GSI Group Inc. announced unaudited consolidated earnings results for the first quarter ended March 29, 2013. During the first quarter of 2013, GSI generated revenue of $83.1 million, an increase of 27.5% from $65.2 million in the first quarter of 2012. The NDS acquisition accounted for a 28.1% revenue increase year-over-year, while changes in foreign exchange rates contributed to a 1.2% decrease in revenue. Excluding the impact of the NDS acquisition and changes in foreign exchange rates, the Company's revenue increased 0.6% compared to the first quarter of 2012. In the first quarter of 2013, income from operations was $0.9 million, or 1.1% of revenue, compared to $2.8 million, or 4.3% of revenue, during the same period last year. Included in the first quarter of 2013 income from operations was $2.5 million of amortization of intangibles and inventory fair value adjustments and $1.1 million of acquisition charges, both related to the NDS acquisition. Also included in the first quarter of 2013 income from operations was approximately $2.0 million of restructuring charges, compared to $2.2 million of restructuring charges in the first quarter of 2012. Diluted earnings per share from continuing operations were $0.04 in the first quarter of 2013, compared to $0.03 in the first quarter of 2012. Adjusted EBITDA was $11.5 million in the first quarter of 2013, compared to $9.9 million in the first quarter of 2012. The Company completed the first quarter of 2013 with approximately $66.8 million of net debt. Operating cash flow for the first quarter of 2013 was $4.6 million, compared to $9.1 million of operating cash flow in the first quarter of 2012. Income from continuing operations before income taxes was $1,619,000 against $1,307,000 a year ago. Income from continuing operations was $1,469,000 against $1,077,000 a year ago. Net income attributable to GSI Group Inc. was $2,082,000 against $1,381,000 a year ago. Earnings per diluted common share attributable to GSI Group Inc. were $0.06 against $0.04 a year ago. Purchases of property, plant and equipment was $1,715,000 against $1,398,000 a year ago. Cash provided by operating activities for the first quarter of 2013 was impacted by cash restructuring payments of $1.8 million, acquisition-related expenses associated with the NDS acquisition of $1.1 million, and an increase in accounts receivables of $6.7 million, which was due in part to the acquisition of NDS, and then part to lower than expected shipments in January as a result of the consolidation of the company's Bedford and Lexington, Massachusetts manufacturing facility. For the second quarter of fiscal 2013, the company expects revenue from continuing operations of between $84 million and $86 million. In addition, the company expects adjusted EBITDA to be in the range of $11 million to $12.5 million for the second quarter of 2013. For the full year of fiscal 2013, the company expects to pay cash taxes in the 15% to 20% range, however given local statutory rules, cash taxes paid in the single quarter can vary significantly from quarter-to-quarter. And because acquisition and divestiture activities, the company’s U.S. GAAP tax rate will continue to fluctuate for at least another quarter. However, for the full-year, the company expects it to normalize around the 32% range. Depreciation and amortization expenses should be around $5.5 million. For the full year, the company expects capital expenditure probably in the $7 million to $8 million range.

GSI Group Inc., Q1 2013 Earnings Call, May 08, 2013

GSI Group Inc. announced that they will report Q1, 2013 results at 4:00 PM, US Eastern Standard Time on May 08, 2013