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Newport Corporation Reports Fourth Quarter and Full Year 2010 Results

IRVINE, Calif. Feb. 2, 2011 January 1, 2011

  • $132.9 million
  • $130.4 million
  • $15.2 million $0.40
  • $35.1 million $200.2 million

Robert J. Phillippy $479.8 million $510.1 million $129.6 million $102.1 million

Sales and Orders

$132.9 million $101.6 million $479.8 million $367.0 million

$130.4 million $108.3 million $510.1 million $361.7 million

The company’s sales and orders by end market were as follows:

(In thousands, except percentages, unaudited)

Three Months Ended

Year Ended

Percentage Change vs. Prior Period

Fourth

Full

January 1,

January 2,

January 1,

January 2,

Quarter

Year

2011

2010 (1)

2011

2010 (1)

2010

2010

Sales by End Market 

Scientific research, aerospace and defense/security

$    42,408

$    39,707

$  160,424

$  143,421

6.8%

11.9%

Microelectronics

42,564

24,613

151,865

84,524

72.9%

79.7%

Life and health sciences

28,245

21,963

96,511

84,410

28.6%

14.3%

Industrial manufacturing and other  

19,633

15,312

70,987

50,316

28.2%

41.1%

Tucson diode laser products (all markets) (2)

4,318

0.0%

-100.0%

Total

$  132,850

$  101,595

$  479,787

$  366,989

30.8%

30.7%

Orders by End Market

Scientific research, aerospace and defense/security

$    43,439

$    41,904

$  157,296

$  145,309

3.7%

8.2%

Microelectronics

41,170

26,982

175,953

77,417

52.6%

127.3%

Life and health sciences

25,489

23,017

103,089

81,311

10.7%

26.8%

Industrial manufacturing and other  

20,284

16,409

73,731

53,449

23.6%

37.9%

Tucson diode laser products (all markets) (2)

4,194

0.0%

-100.0%

Total

$  130,382

$  108,312

$  510,069

$  361,680

20.4%

41.0%

Notes:

(1)  Certain prior period amounts have been reclassified to conform to the current period presentation.

(2)  Sales and orders in the year ended January 2, 2010 relating to the company’s Tucson diode laser operations, which it divested in July 2009, are shown separately to provide better comparability to the current year period.

The company noted the following trends in its sales and orders results:

  • Sales and orders increased in the fourth quarter of 2010 compared with the fourth quarter of 2009 across all of Newport’s end markets.  This growth was led by significantly higher orders from and sales to semiconductor equipment customers, which are included in the company’s Microelectronics end market.  
  • Sequentially, sales increased 6.1% in the fourth quarter of 2010 compared with the third quarter of 2010, driven by increases in the company’s Life and Health Sciences, Scientific Research and Industrial Manufacturing end markets.  
  • Sequentially, orders in the fourth quarter of 2010 were slightly higher than the third quarter of 2010, as increases in orders from customers in the company’s Scientific Research and Industrial Manufacturing and Other end markets were substantially offset by slight reductions in orders from customers in its Microelectronics and Life and Health Sciences markets.  

Net Income

$15.2 million $0.40 $0.1 million $0.00 $41.1 million $1.09 $17.4 million $0.48

Cash Generation

$200.2 million $35.1 million $58.3 million

Financial Outlook

$107.2 million $0.14

ABOUT NEWPORT CORPORATION

Newport Corporation is a leading global supplier of advanced-technology products and systems to customers in the scientific research, aerospace and defense/security, microelectronics, life and health sciences and precision industrial manufacturing markets.  Newport’s innovative solutions leverage its expertise in photonics technologies, including lasers, photonics instrumentation, sub-micron positioning systems, vibration isolation, optical components and subsystems and precision automation, to enhance the capabilities and productivity of its customers’ manufacturing, engineering and research applications.  Newport is part of the Standard & Poor’s SmallCap 600 Index and the Russell 2000 Index.

INVESTOR CONFERENCE CALL

Robert J. Phillippy Charles F. Cargile February 2, 2011 5:00 p.m. Eastern time 2:00 p.m. Pacific time www.newport.com/investors www.earnings.com Canada 8:00 p.m. Eastern time February 2, 2011 8:00 p.m. Eastern time Wednesday, February 9, 2011 Canada

SAFE HARBOR STATEMENT

Europe Asia January 2, 2010

Newport Corporation

Consolidated Statements of Operations

(Unaudited)

Three Months Ended

Year Ended

January 1,

January 2,

January 1,

January 2,

(In thousands, except per share amounts)

2011

2010

2011

2010

Net sales

$  132,850

$  101,595

$  479,787

$  366,989

Cost of sales

74,020

60,623

274,491

224,387

Gross profit

58,830

40,972

205,296

142,602

Selling, general and administrative expenses

29,961

30,037

112,754

112,177

Research and development expense

10,523

9,244

39,278

36,948

Loss on sale of assets and related costs

88

542

4,355

Impairment charges

360

360

Operating income (loss)

18,258

1,331

52,722

(11,238)

Recovery (write down) of note receivable and other amounts  

related to previously discontinued operations, net

(91)

101

Gain on extinguishment of debt

328

328

Interest and other expense, net

(1,671)

(2,225)

(8,481)

(8,564)

Income (loss) before income taxes

16,587

(657)

44,241

(19,373)

Income tax provision (benefit)

1,411

(730)

3,128

(1,967)

Net income (loss)

$    15,176

$           73

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