GSI Lumonics

(GSLI)

, as promised, delivered a significant profit thanks to a large gain, but reported a loss from operations for the latest fourth quarter.

The company reported an operating loss of $27.3 million, but after factoring in restructuring charges and gains from the sale of assets, GSI earned $27.6 million, or 67 cents a share, in the quarter. GSI, which makes laser-based systems for semiconductor, electronics and industrial businesses, said the fourth-quarter income figure includes a gain of about $47 million after taxes from the sale of its life science business. In a

profit warning last week, GSI said the gain would far exceed the operating loss.

The company earned $4.2 million, or 12 cents a share, in the year-ago period.

The company, which is based in Kanata, Ontario, reported sales of $95.5 million, up 8% from $88.7 million in the same quarter a year ago. For 2001, GSI expects earnings of 65 cents to 75 cents a share and sales of $380 million to $390 million. The current consensus estimate calls for a profit of 91 cents a share.