Zygo Announces Third Quarter Results
MIDDLEFIELD, Conn., April 27 -- Zygo Corporation has reported results for its third quarter of fiscal 1999. The company recorded a net loss for the quarter of $3,798,000, or $(.34) per share, as compared with net income of $3,536,000, or $.29 per diluted share for the third quarter of the prior fiscal year. Results for the third quarter of fiscal 1999 include a one-time charge of $3.3 million (pretax) associated with Zygo's reorganization and consolidation of certain manufacturing operations. The company expects this reorganization to yield annual savings in excess of $2.5 million per year.
Net sales for the third quarter of fiscal 1999 were $13,056,000, a decrease of 51 percent from the comparable period of fiscal 1998. Zygo's sales continue to be impacted by the Asian economic environment and weak semiconductor and data storage markets. Gary K. Willis, Zygo's president and CEO, noted that the company's orders have increased 17% from the prior quarter and credited this increase to more orders for automation systems as well as the first orders for Zygo's new atomic force microscope products.
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