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The company recorded net earnings from continuing operations attributable to Zygo for the first quarter of fiscal 2011 of $2.6 million, or $0.15 per diluted share, as compared with a loss from continuing operations attributable to Zygo of $4 M, or a $0.23 loss per diluted share, in the first quarter of fiscal 2010, an improvement of $0.38 per diluted share year over year. Net earnings for the first quarter of fiscal 2011 were $2.7 M, or $0.16 per diluted share, as compared with a $5.8 M net loss, or a $0.34 net loss per diluted share, in the first quarter of fiscal 2010.
"The revenue growth, combined with stabilizing our operating expense levels, provided the impetus for our earnings growth year over year,” said President and CEO of Zygo Corp. Chris Koliopoulos. “With the cost reductions of the previous year in place, Zygo continues to demonstrate stronger gross margins; at 45.6%, the highest quarterly gross margin in over nine years.”
Koliopoulos says Zygo was able to restore employee compensation from reductions that had been in effect since January 2009. “Through the sacrifices our employees made to preserve the company's strengths during the downturn, we believe we have weathered the storm and are stronger for it,” he noted. “At this point, we have increased our cash and short-term marketable securities to nearly $50 million and our balance sheet remains strong."
Bookings of $34.0 million for the first quarter of fiscal 2011 increased 15% from the prior quarter, aided by significant orders in both of the company’s operating divisions. Bookings for the Metrology Solutions Division accounted for 68% of the bookings received, with the Optical Systems Division contributing the remaining 32%. Backlog rose to $47.8 million at September 30, 2010.