Researcher - good observation. I had initially thought about adding in something for Excel, but didn't based on a comment in GSIG's last 8-K stating that bookings were down year-over-year in 2009 even with the addition of Excel. I also looked at Excel margins, which were 44% in '07 vs. 40% for GSIG, but YTD 2Q08 GSIG margins went down from 41% to 38%, so I assumed that would offset the benefit of Excel (I also noted that YTD 2Q08 revenue was down 10% from YTD 2Q07, so by using 2007 numbers I figured I was giving them the benefit of the doubt). At any event, seems pretty risky to me, but I am very skeptical in nature - however, if it was a very synergetic transaction and they have been successful in costcutting, then maybe GSIG could actually outperform 2007, but I wouldn't bet on it. Here's the quote from the 8-K:
"Bookings for the second quarter ended July 3, 2009 were approximately $40 million compared with bookings of $49 million for the comparable period in 2008. Bookings for the second quarter of 2008 include bookings of the Company’s general optics business, which was divested during the fourth quarter of 2008, and exclude bookings of Excel Technology, Inc., which was acquired on August 20, 2008.
The decline in bookings was primarily due to lower demand across all markets caused by the deterioration of the global economic conditions. The Semiconductor Systems Segment experienced a particularly pronounced decline in bookings, as the semiconductor industry has been undergoing one of the most severe downturns on record, which has had a particularly strong adverse impact on the memory sector. Bookings for that segment in the second quarter of 2009 declined 87% compared with the same period in 2008."
AI
