NEWP should pop, no?? Tuesday March 6, 6:57 pm Eastern Time
Newport revises 2001 EPS upward after Kensington
merger
IRVINE, Calif., March 6 (Reuters) - Newport Corp. (NasdaqNM:NEWP - news),which
makes products used for assembling and testing fiber- optics and semiconductors, on Tuesday revised upward its forecast for 2001
earnings per share.
The Irvine, Calif.-based company said now it expects Kensington Laboratories Inc., which it acquired in February, to add 17 cents
to 20 cents a share to its 2001 earnings, up from the previous estimate of 15 cents a share. Newport also reaffirmed its previously
reported expectation of about $50 million in revenue for Kensington in 2001.
Newport made the revised forecast in connection with its announcement on Tuesday that it has revised upward its financial results
for 2000 to reflect the audited 2000 results of Kensington Laboratories Inc.
The merger with Kensington, which holds more than 20 patents covering advanced robotics and motion control technology, was
accounted for as a pooling of interests. Newport had previously announced financial results for 2000 before the Kensington
transaction was completed.
For the year ended Dec. 31, 2000, Kensington contributed revenues of $31.1 million, bringing Newport's total revenues for the
year to $284.0 million, up from the $252.9 million previously reported for Newport alone. Newport said its revised net income rose
by $8.5 million, or 15 cents a diluted share, to $36.3 million, or $1.01 per diluted share, from the 86 cents reported for Newport
alone before the revision.
Newport shares fell $4-5/8 to $39-3/8 on Tuesday in New York Stock Exchange trading. |
