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March 28, 2011
GSI Group Announces Financial Results for the
Fourth Quarter and Full Year 2010
Fourth Quarter Revenue of $91.6M, 26% growth vs. prior year on reported basis
Full Year Revenue of $383.5M, 51% growth vs. prior year on reported basis
Fourth Quarter EPS of a ($0.05) loss vs. a loss of ($1.99) in Q409; Full Year EPS of a ($0.03) loss vs. a loss of ($4.48) in 2009
Fourth Quarter Adjusted EBITDA up 73% to $14.4M vs. prior year; Full Year Adjusted EBITDA up 219% to $74.7M vs. 2009
Major progress made in positioning the Company for profitable future growth
Bedford, MA GSI Group, Inc. (NASDAQ: GSIG) (the Company or GSI), a supplier of precision technology to the global medical, electronics, and industrial markets, today reported financial results for the fourth quarter and full year ended December 31, 2010.
Fourth Quarter Results
During the fourth quarter of 2010, GSI generated revenue of $91.6 million, up 26% as compared to the same period a year ago. Earnings per share (EPS) for the fourth quarter of 2010 improved significantly to a ($0.05) loss, as compared to a loss of ($1.99) in the fourth quarter of 2009. Operating income in the fourth quarter was $9.5 million versus a loss of ($1.2M) in the fourth quarter of 2009.
Adjusted EBITDA, which includes the adjustments noted in the reconciliation below, was $14.4 million, up from $8.2 million in the fourth quarter of 2009. Cash flow provided by operations in the fourth quarter was $3.2 million versus $3.6 million a year ago. Cash on hand at the end of the fourth quarter was $56.8 million versus $63.3 million a year ago.
Our fourth quarter results complete a year of strong financial performance for GSI, said John Roush, Chief Executive Officer of GSI. We achieved excellent results while undergoing a year of substantial change for the company. During 2010, we emerged from bankruptcy, elected a new chairman and board of directors, appointed a new chief executive officer, and became current in our financial filings. So far, in 2011, we have settled our shareholder lawsuit and were relisted on the NASDAQ stock exchange. Looking ahead to the rest of 2011, we expect to continue to deliver strong financial returns, while further positioning the Company for future success. Significant work remains to rebuild the Companys organization, processes and culture. These will be strong focus areas in 2011, and we believe that we are making excellent progress thus far. We are also working to focus the Companys strategic direction for the future, and we expect to be communicating this vision during the coming year, added Mr. Roush.
The following information was filed by Gsi Group Inc (GSIG) on Monday, March 28, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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