UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
(Amendment No. 1)
(Mark One)
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2012
OR
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 000-01649
NEWPORT CORPORATION
(Exact name of registrant as specified in its charter)
Nevada | 94-0849175 | |
(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification No.) |
1791 Deere Avenue, Irvine, California 92606
(Address of principal executive offices) (Zip Code)
(949) 863-3144
(Registrants telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ¨ | Accelerated filer | x | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
As of July 27, 2012, 38,252,472 shares of the registrants sole class of common stock were outstanding.
Explanatory Note
This Amendment No. 1 to the Quarterly Report on Form 10-Q of Newport Corporation for the period ended June 30, 2012, which was originally filed with the Securities and Exchange Commission on August 9, 2012 (the Form 10-Q), is being filed solely to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to the Form 10-Q provides the consolidated financial statements and related notes contained in the Form 10-Q in eXtensible Business Reporting Language (XBRL) format.
No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, has not been updated to reflect events occurring subsequent to the original filing date, and does not modify or update in any way disclosures made in the Form 10-Q.
Pursuant to Rule 406T of Regulation S-T, the XBRL information will not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 and will not be deemed filed or part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of 1933, or otherwise subject to liability under those Sections.
ITEM 6. EXHIBITS
Exhibit |
Description of Exhibit | |
10.1 | Second Amended and Restated Employee Stock Purchase Plan (incorporated by reference to Appendix B of the Registrants Definitive Proxy Statement filed with the Securities and Exchange Commission on April 4, 2012). | |
31.1(1) | Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 (the Exchange Act). | |
31.2(1) | Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act. | |
32.1(1) | Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and 18 U.S.C. Section 1350. | |
32.2(1) | Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and 18 U.S.C. Section 1350. | |
101.INS(2)* | XBRL Instance Document. | |
101.SCH(2)* | XBRL Taxonomy Extension Schema Document. | |
101.CAL(2)* | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF(2)* | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB(2)* | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE(2)* | XBRL Taxonomy Extension Presentation Linkbase Document. |
(1) | Previously filed with the Registrants Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2012. |
(2) | Filed with this Form 10-Q/A. |
* | Pursuant to Rule 406T of Regulation S-T, the XBRL information will not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 and will not be deemed filed or part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of 1933, or otherwise subject to liability under those Sections. |
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 thereunto duly authorized.
Dated: August 30, 2012 | NEWPORT CORPORATION | |||||
By: | /s/ Charles F. Cargile | |||||
Charles F. Cargile, | ||||||
Senior Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Officer) |
EXHIBIT INDEX
Exhibit |
Description of Exhibit | |
10.1 | Second Amended and Restated Employee Stock Purchase Plan (incorporated by reference to Appendix B of the Registrants Definitive Proxy Statement filed with the Securities and Exchange Commission on April 4, 2012). | |
31.1(1) | Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 (the Exchange Act). | |
31.2(1) | Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act. | |
32.1(1) | Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and 18 U.S.C. Section 1350. | |
32.2(1) | Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and 18 U.S.C. Section 1350. | |
101.INS(2)* | XBRL Instance Document. | |
101.SCH(2)* | XBRL Taxonomy Extension Schema Document. | |
101.CAL(2)* | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF(2)* | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB(2)* | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE(2)* | XBRL Taxonomy Extension Presentation Linkbase Document. |
(1) | Previously filed with the Registrants Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2012. |
(2) | Filed with this Form 10-Q/A. |
* | Pursuant to Rule 406T of Regulation S-T, the XBRL information will not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 and will not be deemed filed or part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of 1933, or otherwise subject to liability under those Sections. |
Acquisition (Details) (Acquisition of ILX Lightwave Corporation [Member], USD $)
In Thousands, unless otherwise specified |
Jan. 13, 2012
|
---|---|
Assets acquired and liabilities assumed: | |
Cash | $ 44 |
Other assets | 2,672 |
Goodwill | 3,762 |
Liabilities | (2,485) |
Assets acquired and liabilities assumed net, total | 8,983 |
Developed technology [Member]
|
|
Assets acquired and liabilities assumed: | |
Intangible assets | 2,800 |
Customer relationships [Member]
|
|
Assets acquired and liabilities assumed: | |
Intangible assets | 1,100 |
Other intangible assets [Member]
|
|
Assets acquired and liabilities assumed: | |
Intangible assets | $ 1,090 |
Debt and Lines of Credit (Details 1) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Schedule of long-term debt | ||
Total long-term debt | $ 158,943 | $ 178,043 |
Japanese private placement bonds due June 2014, interest at 0.62% [Member]
|
||
Schedule of long-term debt | ||
Total long-term debt | 2,506 | 2,576 |
Japanese amortizing loans due through November 2016, interest rates from 1.25% to 1.45% [Member]
|
||
Schedule of long-term debt | ||
Total long-term debt | 928 | 954 |
Austrian amortizing loans due through December 2020, interest rates from 2.23% to 3.25% [Member]
|
||
Schedule of long-term debt | ||
Total long-term debt | 270 | |
Austrian lines of credit, interest at 2.90% [Member]
|
||
Schedule of long-term debt | ||
Total long-term debt | 3,888 | |
Israeli amortizing loans due through October 2015, interest rates from 2.97% to 4.50% [Member]
|
||
Schedule of long-term debt | ||
Total long-term debt | 2,884 | 3,855 |
Term loan due October 2016, interest at 3.00% [Member]
|
||
Schedule of long-term debt | ||
Total long-term debt | $ 152,625 | $ 166,500 |
Intangible Assets (Details 1) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
---|---|
Estimated aggregate amortization expense | |
2012 (remaining) | $ 9,090 |
2013 | 15,843 |
2014 | 15,492 |
2015 | 13,972 |
2016 | 11,623 |
Thereafter | 46,953 |
Total estimated future amortization expense | $ 112,973 |
Debt and Lines of Credit (Details 2) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
---|---|
Schedule of maturities of debt obligation | |
2012 (remaining) | $ 16,696 |
2013 | 29,744 |
2014 | 32,204 |
2015 | 28,552 |
2016 | 83,372 |
Thereafter | |
Total debt obligations | $ 190,568 |
Supplemental Balance Sheet Information (Details Textual) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
PPT Division product materials and workmanship [Member]
|
Jun. 30, 2012
Filters and gratings products [Member]
|
Jun. 30, 2012
Original equipment manufacturer [Member]
Maximum [Member]
|
Jun. 30, 2012
Original equipment manufacturer [Member]
Minimum [Member]
|
Jun. 30, 2012
Lasers Division [Member]
Maximum [Member]
|
Jun. 30, 2012
Lasers Division [Member]
Minimum [Member]
|
Jun. 30, 2012
Ophir Division [Member]
|
Jun. 30, 2012
Laser beam profilers and dental CAD/CAM scanners [Member]
|
|
Product warranty (Textual) [Abstract] | ||||||||||
Warranty term | one-year | 90-day | 19 months | 15 months | Two Years | 90 days | one-year | two-year | ||
Short-term warranty obligations | $ 3,889 | $ 4,342 |
Business Segment Information (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Business Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of segment income |
|
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Reconciliation of segment income to consolidated income before income taxes |
|
Net Income Per Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jul. 02, 2011
|
Jun. 30, 2012
|
Jul. 02, 2011
|
|
Net Income Per Share [Abstract] | ||||
Net income attributable to Newport Corporation | $ 9,154 | $ 13,922 | $ 15,746 | $ 34,681 |
Shares: | ||||
Weighted average shares outstanding - basic | 38,220 | 37,477 | 37,975 | 37,241 |
Dilutive potential common shares, using treasury stock method | 678 | 1,311 | 940 | 1,571 |
Weighted average shares outstanding - diluted | 38,898 | 38,788 | 38,915 | 38,812 |
Net income per share attributable to Newport Corporation: | ||||
Basic | $ 0.24 | $ 0.37 | $ 0.41 | $ 0.93 |
Diluted | $ 0.24 | $ 0.36 | $ 0.40 | $ 0.89 |
Acquisition (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
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Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the purchase price, assets acquired and liabilities assumed |
|
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Summary of supplemental pro forma financial information |
|
Interest and Other Expense, Net (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jul. 02, 2011
|
Jun. 30, 2012
|
Jul. 02, 2011
|
|
Interest and other expense, net | ||||
Interest expense | $ (2,041) | $ (2,102) | $ (4,242) | $ (4,202) |
Interest and dividend income | 42 | 125 | 103 | 291 |
Derivative gain (loss) | (488) | 183 | ||
Bank and portfolio asset management fees | (170) | (193) | (334) | (419) |
Other income (expense), net | (171) | 546 | (725) | 301 |
Total | $ (2,828) | $ (1,624) | $ (5,015) | $ (4,029) |
Supplemental Balance Sheet Information (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Inventories | ||
Raw materials and purchased parts | $ 65,117 | $ 65,054 |
Work in process | 18,619 | 19,257 |
Finished goods | 24,982 | 28,657 |
Inventories | $ 108,718 | $ 112,968 |
Fair Value Measurements (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Assets: | ||
Restricted Cash | $ 2,938 | $ 12,367 |
Marketable securities | 4,776 | 4,787 |
Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Restricted Cash | 2,938 | 12,367 |
Marketable securities | 4,776 | 4,787 |
Derivative Assets | 552 | |
Pension assets not owned by plan | 6,523 | 6,572 |
Total Assets | 14,789 | 23,843 |
Liabilities: | ||
Total Liabilities | 1,023 | 828 |
Equity securities [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Marketable securities | 532 | 542 |
Certificates of deposit [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Marketable securities | 4,244 | 4,245 |
Option contracts [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Derivative Assets | 546 | 117 |
Liabilities: | ||
Derivative liabilities | 853 | 440 |
Forward contracts [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Derivative Assets | 6 | |
Liabilities: | ||
Derivative liabilities | 170 | 388 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Restricted Cash | 2,938 | 12,367 |
Marketable securities | 532 | 542 |
Derivative Assets | ||
Pension assets not owned by plan | ||
Total Assets | 3,470 | 12,909 |
Liabilities: | ||
Total Liabilities | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity securities [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Marketable securities | 532 | 542 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Certificates of deposit [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Marketable securities | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Option contracts [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Derivative Assets | ||
Liabilities: | ||
Derivative liabilities | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Forward contracts [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Derivative Assets | ||
Liabilities: | ||
Derivative liabilities | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Restricted Cash | ||
Marketable securities | 4,244 | 4,245 |
Derivative Assets | 552 | |
Pension assets not owned by plan | 6,523 | 6,572 |
Total Assets | 11,319 | 10,934 |
Liabilities: | ||
Total Liabilities | 1,023 | 828 |
Significant Other Observable Inputs (Level 2) [Member] | Equity securities [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Marketable securities | ||
Significant Other Observable Inputs (Level 2) [Member] | Certificates of deposit [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Marketable securities | 4,244 | 4,245 |
Significant Other Observable Inputs (Level 2) [Member] | Option contracts [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Derivative Assets | 546 | 117 |
Liabilities: | ||
Derivative liabilities | 853 | 440 |
Significant Other Observable Inputs (Level 2) [Member] | Forward contracts [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Derivative Assets | 6 | |
Liabilities: | ||
Derivative liabilities | 170 | 388 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Restricted Cash | ||
Marketable securities | ||
Derivative Assets | ||
Pension assets not owned by plan | ||
Total Assets | ||
Liabilities: | ||
Total Liabilities | ||
Significant Unobservable Inputs (Level 3) [Member] | Equity securities [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Marketable securities | ||
Significant Unobservable Inputs (Level 3) [Member] | Certificates of deposit [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Marketable securities | ||
Significant Unobservable Inputs (Level 3) [Member] | Option contracts [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Derivative Assets | ||
Liabilities: | ||
Derivative liabilities | ||
Significant Unobservable Inputs (Level 3) [Member] | Forward contracts [Member] | Fair Value Measurements, Recurring basis [Member]
|
||
Assets: | ||
Derivative Assets | ||
Liabilities: | ||
Derivative liabilities |
Defined Benefit Pension Plans (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jul. 02, 2011
|
Jun. 30, 2012
|
Jul. 02, 2011
|
|
Net periodic benefit cost for the plans in aggregate | ||||
Service cost | $ 937 | $ 172 | $ 1,527 | $ 340 |
Interest cost on benefit obligations | 183 | 210 | 368 | 413 |
Expected return on plan assets | (57) | (59) | (114) | (118) |
Amortization of net loss | 38 | 10 | 76 | 19 |
Total | $ 1,101 | $ 333 | $ 1,857 | $ 654 |
Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Intangible assets | ||
Intangible assets, net | $ 145,075 | $ 150,572 |
Intangible assets subject to amortization | ||
Intangible assets | 122,235 | 128,332 |
Developed technology [Member]
|
||
Intangible assets subject to amortization | ||
Intangible assets | 51,672 | 51,159 |
Customer relationships [Member]
|
||
Intangible assets subject to amortization | ||
Intangible assets | 57,117 | 61,609 |
In-process research and development [Member]
|
||
Intangible assets subject to amortization | ||
Intangible assets | 9,986 | 10,057 |
Other intangible assets [Member]
|
||
Intangible assets subject to amortization | ||
Intangible assets | 3,460 | 5,507 |
Trademarks and trade names [Member]
|
||
Intangible assets not subject to amortization | ||
Intangible assets | $ 22,840 | $ 22,240 |
Acquisition
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
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Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITION |
On January 13, 2012, the Company acquired all of the outstanding capital stock of ILX Lightwave Corporation (ILX) by means of a merger of a wholly owned subsidiary of the Company with and into ILX. The total purchase price for the acquisition was $9.0 million. An initial purchase price of $9.3 million was paid in cash at closing, of which $1.2 million was deposited at closing into escrow until July 12, 2013, to secure certain indemnification and other obligations of the ILX securityholders. The purchase price was subsequently reduced by $0.3 million, based on a calculation of ILX’s net assets at closing. The Company incurred $0.1 million in transaction costs, which have been expensed as incurred and are included in selling, general and administrative expenses in the accompanying consolidated statements of income and comprehensive income. This acquisition expands the Company’s optical power meter and fiber optic source product offerings, and adds laser diode instrumentation and laser diode and light emitting diode (LED) burn-in, test and characterization systems to its product portfolio. ILX is now a part of the Company’s Photonics and Precision Technologies (PPT) Division. The consideration paid by the Company for the acquisition of ILX is allocated to the assets acquired, net of the liabilities assumed, based upon their estimated fair values as of the date of the acquisition. The excess of the purchase price over the estimated fair value of the assets acquired, net of the estimated fair value of the liabilities assumed, is recorded as goodwill. Below is a summary of the purchase price, assets acquired and liabilities assumed:
The $3.8 million in goodwill has been allocated to the Company’s PPT Division and will not be deductible for tax purposes, as this was a merger.
The actual net sales and net income of ILX from January 13, 2012, the closing date of the acquisition, that were included in the Company’s consolidated statements of income and comprehensive income for the three and six months ended June 30, 2012 and July 2, 2011 are set forth in the table below. Also set forth in the table below are the pro forma net sales and net income of the Company during such periods, including the results of ILX as though the acquisition had occurred at the beginning of 2011. This supplemental pro forma financial information is presented for information purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisition had occurred as of the beginning of each reporting period.
For the purposes of determining pro forma net income, adjustments were made to actual net income of the Company for all periods presented in the table above. The pro forma net income assumes amortization of acquired intangible assets began at the beginning of 2011 rather than on January 13, 2012. The result is a net decrease in amortization expense of $0.1 million and $0.2 million for the three and six months ended June 30, 2012, respectively, and an increase in amortization expense of $0.2 million and $0.6 million for the three and six months ended July 2, 2011, respectively. In addition, $0.1 million in charges to cost of sales related to inventory that was marked up to fair value for purchase accounting was added back to pro forma net income for the six months ended June 30, 2012 and subtracted from pro forma net income for the six months ended July 2, 2011. Transaction costs totaling $0.4 million, which were incurred prior to the closing of the acquisition, are also excluded from pro forma net income.
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Business Segment Information (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2012
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Jul. 02, 2011
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Jun. 30, 2012
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Jul. 02, 2011
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Calculation of segment income | ||||
Sales to external customers | $ 153,655 | $ 130,132 | $ 310,822 | $ 258,543 |
Segment, Continuing Operations [Member]
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Calculation of segment income | ||||
Segment income | 23,770 | 24,791 | 48,686 | 49,260 |
Photonics and Precision Technologies [Member]
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Calculation of segment income | ||||
Sales to external customers | 82,858 | 85,415 | 161,912 | 167,579 |
Segment income | 18,987 | 20,746 | 34,982 | 40,411 |
Lasers [Member]
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Calculation of segment income | ||||
Sales to external customers | 44,734 | 44,717 | 93,961 | 90,964 |
Segment income | 2,878 | 4,045 | 9,534 | 8,849 |
Ophir [Member]
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Calculation of segment income | ||||
Sales to external customers | 26,063 | 54,949 | ||
Segment income | $ 1,905 | $ 4,170 |