Newport reports $116 million loss
21 February 2013Tweet
Newport has reported an operating loss of $116.3 million for the fourth quarter of 2012.
This operating loss was due to a $130.9 million non-cash charge relating to the impairment of goodwill, intangible and other assets associated with the acquisition of Ophir. The $116.3 million loss is recorded when using generally accepted accounting principles (GAAP), but without GAAP the company's operating income for the fourth quarter of 2012 was $21.6 million, or 15.2 per cent of net sales.
‘The fourth quarter was another demonstration of solid operational execution by the Newport team. Our non-GAAP operating income, non-GAAP earnings per share and cash from operations all reached their highest levels of the year, despite a slight sequential reduction in revenue,’ said Robert J Phillippy, Newport's president and CEO. ‘We continue to implement our strategic plan, with specific focus on long-term growth initiatives and effective operational execution, to position Newport to achieve significant growth in sales and profitability in the future.’
During the full year of 2012, Newport generated cash from operations of $81.4 million and reduced its total indebtedness by $39.5 million, or 18 per cent. As of 29 December 2012, the company had a total of $100.4 million in cash and marketable securities.