said fourth-quarter sales won't meet its previous forecast, and the company expects to report an operating loss during the period, primarily because of restructuring charges and provisions for its U.K. operations.
The company, which makes laser-based systems for semiconductor, electronics and industrial companies, said fourth-quarter sales would likely be $95 million. In the guidance GSI gave during its third-quarter earnings report, the company said it expected $100 million in sales.
GSI also expects to record a "substantial" nonoperating pretax gain in the fourth quarter from the sale of its life science business. The company expects the gain to "well exceed" the operating loss, resulting in a "significant net profit" for the quarter.
Bookings of new orders have reached $112 million, while the backlog at the end of the year totaled $119 million, the company said. GSI will report earnings Feb. 27.
Four analysts queried by
First Call/Thomson Financial
offered a consensus earnings estimate of 19 cents a share for the fourth quarter. In the year-ago period, GSI earned 8 cents a share.
In regular trading on the
, GSI lost 37 cents, or 3.6%, to $10.12. The company, which is based in Kanata, Ontario, fell to $9.63 in after-hours action on