Globe says GSI advance continues
TSE: LSI
Shares issued 34,164,226
Tuesday Feb 29 2000, The Globe and Mail reports in its Tuesday, Feb. 29, edition that GSI Lumonics advanced $5.05 to $37.50 yesterday on the Toronto Stock Exchange. The Globe's Market Movers column reports that shares of GSI Lumonics rose for a second day, extending the firm's two-day gain to as much as 69 per cent, after the maker of laser-based equipment announced a fourth quarter profit that exceeded expectations and said it will shed some business to narrow its focus.
On Thursday, GSI reported fiscal fourth quarter profit of $4.2-million (U.S.) or 12 cents a share, a turnaround from a loss of $2.6-million or 15 cents in the year-earlier quarter. On Friday, GSI told analysts that it will divest what it called "non-core assets" to concentrate on making equipment for the electronic, semiconductor and automotive industries. |
