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Zygo Reports Results For Second Quarter Fiscal 2013

MIDDLEFIELD, Conn., Feb. 7, 2013 (GLOBE NEWSWIRE) -- Zygo Corporation (Nasdaq:ZIGO) today announced its financial results for the second quarter of fiscal 2013 ended December 31, 2012 and points out the following highlights in those results:
  • Revenue of $34.6 million and $0.08 EPS.
  • Bookings of $42.8 million were 15% more than previous quarter fiscal 2013 bookings.
  • Book-to-bill ratio of 1.23 increased backlog to $73.2 million, close to a 5-year high.

Revenue in the second quarter of fiscal 2013 was $34.6 million compared with $40.0 million in the comparable prior year quarter and $40.2 million in first quarter fiscal 2013. Revenue for the first six months of fiscal 2013 was $74.8 million, compared with $84 million in the comparable prior year period.

Net income in the second quarter of fiscal 2013 was $1.6 million, or $0.08 per diluted share, compared with $6.2 million, or $0.33 per diluted share, recorded in the second quarter of fiscal 2012. Net income for the first six months of fiscal 2013 was $4.0 million, or $0.21 per diluted share, compared with $12.6 million, or $0.68 per diluted share, recorded for first six months of fiscal 2012.

Bookings for the second quarter of fiscal 2013 were $42.8 million, compared with $37.3 million in the previous quarter and $48.8 million in the prior fiscal year second quarter. Bookings for the Metrology Solutions Division were 62% of the total; Optical Systems Division bookings were 38%.  Backlog increased to $73.2 million at December 31, 2012 from $65.1 million at September 30, 2012 and $69.7 million at December 31, 2011.

Commenting on the second quarter results, John P. Jordan, Vice President, Chief Financial Officer and Treasurer of Zygo Corporation, said, "The lower second quarter revenue resulted from the lower bookings of the previous two quarters primarily attributable to weakness in the semiconductor sector. Gross margins were lower during the quarter compared to prior year quarter due to the effect of a change in product mix within both the metrology and optics segments, combined with lower overhead absorption from lower revenue.

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