GSI Group reports strong financials: appoints Clarke as Laser Group Executive

May 18, 2011
Bedford, MA—GSI Group Inc. (NASDAQ: GSIG) has appointed Dave Clarke to the position of Group Executive for the Company's Laser Products Business Group. Clark has been serving as president of GSI’s Synrad (Mukilteo, WA) CO2 laser business since 1998. The announcement comes on the heels of GSI’s recent strong financial performance for the first quarter of 2011 (ended April 1, 2011).
Bedford, MA—GSI Group Inc. (NASDAQ: GSIG) has appointed Dave Clarke to the position of Group Executive for the Company's Laser Products Business Group. Clark has been serving as president of GSI’s Synrad (Mukilteo, WA) CO2 laser business since 1998.
In his new role, Clarke will be responsible for the consolidated business results of the Laser Products Group with a charter to accelerate growth, innovation and productivity across the business.

The announcement comes on the heels of GSI’s recent strong financial performance for the first quarter of 2011 (ended April 1, 2011). In its May 16 report the company reported revenues of $91.9 million for the quarter, which is actually down 20% from the same period a year ago but in the first quarter of 2010 GSI recognized sales of $41.4 million in its Semiconductor Systems business that had been deferred from orders placed by customers prior to 2009. During the first quarter of 2011, GSI recognized only $0.4 million of such deferred revenue.

"Our first quarter results were strong and exceeded our expectations. All three of our businesses made positive contributions to our performance. The Company continues to strengthen our organization and build momentum. This has given us increased confidence with respect to the full year outlook," said John Roush, Chief Executive Officer of GSI.

As a result of a review of its operating structure and strategic growth plans, GSI realigned its internal organization into three operating divisions during the three months ended April 1, 2011. Following this realignment GSI now operates in three reportable business segments: Laser Products, Precision Motion and Technologies and Semiconductor Systems.

"We believe this new structure allows us to better prioritize our investments, align resources to meet the demands of the markets we service, and optimize performance across businesses with common technologies, customers, and end-markets," Mr. Roush commented.

Source:
GSI GroupPosted by:Steve AndersonSubscribe nowtoLaser Focus Worldmagazine; It’s free!
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