University of Connecticut and FEI Co. Announce New Collaboration to Create World-Class Microscopy Center
Oct 29 14
The University of Connecticut and FEI Co. have signed an agreement to develop a cutting-edge center for microscopy and materials science research. The center, which will be housed in the new Innovation Partnership Building at UConn's Tech Park, will feature some of the most advanced commercially available electron microscopes. The center will focus on the advanced characterization of materials, which has nearly limitless applications, ranging from clean energy and alternative fuels, to advanced manufacturing technology; semiconductors; vaccine development; and the development of medical devices. The center will open its doors in mid-2015, with the arrival of the first three microscopes from FEI. These instruments will be housed in UConn's Institute of Materials Science. The center will move to its permanent home in Tech Park's Innovation Partnership Building when construction is complete, which is currently scheduled for 2017. Funding for the center is being provided in roughly equal amounts by both UConn and Hillsboro, Ore.-based FEI, and is expected to exceed $25 million over a 15-year period. When complete, the center will house a total of seven instruments from FEI, including the microscope, Titan Themis TEM, which is capable of more than one-hundred million times magnification, allowing scientists to see the individual atoms that materials are made of, determine their arrangement, and measure the electrical and magnetic forces they exert on one another. In addition to the acquisition of the instruments, the agreement includes research funding and support for an electron microscopy scientist and numerous graduate student fellowships. The new microscopy center may also draw researchers from peer academic institutions and industry to the facility to take advantage of its advanced materials characterization capabilities.
FEI Company Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 28, 2014; Provides Earnings Guidance for the Fourth Quarter of 2014; Reports Impairment and Other Asset Write-Offs for Third Quarter of 2014
Oct 28 14
FEI Company reported consolidated unaudited earnings results for the third quarter and nine months ended September 28, 2014. For the quarter, the company reported net income of $21,647,000 against $28,606,000 a year ago. Diluted net income per share was $0.51 against $0.67 a year ago. Total net sales were $227,756,000 compared to $218,496,000 a year ago. Operating income was $26,107,000 compared to $34,002,000 a year ago. Income before taxes was $25,276,000 compared to $33,341,000 a year ago. Net cash provided by operating activities was $28,175,000 against $48,718,000 a year ago. Acquisition of property, plant and equipment was of $12,107,000 compared to $4,586,000 a year ago. Non-GAAP Operating Income was $35,867,000 compared to $34,002,000 a year ago. Non-GAAP Net Income was $29,393,000 or $0.51 per diluted share compared to $28,606,000 or $0.67 per diluted share a year ago.
For the nine months period, the company reported net income of $71,671,000 against $85,400,000 a year ago. Diluted net income per share was $1.68 against $2.04 a year ago. Total net sales were $690,976,000 compared to $662,163,000 a year ago. Operating income was $87,806,000 compared to $105,975,000 a year ago. Income before taxes was $85,899,000 compared to $102,357,000 a year ago. Net cash provided by operating activities was generated $72,598,000 against $140,244,000 a year ago. Acquisition of property, plant and equipment was of $35,429,000 compared to $47,152,000 a year ago. Non-GAAP Operating Income was $104,847,000 compared to $107,065,000 a year ago. Non-GAAP Operating Income was $85,195,000 or $1.68 per diluted share compared to $86,270,000 or $2.04 per diluted share a year ago.
For the fourth quarter of 2014, revenue is expected to be in the range of $265.0 million to $280.0 million. GAAP earnings per share are expected to be in the range of $0.80 to $0.94. GAAP earnings guidance for the fourth quarter includes restructuring costs of approximately $7.5 million. Non-GAAP earnings per share are expected to be in the range of $0.94 to $1.08. The effective tax rate is expected to be approximately 20%.
The company reported impairment and other asset write-offs of $1,831,000 for the third quarter ended September 28, 2014.