Income and Revenues Down Slightly for Newport

Newport Corp. (Irvine, CA) reported revenues for the first quarter (ended March 31) from the company's three strategic growth markets—fiber optic communications, semiconductor equipment, and computer peripherals —of $10.9 million, or 37% percent of total sales, down 6% compared with revenues of $11.6 million, or 35% percent of total sales, for these markets in the first quarter a year ago. Net income totaled $900,000 ($0.10 cents per diluted share), down 55% from $2.0 million, or ($0.21 cents per diluted share) for the same time last year.

As previously announced, the lower sales in the quarter were primarily the result of ongoing slowness in the semiconductor equipment market as well as the delayed introduction of new vision products for the general metrology market.