MIDDLEFIELD, CT--- Zygo Corp. announced its financial results for the first quarter of fiscal 2011, ended September 30, 2010. First quarter fiscal 2011 net revenues of $31.1 M increased 46% from $21.3 Mduring the same period in the prior year reflecting improved business conditions in the overall economy for our products.
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
"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.