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FOR IMMEDIATE RELEASE
March 4, 2015
GSI Group Announces Financial Results for the
Fourth Quarter and Full Year 2014
|||Fourth Quarter 2014 Revenue of $94 million, 14% year-over-year growth|
|||Fourth Quarter 2014 Adjusted EBITDA of $15.3 million, 12% year-over-year growth|
|||Fourth Quarter 2014 Non-GAAP Earnings Per Share of $0.24|
|||Full Year Revenue of $365 million, 15% year-over-year growth|
|||Full Year Adjusted EBITDA of $56 million, 11% year-over-year growth|
Bedford, MA GSI Group Inc. (NASDAQ: GSIG) (the Company, we, our, GSI), a global leader and supplier of precision photonics and motion control components and subsystems to the medical equipment and advanced industrial technology markets, today reported financial results for the fourth quarter and full year 2014. Unless otherwise noted, all financial results in this press release are GAAP measures from continuing operations.
During the fourth quarter of 2014, GSI generated revenue of $94.0 million, an increase of 14% from $82.2 million in the fourth quarter of 2013. All three of the Companys operating segments, Laser Products, Medical Technologies, and Precision Motion, demonstrated revenue growth compared to the fourth quarter of 2013.
In the fourth quarter of 2014, operating income from continuing operations was a loss of ($34.2) million, compared to an income of $6.8 million during the fourth quarter of 2013. The decrease in operating income from continuing operations was attributable to a $41.4 million impairment of goodwill and intangible assets related to the NDS product line in the fourth quarter of 2014.
Diluted earnings per share (EPS) from continuing operations was a loss of ($0.82) in the fourth quarter of 2014, compared to an income of $0.14 in the fourth quarter of 2013. Adjusted earnings per share, a non-GAAP financial measure that includes the adjustments noted in the reconciliation below, was $0.24 in the fourth quarter of 2014, compared to $0.17 in the fourth quarter of 2013.
Adjusted EBITDA, a non-GAAP financial measure that includes the adjustments noted in the reconciliation below, was $15.3 million in the fourth quarter of 2014, compared to $13.6 million in the fourth quarter of 2013.
I am very pleased that we finished up a successful year in 2014 by delivering strong operating results in Q4. We achieved solid results despite the impact of significant foreign exchange headwinds that emerged in Q4. In the quarter, we achieved higher than expected profitability with $15.3 million of Adjusted EBITDA, as our productivity initiatives enabled us to expand gross margins and offset the currency impact on our U.S. dollar heavy cost structure. Our Q4 revenue growth of 14%, with organic growth of 1%, was in line with our expectations, said John Roush, Chief Executive Officer.
The following information was filed by Gsi Group Inc (GSIG) on Wednesday, March 4, 2015 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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