broad-based initiative designed to achieve annualized cost savings of $15 million per year. This initiative includes actions currently underway to maximize operating efficiencies through the integration of the companys recent acquisitions, as well as other cost reduction steps. The results of this cost reduction plan contributed significantly to the $4.6 million reduction in selling, general and administrative expenses in the third quarter compared with the second quarter level.
Financial Outlook
The company noted that it does not see a near-term catalyst for improvement in overall market conditions. As such, the company expects its sales, non-GAAP operating income and non-GAAP net income in the fourth quarter of 2012 to be similar to the third quarter levels.
Mr. Phillippy concluded, Due to the uncertainty in market conditions, our outlook remains cautious. As we have done successfully during prior periods of weak market demand, we are continuing to invest in opportunities to drive future growth, while taking actions to enhance our profitability and cash generation. This balanced approach will fortify our business in the near term and position us well for 2013 and beyond.
ABOUT NEWPORT CORPORATION
Newport Corporation is a leading global supplier of advanced-technology products and systems to customers in the scientific research and defense/security, microelectronics, life and health sciences and industrial manufacturing markets. Newports innovative solutions leverage its expertise in advanced technologies, including lasers, photonics and precision motion equipment, and optical components and sub-systems, to enhance the capabilities and productivity of its customers manufacturing, engineering and research applications. Newport is part of the Standard & Poors SmallCap 600 Index and the Russell 2000 Index.
INVESTOR CONFERENCE CALL
Robert J. Phillippy, President and Chief Executive Officer, and Charles F. Cargile, Senior Vice President and Chief Financial Officer, will host an investor conference call today, October 31, 2012, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to review the companys results for the third quarter of 2012 and its outlook for the fourth quarter of 2012. The call will be open to all interested investors through a live audio web broadcast via the Internet at www.newport.com/investors. The call also will be available to investors and analysts by dialing 877-375-4189 within the U.S. and Canada or 973-935-2046 from abroad.
The webcast will be archived on the Newport website and can be reached through the same link. A telephonic playback of the conference call also will be available by calling 855-859-2056 within the U.S. and Canada and 404-537-3406 from abroad. Playback will be available beginning at 8:00 p.m. Eastern time today and continue through 11:59 p.m. Eastern time on Wednesday, November 7, 2012. The replay passcode is 45243447.
SAFE HARBOR STATEMENT
This news release contains forward-looking statements, including without limitation statements regarding the status and expected cost savings and other impacts of the companys cost reduction initiatives, its expectation of strong future sales growth, operating leverage, profitability and cash generation resulting from its execution of its strategic plan and its cost reduction initiatives, and Newports expected end market demand, sales, non-GAAP operating income and non-GAAP net income levels in the fourth quarter of 2012. Without limiting the generality of the foregoing, words such as may, will, expect, believe, anticipate, intend, could, estimate or continue or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing involve judgments and risks with respect to, among other things, Newports ability to achieve expected benefits from the integration of Ophir Optronics, High Q Laser and ILX Lightwave and its other cost savings initiatives; the strength of business conditions in the industries Newport serves, particularly the semiconductor and defense/security industries; Newports ability to successfully penetrate and increase sales to its targeted end markets; the levels of private and governmental research funding worldwide; potential order cancellations and push-outs; future economic, competitive and market conditions, including those in Europe and Asia and those related to its strategic markets; whether its products will continue to achieve customer acceptance; and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Newport. Certain of these judgments and risks are discussed in more detail in Newports periodic reports filed with the Securities and Exchange Commission. Although Newport believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Newport or any other person that Newports objectives or plans will be achieved. Newport undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
###
Newport Corporation
Consolidated Statements of Income and Comprehensive Income
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 29, |
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October 1, |
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September 29, |
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October 1, |
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(In thousands, except per share amounts) |
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2012 |
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2011 |
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2012 |
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2011 |
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Net sales |
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$ |
142,881 |
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$ |
125,598 |
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$ |
453,703 |
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$ |
384,141 |
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Cost of sales |
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80,073 |
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69,815 |
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255,943 |
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210,810 |
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Gross profit |
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62,808 |
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55,783 |
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197,760 |
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173,331 |
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Selling, general and administrative expenses |
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37,320 |
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30,417 |
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123,267 |
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93,629 |
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Research and development expense |
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12,869 |
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11,152 |
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40,319 |
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31,785 |
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Operating income |
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12,619 |
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14,214 |
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34,174 |
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47,917 |
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Foreign currency translation gain from dissolution of subsidiary |
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7,198 |
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Gain on sale of investments |
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950 |
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6,248 |
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Interest and other expense, net |
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(2,082 |
) |
(2,348 |
) |
(7,097 |
) |
(6,377 |
) | ||||
Income before income taxes |
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11,487 |
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11,866 |
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33,325 |
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48,738 |
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Income tax provision |
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3,955 |
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1,364 |
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10,144 |
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3,555 |
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Net income |
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7,532 |
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10,502 |
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23,181 |
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45,183 |
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Net loss attributable to non-controlling interests |
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(104 |
) |
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(201 |
) |
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Net income attributable to Newport Corporation |
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$ |
7,636 |
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$ |
10,502 |
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$ |
23,382 |
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$ |
45,183 |
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Net income |
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$ |
7,532 |
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$ |
10,502 |
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$ |
23,181 |
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$ |
45,183 |
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Other comprehensive income: |
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Foreign currency translation gains (losses) |
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1,399 |
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(5,514 |
) |
(499 |
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(8,649 |
) | ||||
Unrecognized net pension losses |
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10 |
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119 |
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96 |
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544 |
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Unrealized gains (losses) on marketable securities |
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(13 |
) |
481 |
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(120 |
) |
(281 |
) | ||||
Comprehensive income |
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$ |
8,928 |
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$ |
5,588 |
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$ |
22,658 |
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$ |
36,797 |
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Comprehensive loss attributable to non-controlling interests |
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$ |
(94 |
) |
$ |
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$ |
(209 |
) |
$ |
|
|
Comprehensive income attributable to Newport Corporation |
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9,022 |
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5,588 |
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22,867 |
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36,797 |
| ||||
Comprehensive income |
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$ |
8,928 |
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$ |
5,588 |
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$ |
22,658 |
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$ |
36,797 |
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Net income per share attributable to Newport Corporation: |
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Basic |
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$ |
0.20 |
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$ |
0.28 |
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$ |
0.61 |
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$ |
1.21 |
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Diluted |
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$ |
0.20 |
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$ |
0.27 |
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$ |
0.60 |
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$ |
1.17 |
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Shares used in the computation of net income per share: |
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Basic |
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38,264 |
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37,543 |
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38,072 |
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37,342 |
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Diluted |
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38,645 |
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38,571 |
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38,825 |
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38,732 |
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Other operating data: |
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New orders received during the period |
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$ |
143,773 |
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$ |
118,605 |
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$ |
478,163 |
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$ |
392,024 |
|
Backlog at the end of period scheduled to ship within 12 months |
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|
|
|
|
$ |
154,972 |
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$ |
152,377 |
|
Newport Corporation
Supplemental Non-GAAP Measures
(Unaudited)
|
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Three Months Ended |
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Nine Months Ended |
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(In thousands, except per share amounts) |
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September 29, |
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October 1, |
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September 29, |
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October 1, |
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Net Sales |
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$ |
142,881 |
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$ |
125,598 |
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$ |
453,703 |
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$ |
384,141 |
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Cost of sales: |
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Cost of sales - GAAP |
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$ |
80,073 |
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$ |
69,815 |
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$ |
255,943 |
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$ |
210,810 |
|
Amortization of intangible assets |
|
1,071 |
|
180 |
|
1,431 |
|
540 |
| ||||
Stock-based compensation expense |
|
189 |
|
133 |
|
490 |
|
354 |
| ||||
Acquisition-related costs |
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|
|
|
|
808 |
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|
| ||||
Non-GAAP cost of sales |
|
78,813 |
|
69,502 |
|
253,214 |
|
209,916 |
| ||||
Non-GAAP gross profit |
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$ |
64,068 |
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$ |
56,096 |
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$ |
200,489 |
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$ |
174,225 |
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Non-GAAP gross profit as a percentage of net sales |
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44.8 |
% |
44.7 |
% |
44.2 |
% |
45.4 |
% | ||||
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Operating income: |
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|
|
|
|
|
|
|
| ||||
Operating income - GAAP |
|
$ |
12,619 |
|
$ |
14,214 |
|
$ |
34,174 |
|
$ |
47,917 |
|
Amortization of intangible assets |
|
4,615 |
|
1,286 |
|
14,823 |
|
2,798 |
| ||||
Stock-based compensation |
|
2,173 |
|
1,509 |
|
6,265 |
|
4,679 |
| ||||
Acquisition-related costs |
|
933 |
|
759 |
|
4,342 |
|
3,098 |
| ||||
Restructuring and severance costs |
|
823 |
|
288 |
|
1,846 |
|
999 |
| ||||
Gain on sale of assets |
|
|
|
|
|
(166 |
) |
|
| ||||
Non-GAAP operating income |
|
$ |
21,163 |
|
$ |
18,056 |
|
$ |
61,284 |
|
$ |
59,491 |
|
Non-GAAP operating income as a percentage of net sales |
|
14.8 |
% |
14.4 |
% |
13.5 |
% |
15.5 |
% | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net income attributable to Newport Corporation: |
|
|
|
|
|
|
|
|
| ||||
Net income - GAAP |
|
$ |
7,636 |
|
$ |
10,502 |
|
$ |
23,382 |
|
$ |
45,183 |
|
Foreign currency translation gain from dissolution of subsidiary |
|
|
|
|
|
|
|
(7,198 |
) | ||||
Amortization of intangible assets |
|
4,615 |
|
1,286 |
|
14,823 |
|
2,798 |
| ||||
Stock-based compensation |
|
2,173 |
|
1,509 |
|
6,265 |
|
4,679 |
| ||||
Acquisition-related costs |
|
933 |
|
759 |
|
4,342 |
|
3,098 |
| ||||
Restructuring and severance costs |
|
823 |
|
288 |
|
1,846 |
|
999 |
| ||||
Gain on sale of assets |
|
(950 |
) |
|
|
(6,414 |
) |
(619 |
) | ||||
Commitment fee for interim revolving line of credit |
|
|
|
500 |
|
|
|
500 |
| ||||
Release of valuation allowance against certain deferred tax assets |
|
(424 |
) |
|
|
(1,815 |
) |
|
| ||||
Income tax provision on non-GAAP adjustments |
|
(1,129 |
) |
(567 |
) |
(4,994 |
) |
(1,062 |
) | ||||
Non-GAAP net income |
|
$ |
13,677 |
|
$ |
14,277 |
|
$ |
37,435 |
|
$ |
48,378 |
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net income per diluted share attributable to Newport Corporation: |
|
|
|
|
|
|
|
|
| ||||
Net income - GAAP |
|
$ |
0.20 |
|
$ |
0.27 |
|
$ |
0.60 |
|
$ |
1.17 |
|
Total non-GAAP adjustments |
|
0.15 |
|
0.10 |
|
0.36 |
|
0.08 |
| ||||
Non-GAAP net income per diluted share |
|
$ |
0.35 |
|
$ |
0.37 |
|
$ |
0.96 |
|
$ |
1.25 |
|
Newport Corporation
Consolidated Balance Sheets
(Unaudited)
|
|
September 29, |
|
December 31, |
| ||
(In thousands) |
|
2012 |
|
2011 |
| ||
|
|
|
|
|
| ||
ASSETS |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
|
$ |
67,760 |
|
$ |
55,701 |
|
Restricted cash |
|
2,954 |
|
12,367 |
| ||
Marketable securities |
|
6,158 |
|
4,787 |
| ||
Accounts receivable, net |
|
94,010 |
|
97,690 |
| ||
Notes receivable, net |
|
2,680 |
|
2,091 |
| ||
Inventories, net |
|
110,940 |
|
112,968 |
| ||
Deferred income taxes |
|
29,809 |
|
30,339 |
| ||
Prepaid expenses and other current assets |
|
15,869 |
|
15,374 |
| ||
Total current assets |
|
330,180 |
|
331,317 |
| ||
|
|
|
|
|
| ||
Property and equipment, net |
|
84,198 |
|
89,873 |
| ||
Goodwill |
|
146,880 |
|
143,259 |
| ||
Deferred income taxes |
|
9,151 |
|
9,289 |
| ||
Intangible assets, net |
|
140,546 |
|
150,572 |
| ||
Investments and other assets |
|
38,697 |
|
39,759 |
| ||
|
|
$ |
749,652 |
|
$ |
764,069 |
|
|
|
|
|
|
| ||
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Short-term borrowings, net |
|
$ |
34,421 |
|
$ |
45,149 |
|
Accounts payable |
|
29,806 |
|
30,856 |
| ||
Accrued payroll and related expenses |
|
27,800 |
|
36,914 |
| ||
Accrued expenses and other current liabilities |
|
41,960 |
|
39,800 |
| ||
Total current liabilities |
|
133,987 |
|
152,719 |
| ||
|
|
|
|
|
| ||
Long-term debt, net |
|
151,542 |
|
178,043 |
| ||
Accrued pension liabilities |
|
25,649 |
|
24,444 |
| ||
Other liabilities |
|
37,934 |
|
36,586 |
| ||
|
|
|
|
|
| ||
Total stockholders equity of Newport |
|
398,770 |
|
370,258 |
| ||
Non-controlling interests |
|
1,770 |
|
2,019 |
| ||
Total stockholders equity |
|
400,540 |
|
372,277 |
| ||
|
|
$ |
749,652 |
|
$ |
764,069 |
|