GSI Lumonics Inc. Announces Sale of Perkins Elmer Shares and Litigation Court Decision
KANATA, Ontario, Dec. 10 -- GSI Lumonics Inc. announces it has completed the sale of 1,398,166 shares of common stock of PerkinElmer, Inc. The PerkinElmer shares resulted from the conversion of GSI Lumonics’ common stock holdings in Packard BioScience Company, which was acquired by PerkinElmer on November 13, 2001. GSI Lumonics initially received 4,495,711 shares of common stock of Packard BioScience Company as partial consideration for the sale of its Life Sciences business to Packard BioScience Company in year 2000.
The PerkinElmer shares were sold for net proceeds of approximately $38.5 million, at the equivalent price per share of PerkinElmer stock of $27.51, net of all transaction costs. When compared to the original book value of the shares, this transaction creates a non-operating loss of $0.08 per share after tax.
GSI Lumonics also announces a favorable decision in a lawsuit originally brought by Robotic Vision Systems, Inc. Robotic Vision had been seeking more than $60 million in damages plus interest. Ending a long running patent dispute between Robotic Vision, and GSI Lumonics, the United States Supreme Court denied Robotic Vision's petition for a writ of certiorari to review the decision rendered earlier this year by the U.S. Court of Appeals for the Federal Circuit. The Court of Appeals' decision, invalidating Robotic's U.S. Patent No. 5,463,227, stands. "We are very pleased with the results of the court ruling," said Charles Winston, CEO, GSI Lumonics.
For more information contact: Fran Crecco, Investor Relations 978-439-5511 (ext: 6104) or email email@example.com
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