ANDOVER, Mass., April 24, 2013 (GLOBE NEWSWIRE) -- MKS Instruments, Inc. (Nasdaq:MKSI), a global provider of technologies that enable advanced processes and improve productivity; today reports first quarter 2013 financial results.
|GAAP Results||Non-GAAP Results|
|Net revenues ($ millions)||$142||$142|
|Net income ($ millions)||$5.8||$3.8|
First Quarter Financial Results
Sales were $142 million, an increase of 6% from $134 million in the fourth quarter of 2012, and a decrease of 26% from $191 million in the first quarter of 2012.First quarter net income was $5.8 million, or $0.11 per diluted share, compared to net income of $4.1 million, or $0.08 per diluted share in the fourth quarter of 2012, and $22.8 million, or $0.43 per diluted share in the first quarter of 2012. Non-GAAP net earnings, which exclude special charges, were $3.8 million, or $0.07 per diluted share, compared to $5.1 million, or $0.10 per diluted share in the fourth quarter of 2012, and $22.9 million, or $0.43 per diluted share in the first quarter of 2012. Non-GAAP net earnings in the first quarter excludes a benefit of $2.4 million related to the enactment of the American Taxpayer Relief Act of 2012 on January 2, 2013. This Act reinstated certain tax incentives with retroactive application to January 1, 2012, the retroactive tax effects of which were recorded in the first quarter of 2013. In the first quarter, the Company paid a quarterly cash dividend of $0.16 per share which was paid on March 15 th and the Company also repurchased 61 thousand shares for $1.7 million at an average price of $27.35 pursuant to the share repurchase program announced in July of 2011. Leo Berlinghieri, Chief Executive Officer, said, "We are encouraged by the improvement we are seeing in the semiconductor market, however, near term we anticipate that business conditions for our other markets will remain challenging. We are optimistic about the longer term recovery, and are continuing to work closely with customers on design wins and make investments to position ourselves for long-term growth.