Newport Corporation (Nasdaq: NEWP) today reported financial results for its fourth quarter and full year ended December 29, 2007, and provided guidance regarding its expected financial performance in the first quarter and full year of 2008.
Sales in the fourth quarter of 2007 totaled $118.0 million, a decrease of 5.5% compared with the $124.9 million recorded in the prior year period, and an increase of 8.3% over the third quarter of 2007. Sales in the full year of 2007 totaled $445.2 million, a decrease of 2.1% compared with the $454.7 million recorded in the full year of 2006.
New orders received in the fourth quarter of 2007 were at an all-time record level of $130.2 million, reflecting an increase of 5.5% over the prior year period and an 11.3% increase over the third quarter of 2007. New orders received in the full year of 2007 totaled $469.4 million, approximately equal to the $469.3 million recorded in the full year of 2006.
Newport reported income from continuing operations in the fourth quarter of 2007 of $25.4 million, or $0.68 per diluted share, compared with $12.4 million, or $0.29 per diluted share, in the fourth quarter of 2006. Income from continuing operations for the full year of 2007 was $44.2 million, or $1.13 per diluted share, an increase of 24.2% compared with the $38.5 million, or $0.91 per diluted share, recorded in the full year of 2006. As disclosed by the company in a press release on January 8, 2008, income from continuing operations in the fourth quarter of 2007 included a credit to the company's tax provision of $19.8 million, or $0.53 per diluted share, resulting from a partial reversal of the valuation allowance recorded against its deferred tax assets, and a charge of $2.0 million, or $0.05 per diluted share (before tax adjustment), resulting primarily from an inventory adjustment in its Lasers Division.
IRVINE, Calif., Jan 30, 2008
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