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Technology Stocks : GSLI Lumonics
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To: BMcV who wrote (64)2/25/2000 10:29:00 AM
From: pat mudge  Read Replies (1) of 328
 
From Chase H&Q:

>>>
GSLI's Q4 sales and earnings of $88.7M and $0.12 per sh significantly exceeded our $81.2M and $0.09 sh. est.

Strong sequential growth of $10.5M, or 14%, was driven by sharp improvement in the semiconductors (34%), electronics (62%), automotive (44%) and medical/biotechnology (22%) segments.

GSLI intends to create a separate business dedicated to providing optical components to component suppliers in the telecom industry. We believe this segment sales could grow from 1% of revenues in 1999 to 3% of revenues (or $10M) in 2000.

Backlog grew 2.5% sequentially to $83M, with a boot-to-bill of 1.1.

Gross margins remained strong at 38.8%, roughly in line with 39.1% in the third quarter.

EPS of $0.12 included approximately $0.03 per share related to a gain from the sale of assets, but was largely offset by foreign currency losses. We believe these are both one-time events, suggesting that the underlying operating results were indeed $0.12 per share.

Increasing CY00 sales and EPS estimates to $335M/$0.59, from $328/$0.50. Our CY01 sales and EPS estimates remain $360M and $0.75.

Reiterating Buy and Increasing price target to $28 (fr. $12) based on strong momentum in the core business and in the new optical components segment, which we believe is poised for explosive growth and may be accorded a higher revenue multiple.
>>>>>
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