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Zygo Reports Record EPS for Fiscal 2011, Q4 Revenues up 50%

August 22, 2011
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MIDDLEFIELD, CT-Zygo Corp. announced its financial results for the fourth quarter and fiscal year ended June 30, 2011 and points out the following highlights in its results:

  • Record earnings achieved for fiscal 2011 of $1.05 per diluted share.
  • Total year bookings of $167.2 million increased 55% over fiscal 2010 bookings of $108.1 million. Fourth quarter bookings increased 50% over the prior year quarter.
  • Revenues increased for the fifth consecutive quarter, reaching $150.1 million for fiscal 2011--a 48% increase year over year.
  • Q4 continued quarter over quarter earnings growth with net earnings of $6.1 million or $0.33 diluted EPS.
  • Gross margin increased to more than 48% for Q4--the highest gross margin in 10 years and the fourth consecutive quarter of gross margin and operating margin increases.
  • Operating margin for Q4 reached 16%, the highest operating margin for a quarter in 10 years.
  • Large orders during the quarter included a follow-on order for over $3 million for laser fusion amplifiers and an order from a major medical device company of over $2 million for high precision lens assemblies.

    For the fourth quarter of fiscal 2011, revenues of $42.7 million increased 50% from revenues of $28.5 million in the comparable prior year period and 6% from third quarter fiscal 2011 revenues of $40.2 million, reflecting strong demand for both metrology and optics products.

    Net earnings of $6.1 million, or $0.33 per diluted share, for the fourth quarter of fiscal 2011 increased by 49% over net earnings of $4.1 million, or $0.23 per diluted share, in the fourth quarter of fiscal 2010. Prior year fourth quarter non-GAAP net earnings from continuing operations, which excludes one-time charges of $0.6 million, were $0.26 per diluted share.

    Full year fiscal 2011 net revenues were $150.1 million, a 48% increase over fiscal 2010 revenues of $101.3 million.

    Fiscal 2011 net earnings were $19.1 million, or $1.05 per diluted share, compared with a net loss of $6.3 million ($3.6 million net loss from continuing operations), or $0.37 net loss per diluted share ($0.21 net loss per diluted share from continuing operations) for fiscal 2010. Results for fiscal 2011 included a gain on acquisition, net of tax, of $0.11 per diluted share. Non-GAAP fiscal 2010 earnings were $2 million or $0.11 per diluted share from continuing operations after adjusting for one-time items.

    Gross bookings for the fourth quarter of fiscal 2011 were $44.2 million, an increase of 50% over bookings of $29.5 million in the fourth quarter of fiscal 2010 and 6% greater than third quarter fiscal 2011 bookings of $41.7 million. Bookings for the Metrology Solutions Division were 61% of the total; Optical Systems Division bookings were 39%. Backlog rose to $62.0 million at June 30, 2011, compared with $60.5 million at March 31, 2011 and $44.9 million at June 30, 2010.

    "Gross margin of nearly 49% and operating margin of 16% in the fourth quarter represent the fourth consecutive quarter of gross margin and operating margin increases and the highest margin levels in 10 years,” says Zygo Vice President and Chief Financial Officer John P. Jordan. “We also implemented foreign tax reduction measures that reduced fourth quarter and fiscal year income tax expense by $0.03 per diluted share. Our cash and marketable securities position increased to over $61 million as a result of the excellent operating performance combined with disciplined management of accounts receivable and inventory, despite the significant growth in revenues."

    Zygo Corp.is a worldwide supplier of optical metrology instruments, precision optics and electro-optical design and manufacturing services serving customers in the semiconductor capital equipment, bio-medical, scientific and industrial markets.
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