FEI Reports Record Bookings, Revenue And Earnings For The Fourth Quarter Of 2010

Bookings of $218.4 million were up 34% from Last Year's Fourth Quarter

Revenue of $186.1 million was up 20% from Last Year's Fourth Quarter

EPS was $0.52, More Than Three Times Last Year's Fourth Quarter

HILLSBORO, Ore., Feb. 3, 2011 (GLOBE NEWSWIRE) -- For the fourth quarter of 2010, FEI Company (Nasdaq:FEIC) reported the highest quarterly bookings, revenue and earnings in the company's history, with significant year-over-year and sequential quarterly growth. Bookings, revenue and operating income also set records for the full year in 2010.

For the fourth quarter, net bookings were $218.4 million, up 15% from the third quarter of 2010 and up 34% from the fourth quarter of 2009. The backlog at the end of the quarter was $471.9 million, an all-time high. The book-to-bill ratio for the quarter was 1.17 to 1.

Revenue of $186.1 million was up 22% compared to $153.0 million in the third quarter of 2010 and up 20% from $154.4 million in the fourth quarter of 2009. 

Net income was $21.3 million or $0.52 per diluted share, compared with $11.9 million or $0.30 per diluted share in the third quarter of 2010 and $6.6 million or $0.17 per diluted share in the fourth quarter of 2009. 

The gross margin in the fourth quarter was 45.0%, compared with 43.5% in the third quarter of 2010 and 38.4% in the fourth quarter of 2009. Operating income was 15.4% of sales in the quarter, compared with 11.5% in the third quarter of 2010 and 5.8% in the fourth quarter of 2009.

Gross cash, investments and restricted cash, net of debt, increased by $41.3 million in the quarter to $334.8 million at year-end.

"This quarter's record bookings mark our fifth straight quarter of bookings growth," said Don Kania, president and CEO of FEI, "as each of our market segments recorded sequential and year-over-year growth. Our record revenue was powered by particularly strong shipments to the Electronics market, which also contributed to the highest gross margin percentage in almost a decade. It was an excellent quarter for bookings, revenue, margins and earnings.