Newport reports first-half 2012 results, with plans save $15M annually

Irvine, CA--Newport (NASDAQ:NEWP) has reported financial results for its second quarter and six months ended June 30, 2012, and its outlook for the third quarter of 2012.

During the second quarter, the company achieved net sales of $153.7 million. Attributable net income totaled $9.2 million, or $0.24 per diluted share, when measured according to generally accepted accounting principles (GAAP).

On a non-GAAP basis, attributable net income totaled $11.6 million, or $0.30 per diluted share, excluding certain expenses related to recent acquisitions, restructuring and severance costs, the amortization of intangible assets, stock-based compensation expense, and a gain resulting from the sale of a minority-owned investment, net of the tax impact of such excluded amounts.

Cash from operations totaled $15.1 million, of which $11.1 million was used to reduce indebtedness.

Also, the company is implementing a plan to achieve annualized cost savings of $15 million per year through integration synergies and other cost reductions.

In the second quarter of 2012—according to Robert J. Phillippy, Newport president and CEO—the company increased its operating income and cash from operations sequentially over the first quarter, despite a slight decline in sales. The company also secured new business and launched new products during the second quarter, with several design wins with OEM customers and its introduction of the industry's first production ready, high-precision 450 mm wafer handling solution for next generation semiconductor manufacturing, he explains.

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