Zygo in the Black in Q3
MIDDLEFIELD, Conn., May 16, 2011 — Zygo Corp., a supplier of optical metrology instruments, precision optics and electro-optical design and manufacturing services, has announced that its net revenues for the third quarter of fiscal 2011, ending March 31, increased 58 percent compared with a year ago – from $25.4 million to $40.2 million.
Bookings of $41.7 million for the third quarter of fiscal 2011 increased 53 percent over the prior year quarter. Bookings for the Metrology Solutions Div. accounted for 58 percent of the bookings received, and the Optical Systems Div. contributed 42 percent. Backlog rose to $60.5 million at March 31, 2011, compared with $43.9 million at March 31, 2010.
Highlights in the quarter included:
"The company has been a strong cash generator during the quarter and fiscal year," said John Jordan, chief financial officer of Zygo. "We generated $12.8 million of cash from continuing operations, which increased cash, cash equivalents and short-term marketable securities from $47.5 million at June 30, 2010, to $53.3 million at March 31, 2011, after a cash payment for the acquisition of assets associated with the Richmond operation of $7.1 million. The Richmond operation has been fully integrated into our Optical Systems Division, and is contributing to both revenues and earnings."
- A $3 million continuation order for laser fusion amplifiers from Commissariat à l'énergie Atomique (CEA) in France.
- Continued strong bookings from China for large metrology systems for optical component testing.
- Increasing bookings for the Optical Systems Div., including extreme precision optics, large optical components and laser fusion optics.
With concern over the recent tragic disaster in Japan, Dr. Chris Koliopoulos, president and CEO of Zygo added, "We have been in close contact with our customers and suppliers in Japan and have been monitoring the situation. To date, there have not been any notable effects on our business due to the tragic events in that region, and we have no reason to believe that the events there will have a negative impact on our business."
For more information, visit: www.zygo.com