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Zygo Corp. (ZIGO) filed Quarterly Report for the period ended 2011-12-31.
Zygo Corp. has a market cap of $335.5 million; its shares were traded at around $18.8868 with a P/E ratio of 15.1 and P/S ratio of 2.2.
This is the annual revenues and earnings per share of ZIGO over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ZIGO.
Highlight of Business Operations:
Net earnings of $6.2 million, or $0.33 per diluted share, for the second quarter of fiscal 2012 increased by 7% over net earnings of $5.8 million, or $0.32 per diluted share, recorded in the second quarter of fiscal 2011. The second quarter of fiscal 2011 earnings included a gain of $0.11 per diluted share, net of tax, attributable to the Richmond asset acquisition. Net earnings of $12.6 million, or $0.68 per diluted share, for the first six months of fiscal 2012 increased by 49% compared with the prior year period’s net earnings of $8.5 million, or $0.48 per diluted share. The increase in the net earnings for both the three and six months of fiscal 2012 was driven by volume increases in most of our product lines and due to the additional revenue generated from our EPO group which began operations during the second quarter of fiscal 2011with the Richmond asset acquisition. In addition, our gross margin exceeded 49% for the second consecutive quarter and have exceeded 45% for the last six quarters.Net revenues for the three months ended December 31, 2011 increased 11% compared with the prior year period, reflecting increases in Metrology Solutions segment revenues of 8% and in Optical Systems segment revenues of 16%. The increase in Metrology Solutions segment net revenues of $1.9 million was primarily due to a volume increase in instruments of $2.4 million, and increases in other product lines of $0.6 million, partially offset by a decrease in lithography revenues of $1.1 million. Instrument revenues increased on the growth of our China region. The decrease in lithography revenues is attributable to the decline in semiconductor capital market expenditures. The increase in the Optical Systems segment revenues was primarily due to having a full quarter volume of revenue from our Extreme Precision Optics (“EPO”) group, which was formed in November 2010, resulting in a year over year increase of $3.4 million. The increase from the EPO group was partially offset by $1.7 million decrease in contract manufacturing revenue, primarily related to the completion in fiscal 2011of a large order for Advanced Helmet Mounted Display (“HMD”) units.
Net revenues for the six months ended December 31, 2011 increased 25% compared with the prior year period, reflecting increases in Metrology Solutions segment revenues of 25% and in Optical Systems segment revenues of 26%. The increase in Metrology Solutions segment net revenues was primarily due to volume increases in instruments of $8.2 million and OEM heads of $1.8 million. The increase in the Optical Systems segment revenues was primarily due to an increase of $7.1 million of revenue from our EPO group, which was in operation for the full six month period as compared with 1 ½ months in the prior year period. This increase was partially offset by $1.1 million decrease in contract manufacturing, primarily related to the completion in fiscal 2011 of a large order for HMD units. Net revenues increased $16.8 million with increased contributions from nearly all our geographic areas. The Americas region, which accounted for $10.0 million of the increase, primarily due to the addition of the EPO business, and China accounted for $5.8 million of the increase in revenues on the strength of instrument revenues.
Revenues from two customers accounted for 14% and 11% of the revenues for the three months ended December 31, 2011 (12% and 11% of the revenues for the six months ended December 31, 2011). Revenues from one customer accounted for 10% of the revenues for the three and six months ended December 31, 2010. Revenues from these customers were included in both of our segments.
Revenues from Canon Inc., a stockholder, and Canon Sales Co., Inc., a distributor of certain of our products in Japan and a subsidiary of Canon Inc. (collectively referred to as “Canon”), amounted to $4.3 million and $3.5 million (11% and 10% of net revenues, respectively) for the three months ended December 31, 2011 and 2010, respectively. For the six months ended December 31, 2011 and 2010, sales to Canon amounted to $9.1 million and $7.0 million (11% and 10% of net revenue, respectively.) Selling prices of products sold to Canon are based, generally, on the terms customarily given to distributors. At December 31, 2011 and June 30, 2011, there were, in the aggregate, $2.9 million and $2.6 million, respectively, of trade accounts receivable from Canon.
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