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Newport's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Newport (NEWP)

Q3 2011 Earnings Call

October 26, 2011 5:00 pm ET


Charles F. Cargile - Chief Financial Officer, Senior Vice President and Treasurer

Robert J. Phillippy - Chief Executive Officer, President and Director


Ajit Pai - Stifel, Nicolaus & Co., Inc., Research Division

Dave Kang - B. Riley & Co., LLC, Research Division

James Ricchiuti - Needham & Company, LLC, Research Division

D. Mark Douglass - Longbow Research LLC

Jiwon Lee - Sidoti & Company, LLC



Good day, everyone, and welcome to the Newport Corp. Third Quarter 2011 Financial Results Conference Call. Today's call is being recorded. At this time, for opening remarks and introduction, I would like to turn the call over to Chief Executive Officer, Mr. Robert Phillippy. Please go ahead, sir.

Robert J. Phillippy

Thank you. Good afternoon, and welcome to Newport's Third Quarter 2011 Conference Call. With me is our Chief Financial Officer, Chuck Cargile.

Before we get started, I'd like to remind you that during the course of this conference call, we will be making a number of forward-looking statements that are based on our current expectations and involve various risks and uncertainties that are discussed in our periodic SEC filings. Although we believe that the assumptions underlying these statements are reasonable, any of them could prove inaccurate and there can be no assurance that the results will be realized.

The Newport team accomplished a lot in the third quarter. We delivered another solid financial performance highlighted by $125.6 million in sales, $0.27 per share in earnings and $30 million in cash provided by operating activities. We also advanced our strategic agenda by closing our acquisition of High Q Laser, and by handling the pre-closing actions related to our acquisition of Ophir Optronics in a very attractive credit facility, both of which closed on October 4. We are pleased with our execution on both tactical and strategic levels.

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