ANDOVER, Mass., April 23, 2014 (GLOBE NEWSWIRE) -- MKS Instruments, Inc. (Nasdaq:MKSI), a global provider of technologies that enable advanced processes and improve productivity, today reports first quarter 2014 financial results.
|GAAP Results||Non-GAAP Results|
|Net revenues ($ millions)||$206||$206|
|Net income ($ millions)||$31.2||$27.2|
First Quarter Financial Results
Sales were $206 million, an increase of 1% from $204 million in the fourth quarter of 2013, and an increase of 46% from $142 million in the first quarter of 2013.First quarter net income was $31.2 million, or $0.58 per diluted share, compared to net income of $20.2 million, or $0.38 per diluted share in the fourth quarter of 2013, and $5.8 million, or $0.11 per diluted share in the first quarter of 2013. Non-GAAP net earnings, which exclude special charges and benefits, were $27.2 million, or $0.51 per diluted share, compared to $22.3 million, or $0.42 per diluted share in the fourth quarter of 2013, and $3.9 million, or $0.07 per diluted share in the first quarter of 2013. In the first quarter, the board of directors authorized and the Company paid a quarterly cash dividend of $0.16 per share which was paid on March 14 th and the Company announced the $87 million acquisition of Granville-Phillips which is expected to close in the second quarter. Gerald Colella, Chief Executive Officer and President, said, "We were very pleased with our strong revenue and financial performance this quarter with sequential sales growth in both our semiconductor and other advanced markets. With the announcement of the planned acquisition of Granville-Phillips, a global leader in indirect gauging, we continue our disciplined strategy to deploy capital in strategic acquisitions. This quarter we also started taking steps to improve our business model as well as to redeploy resources into higher growth areas.