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Zygo Reports Results For First Quarter Fiscal 2014

MIDDLEFIELD, Conn., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Zygo Corporation (Nasdaq:ZIGO) today announced its financial results for the first quarter of fiscal 2014 ended September 30, 2013 and points out the following highlights in the quarter:

  • Large continuation orders for both medical device and semiconductor products.  
  • Continued strong Backlog of $86.7 million.  
  • Introduced Nexview optical profiler with significantly expanded functionality.

Revenue in the first quarter of fiscal 2014 was $40.1 million compared with $40.0 million in fourth quarter of fiscal 2013 and $40.2 million in the comparable prior year quarter. As reflected in the "Reconciliation of Reported Results to Non-GAAP Results," in this press release, there was significant disparity between GAAP and non-GAAP results in the current year and previous year first quarter attributable to nonrecurring charges and credits, primarily related to income taxes. On a GAAP basis, net income in the first quarter of fiscal 2014 was $0.4 million, or $0.02 per diluted share, compared with $2.4 million, or $0.13 per diluted share, in the comparable prior year quarter. If the nonrecurring items are removed from the results, non-GAAP net income in the first quarter of fiscal 2014 was $2.4 million, or $0.12 per diluted share, compared with non-GAAP net income of $2.0 million, or $0.10 per diluted share, in the comparable prior year quarter. 

Bookings for the first quarter of fiscal 2014 were $37.0 million, compared with $42.0 million in the previous quarter and $37.3 million in the comparable prior year quarter. Bookings for the Metrology Solutions Division were 63% of the total; Optical Systems Division bookings were 37%.  Backlog was $86.7 million at September 30, 2013, compared to $89.8 million at June 30, 2013 and $65.1 million at September 30, 2012. Metrology Solutions Division orders represented 48% of the total ending backlog, Optical Systems Division orders were 52% of the backlog.

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