Zygo Reports Record EPS For Fiscal 2012, Revenues Increased 11% Over Fiscal 2011

MIDDLEFIELD, Conn., Aug. 23, 2012 (GLOBE NEWSWIRE) -- Zygo Corporation (Nasdaq:ZIGO) today announced its financial results for the fourth quarter and fiscal year ended June 30, 2012 and points out the following highlights in its results:
  • Record EPS for fiscal fourth quarter and fiscal year 2012
  • Record GAAP Diluted EPS of $2.30 per share for fiscal 2012 and $1.32 per share in fourth quarter 2012, which included adjustments related to the reversal of tax valuation allowances and other charges.
  • Adjusted (non-GAAP) diluted EPS of $1.33 per share for fiscal 2012 – a 41% increase over fiscal 2011 – and $0.36 per share in fourth quarter 2012.
  • Fiscal 2012 Revenue increased 11% over prior year to $166.8 million.
  • Fourth quarter revenue increased 15% over prior quarter and 4% over the prior year fourth quarter to $44.3 million.
  • Adjusted Operating Margin for fiscal 2012 fourth quarter and year was over 18% – highest in more than ten years.

Full Year Results

For the full year ended June 30, 2012, revenue was $166.8 million compared with $150.1 million in fiscal 2011, an increase of $16.7 million, or 11%.

Net earnings for the year were $43.0 million, or $2.30 per share (diluted), compared with $19.1 million and $1.05 per share (diluted) in fiscal 2011. Net earnings in fiscal 2012 included a tax benefit of $18.9 million, or $1.01 per share (diluted), arising from the reversal of valuation allowances related to deferred tax assets, partially offset by costs incurred for an acquisition effort of $0.04 per share (diluted). Fiscal 2012 net earnings adjusted for those items ("adjusted net earnings") were $1.33 per share (diluted), a 41% increase over adjusted EPS of fiscal 2011. Fiscal 2011 net earnings of $1.05 per share (diluted) included $0.11 per share (diluted) from a gain on acquisition; adjusted for that item, fiscal 2011 adjusted net earnings was $0.94 per share (diluted). (Refer to "Reconciliation of Reported Results to Non-GAAP Results" included in this Press Release for details of the adjustments.)

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