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)
July 31, 2013
NEWPORT CORPORATION
(Exact name of registrant as specified in its charter)
Nevada |
|
000-01649 |
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94-0849175 |
(State or other jurisdiction of |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
1791 Deere Avenue, Irvine, California |
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92606 |
(Address of principal executive offices) |
|
(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 July 31, 2013, Newport Corporation (the Registrant) announced its financial results for the second quarter and six months ended June 29, 2013, and its financial outlook for the remainder of 2013. 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 six months ended June 29, 2013 and June 30, 2012, 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 qualitative guidance concerning its expected non-GAAP operating income and non-GAAP earnings per diluted share for its third fiscal quarter of 2013. As of July 31, 2013, 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 in addition to its GAAP results 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 July 31, 2013 (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.
July 31, 2013 |
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NEWPORT CORPORATION | ||
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| ||||
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| ||||
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By: |
/s/ Jeffrey B. Coyne | |||
|
|
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
SECOND QUARTER AND FIRST HALF 2013 RESULTS
Irvine, California July 31, 2013 Newport Corporation (NASDAQ: NEWP) today reported financial results for its second quarter and six months ended June 29, 2013, and its outlook for the remainder of 2013. The company noted the following regarding the second quarter results:
· Net sales of $134.2 million;
· New orders of $147.6 million;
· Net income attributable to Newport of $2.7 million, or $0.07 per diluted share, when measured according to generally accepted accounting principles (GAAP);
· Non-GAAP net income attributable to Newport of $7.8 million, or $0.20 per diluted share, excluding the amortization of intangible assets, stock-based compensation expense, integration, restructuring and severance costs, and the tax impact of the excluded amounts; and
· Cash generated from operations of $21.8 million, and a reduction in debt of $10.2 million.
Commenting on the results, Robert J. Phillippy, Newports President and Chief Executive Officer, stated, We are very encouraged by the rebound in new orders during the second quarter. Our new orders increased 10.5% sequentially to $147.6 million and our book-to-bill ratio was greater than 1.0 in all of our target end markets. As expected, our net sales and non-GAAP income increased slightly on a sequential basis. In addition, we strengthened our balance sheet by generating $21.8 million in cash from operations and using $10.2 million of that cash to reduce our outstanding debt.
Sales and Orders
Newports sales and orders by end market were as follows:
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Percentage |
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Percentage |
| |||
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Three Months Ended |
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Change vs. |
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Change vs. |
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June 29, |
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March 30, |
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June 30, |
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Prior |
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Prior Year |
| |||
(In thousands, except percentages, unaudited) |
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2013 |
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2013(1) |
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2012(1) |
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Quarter |
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Period |
| |||
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Sales by End Market |
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| |||
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Scientific research |
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$ |
29,824 |
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$ |
30,905 |
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$ |
30,525 |
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-3.5 |
% |
-2.3 |
% |
Microelectronics |
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29,017 |
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27,730 |
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41,189 |
|
4.6 |
% |
-29.6 |
% | |||
Life and health sciences |
|
31,308 |
|
31,165 |
|
33,478 |
|
0.5 |
% |
-6.5 |
% | |||
Defense and security |
|
13,764 |
|
15,404 |
|
17,154 |
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-10.6 |
% |
-19.8 |
% | |||
Industrial manufacturing and other |
|
30,321 |
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27,403 |
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31,309 |
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10.6 |
% |
-3.2 |
% | |||
Total |
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$ |
134,234 |
|
$ |
132,607 |
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$ |
153,655 |
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1.2 |
% |
-12.6 |
% |
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Orders by End Market |
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| |||
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Scientific research |
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$ |
30,425 |
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$ |
31,650 |
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$ |
32,303 |
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-3.9 |
% |
-5.8 |
% |
Microelectronics |
|
35,622 |
|
28,186 |
|
41,985 |
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26.4 |
% |
-15.2 |
% | |||
Life and health sciences |
|
31,719 |
|
29,882 |
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19,450 |
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6.1 |
% |
63.1 |
% | |||
Defense and security |
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14,344 |
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14,928 |
|
17,262 |
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-3.9 |
% |
-16.9 |
% | |||
Industrial manufacturing and other |
|
35,532 |
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28,939 |
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37,286 |
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22.8 |
% |
-4.7 |
% | |||
Total |
|
$ |
147,642 |
|
$ |
133,585 |
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$ |
148,286 |
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10.5 |
% |
-0.4 |
% |
Notes:
(1) Certain prior period amounts have been reclassified to conform to the current period presentation.
On a sequential basis, the companys sales and new orders in the second quarter of 2013 increased 1.2% and 10.5%, respectively, compared with the first quarter levels, driven by increases in its microelectronics, industrial manufacturing and life and health sciences end markets, offset in part by lower sales to and orders from customers in the scientific research and defense and security end markets. Commenting on the increase in orders, Mr. Phillippy said, Our orders from microelectronics customers in the second quarter increased sequentially by $7.4 million, or 26.4%, over the first quarter level, despite the overall industry not yet showing signs of a full recovery. We had a number of key design wins in the quarter that contributed to this result. This gives us optimism that we are gaining share in this market during the current down-cycle, and will see accelerated growth from these new programs as the recovery in the semiconductor equipment industry gains momentum.
Operating Income and Net Income
Newport reported operating income for the second quarter of 2013 of $5.6 million when calculated in accordance with GAAP, reflecting a 26.5% sequential increase compared with the first quarter of 2013. On a non-GAAP basis, excluding the amortization of intangible assets, stock-based compensation expense, and integration, restructuring and severance costs, the companys operating income for the second quarter of 2013 was $12.8 million, or 9.5% of net sales, a 14.6% increase compared with the first quarter of 2013.
The company reported net income attributable to Newport for the second quarter of 2013 of $2.7 million, or $0.07 per diluted share, when calculated in accordance with GAAP. On a non-GAAP basis, net income attributable to Newport for the second quarter of 2013 increased 26% compared with the first quarter of 2013 to $7.8 million, or $0.20 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 provides 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
As of June 29, 2013, the company had $161.4 million in total indebtedness and $102.0 million in cash, restricted cash and marketable securities. On July 18, 2013, Newport announced the completion of a new $275 million revolving credit facility. As part of this refinancing, the company paid all of the outstanding obligations remaining on its prior credit facility, and the fees relating to the new facility, by using $34.2 million in cash and borrowing $120.0 million on its new revolving credit line. The new credit facility provides the company with greater flexibility from a borrowing capacity, cash flow and covenant perspective, with lower ongoing financing costs.
Financial Outlook
Commenting on Newports outlook, Mr. Phillippy said, We expect our sales in the second half of 2013 to increase compared with the first half of the year. In addition, we believe that our growing backlog, coupled with new business wins related to our strategic growth initiatives, will position us well for increasing sales and profitability in 2014. In the third quarter of 2013, we expect our net sales to be in the range of $136 million to $143 million, resulting in sequential increases in our non-GAAP operating income and non-GAAP earnings per diluted share over the second quarter levels.
ABOUT NEWPORT CORPORATION
Newport Corporation is a leading global supplier of advanced-technology products and systems to customers in the scientific research, microelectronics, life and health sciences, defense and security, and industrial manufacturing markets. Newports innovative solutions leverage its expertise in advanced photonics, optics, and laser technologies to enhance the performance 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.
To download Newports investor relations app, which offers access to its SEC filings, press releases, videos, audiocasts and more, please visit Apples App Store for the iPhone and iPad or Google Play for Android mobile devices.
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, July 31, 2013, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to review the companys results for the second quarter of 2013 and its business outlook for the remainder of 2013. 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. An archived webcast will also be available on Newports investor relations app. A telephonic playback of the conference call 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 6:00 p.m. Eastern time on Wednesday, July 31, 2013, and continue through 11:59 p.m. Eastern time on Wednesday, August 7, 2013. The replay passcode is 18161599.
SAFE HARBOR STATEMENT
This news release contains forward-looking statements, including without limitation statements regarding the companys optimism that it is gaining share in the microelectronics market and that its new design wins will lead to accelerated growth once conditions in the semiconductor equipment industry gain upward momentum; the expectation that its new credit facility will provide greater flexibility from a borrowing capacity, cash flow and covenant perspective and lower on-going financing costs; its expectation of increasing sales in the second half of 2013 compared with the first half of the year; the expectation that growing backlog and new business wins related to its strategic growth initiatives will position the company for increasing sales and profitability in 2014; the companys anticipated net sales in the third quarter of 2013, and its expectation of sequential increases in non-GAAP operating income and non-GAAP earnings per diluted share in the third quarter of 2013. 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 acquired businesses and its other cost savings initiatives; the strength of business conditions in the industries Newport serves, particularly the semiconductor and defense and security industries; the levels of private and governmental research funding worldwide; Newports ability to successfully penetrate and increase sales to its targeted end markets; 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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Six Months Ended |
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June 29, |
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June 30, |
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June 29, |
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June 30, |
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(In thousands, except per share amounts) |
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2013 |
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2012 |
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2013 |
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2012 |
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Net sales |
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$ |
134,234 |
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$ |
153,655 |
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$ |
266,841 |
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$ |
310,822 |
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Cost of sales |
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76,997 |
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86,772 |
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154,472 |
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175,870 |
| ||||
Gross profit |
|
57,237 |
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66,883 |
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112,369 |
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134,952 |
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Selling, general and administrative expenses |
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38,067 |
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41,887 |
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75,675 |
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85,947 |
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Research and development expense |
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13,577 |
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13,651 |
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26,678 |
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27,450 |
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Operating income |
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5,593 |
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11,345 |
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10,016 |
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21,555 |
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Gain on sale of investment |
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5,298 |
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5,298 |
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Interest and other expense, net |
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(2,042 |
) |
(2,828 |
) |
(4,179 |
) |
(5,015 |
) | ||||
Income before income taxes |
|
3,551 |
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13,815 |
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5,837 |
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21,838 |
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Income tax provision |
|
946 |
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4,754 |
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498 |
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6,189 |
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Net income |
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2,605 |
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9,061 |
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5,339 |
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15,649 |
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Net loss attributable to non-controlling interests |
|
(57 |
) |
(93 |
) |
(69 |
) |
(97 |
) | ||||
Net income attributable to Newport Corporation |
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$ |
2,662 |
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$ |
9,154 |
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$ |
5,408 |
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$ |
15,746 |
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Net income |
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$ |
2,605 |
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$ |
9,061 |
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$ |
5,339 |
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$ |
15,649 |
|
Other comprehensive income: |
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Foreign currency translation gains (losses) |
|
777 |
|
(3,485 |
) |
(1,675 |
) |
(1,898 |
) | ||||
Unrecognized net pension gains |
|
38 |
|
102 |
|
228 |
|
86 |
| ||||
Unrealized losses on marketable securities |
|
(50 |
) |
(140 |
) |
(148 |
) |
(107 |
) | ||||
Comprehensive income |
|
$ |
3,370 |
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$ |
5,538 |
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$ |
3,744 |
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$ |
13,730 |
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|
|
|
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Comprehensive loss attributable to non-controlling interests |
|
$ |
(85 |
) |
$ |
(69 |
) |
$ |
(146 |
) |
$ |
(115 |
) |
Comprehensive income attributable to Newport Corporation |
|
3,455 |
|
5,607 |
|
3,890 |
|
13,845 |
| ||||
Comprehensive income |
|
$ |
3,370 |
|
$ |
5,538 |
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$ |
3,744 |
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$ |
13,730 |
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|
|
|
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|
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Net income per share attributable to Newport Corporation: |
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|
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| ||||
Basic |
|
$ |
0.07 |
|
$ |
0.24 |
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$ |
0.14 |
|
$ |
0.41 |
|
Diluted |
|
$ |
0.07 |
|
$ |
0.24 |
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$ |
0.14 |
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$ |
0.40 |
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| ||||
Shares used in the computation of net income per share: |
|
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|
|
|
|
| ||||
Basic |
|
39,085 |
|
38,220 |
|
38,843 |
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37,975 |
| ||||
Diluted |
|
39,361 |
|
38,898 |
|
39,311 |
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38,915 |
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Other operating data: |
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New orders received during the period |
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$ |
147,642 |
|
$ |
148,286 |
|
$ |
281,227 |
|
$ |
334,390 |
|
Backlog at the end of period scheduled to ship within 12 months |
|
|
|
|
|
$ |
151,056 |
|
$ |
168,706 |
|
Newport Corporation
Supplemental Non-GAAP Measures
(Unaudited)
|
|
Three Months Ended |
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Six Months Ended |
| ||||||||
(In thousands, except per share amounts) |
|
June 29, |
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June 30, |
|
June 29, |
|
June 30, |
| ||||
|
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|
|
|
|
|
| ||||
Net Sales |
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$ |
134,234 |
|
$ |
153,655 |
|
$ |
266,841 |
|
$ |
310,822 |
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|
|
|
|
|
|
|
|
|
| ||||
Cost of sales: |
|
|
|
|
|
|
|
|
| ||||
Cost of sales - GAAP |
|
$ |
76,997 |
|
$ |
86,772 |
|
$ |
154,472 |
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$ |
175,870 |
|
Amortization of intangible assets |
|
920 |
|
180 |
|
1,815 |
|
360 |
| ||||
Stock-based compensation expense |
|
244 |
|
184 |
|
453 |
|
301 |
| ||||
Integration-related, restructuring and severance costs |
|
|
|
|
|
403 |
|
808 |
| ||||
Non-GAAP cost of sales |
|
75,833 |
|
86,408 |
|
151,801 |
|
174,401 |
| ||||
Non-GAAP gross profit |
|
$ |
58,401 |
|
$ |
67,247 |
|
$ |
115,040 |
|
$ |
136,421 |
|
|
|
|
|
|
|
|
|
|
| ||||
Non-GAAP gross profit as a percentage of net sales |
|
43.5 |
% |
43.8 |
% |
43.1 |
% |
43.9 |
% | ||||
|
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|
|
|
|
|
|
|
| ||||
Operating income: |
|
|
|
|
|
|
|
|
| ||||
Operating income - GAAP |
|
$ |
5,593 |
|
$ |
11,345 |
|
$ |
10,016 |
|
$ |
21,555 |
|
Amortization of intangible assets |
|
2,615 |
|
5,031 |
|
5,201 |
|
10,208 |
| ||||
Stock-based compensation |
|
1,876 |
|
1,878 |
|
4,145 |
|
4,092 |
| ||||
Integration-related, restructuring and severance costs |
|
2,693 |
|
1,947 |
|
4,567 |
|
4,432 |
| ||||
Gain on sale of assets |
|
|
|
|
|
|
|
(166 |
) | ||||
Non-GAAP operating income |
|
$ |
12,777 |
|
$ |
20,201 |
|
$ |
23,929 |
|
$ |
40,121 |
|
|
|
|
|
|
|
|
|
|
| ||||
Non-GAAP operating income as a percentage of net sales |
|
9.5 |
% |
13.1 |
% |
9.0 |
% |
12.9 |
% | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net income attributable to Newport Corporation: |
|
|
|
|
|
|
|
|
| ||||
Net income - GAAP |
|
$ |
2,662 |
|
$ |
9,154 |
|
$ |
5,408 |
|
$ |
15,746 |
|
Amortization of intangible assets |
|
2,615 |
|
5,031 |
|
5,201 |
|
10,208 |
| ||||
Stock-based compensation |
|
1,876 |
|
1,878 |
|
4,145 |
|
4,092 |
| ||||
Integration-related, restructuring and severance costs |
|
2,693 |
|
1,947 |
|
4,567 |
|
4,432 |
| ||||
Gain on sale of assets |
|
|
|
(5,298 |
) |
|
|
(5,464 |
) | ||||
Release of valuation allowance against certain deferred tax assets |
|
|
|
|
|
|
|
(1,391 |
) | ||||
Income tax provision on non-GAAP adjustments |
|
(2,082 |
) |
(1,096 |
) |
(5,397 |
) |
(3,865 |
) | ||||
Non-GAAP net income |
|
$ |
7,764 |
|
$ |
11,616 |
|
$ |
13,924 |
|
$ |
23,758 |
|
|
|
|
|
|
|
|
|
|
| ||||
Net income per diluted share attributable to Newport Corporation: |
|
|
|
|
|
|
|
|
| ||||
Net income - GAAP |
|
$ |
0.07 |
|
$ |
0.24 |
|
$ |
0.14 |
|
$ |
0.40 |
|
Total non-GAAP adjustments |
|
0.13 |
|
0.06 |
|
0.21 |
|
0.21 |
| ||||
Non-GAAP net income per diluted share |
|
$ |
0.20 |
|
$ |
0.30 |
|
$ |
0.35 |
|
$ |
0.61 |
|
Newport Corporation
Consolidated Balance Sheets
(Unaudited)
|
|
June 29, |
|
December 29, |
| ||
(In thousands) |
|
2013 |
|
2012 |
| ||
|
|
|
|
|
| ||
ASSETS |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
|
$ |
90,186 |
|
$ |
88,767 |
|
Restricted cash |
|
3,220 |
|
3,107 |
| ||
Marketable securities |
|
8,574 |
|
8,498 |
| ||
Accounts receivable, net |
|
86,467 |
|
89,445 |
| ||
Notes receivable, net |
|
1,128 |
|
1,536 |
| ||
Inventories, net |
|
107,946 |
|
108,728 |
| ||
Deferred income taxes |
|
19,812 |
|
19,872 |
| ||
Prepaid expenses and other current assets |
|
20,867 |
|
17,727 |
| ||
Total current assets |
|
338,200 |
|
337,680 |
| ||
|
|
|
|
|
| ||
Property and equipment, net |
|
81,220 |
|
82,843 |
| ||
Goodwill |
|
79,489 |
|
79,586 |
| ||
Deferred income taxes |
|
5,426 |
|
5,646 |
| ||
Intangible assets, net |
|
72,171 |
|
77,446 |
| ||
Investments and other assets |
|
35,504 |
|
37,760 |
| ||
|
|
$ |
612,010 |
|
$ |
620,961 |
|
|
|
|
|
|
| ||
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Short-term borrowings, net |
|
$ |
32,767 |
|
$ |
32,985 |
|
Accounts payable |
|
31,181 |
|
31,061 |
| ||
Accrued payroll and related expenses |
|
29,242 |
|
29,096 |
| ||
Accrued expenses and other current liabilities |
|
38,612 |
|
34,696 |
| ||
Total current liabilities |
|
131,802 |
|
127,838 |
| ||
|
|
|
|
|
| ||
Long-term debt, net |
|
128,647 |
|
150,758 |
| ||
Accrued pension liabilities |
|
27,731 |
|
27,764 |
| ||
Other liabilities |
|
22,850 |
|
23,783 |
| ||
|
|
|
|
|
| ||
Total stockholders equity of Newport |
|
299,740 |
|
289,432 |
| ||
Non-controlling interests |
|
1,240 |
|
1,386 |
| ||
Total stockholders equity |
|
300,980 |
|
290,818 |
| ||
|
|
$ |
612,010 |
|
$ |
620,961 |
|
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