I forgot I owned this stock...
Wednesday February 21, 4:37 pm Eastern Time
GSI warns of fourth-quarter loss
(UPDATE: Updates with details, adds share price, in U.S. dollars unless noted.)
OTTAWA, Feb 21 (Reuters) - Laser-equipment manufacturer GSI Lumonics Inc. (Toronto:LSI.TO - news) (NasdaqNM:GSLI - news) warned on Wednesday of a fourth-quarter operating loss due to restructuring charges.
GSI said it expects fourth quarter sales of $95 million, about 5 percent below expectations. Bookings for new orders were a record $112 million in the quarter, with strong orders for semiconductor and electronics products. The year-end backlog was approximately $119 million.
Including GSI's sale of its life sciences business to Packard BioScience Co. for $40 million and 4.5 million shares, GSI said it will report a ``significant'' net profit in the quarter.
The restructuring charges stem mainly from the company's British operations and distribution system, which supplies laser systems to the auto market. Charges will also stem from excess manufacturing and distribution capacity in the United States, Britain and Germany.
GSI announced in December that it would cut 80 jobs, largely in Britain, due to delays in developing high-powered laser systems.
The company is expected to report its results on February 27.
Shares in GSI lost 3/8 to end at $10-1/8 on Nasdaq and shed 50 Canadian cents to close at C$15.60 on the Toronto Stock Exchange before the announcement.
($1 equals $1.54 Canadian) |
