Newport Corporation Reports Q2 And 1H2015 Results
IRVINE, Calif., Aug. 4, 2015 /PRNewswire/ — Newport Corporation (NASDAQ: NEWP) today reported financial results for its second quarter and six months ended July 4, 2015, and its outlook for the third quarter and second half of 2015. The company noted the following regarding the second quarter results:
Net sales of $148.0 million and new orders of $151.9 million;
Net income of $5.8 million, or $0.14 per diluted share, when measured according to generally accepted accounting principles (GAAP);
Non-GAAP net income of $9.9 million, or $0.25 per diluted share, excluding the amortization of intangible assets, stock-based compensation expense, acquisition-related, restructuring and severance costs and the tax impact of the excluded amounts;
Cash generated from operations of $20.5 million; and
Repurchases of approximately 324,000 shares of common stock during the quarter, for a total of approximately $6.2 million.
Robert Phillippy, President and Chief Executive Officer, commented: “Our second quarter sales and earnings were below our expectations, and our near-term outlook has moderated in certain areas of our business. Accordingly, we are implementing cost reduction actions in these areas to align our cost base with current business conditions.”