Zygo Corp. (ZIGO, Financial) filed Amended Quarterly Report for the period ended 2009-12-31.
Zygo Corp. has a market cap of $152.9 million; its shares were traded at around $8.78 with and P/S ratio of 1.3. ZIGO is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Bookings for the three months ended December 31, 2009 (our second quarter of fiscal 2010) were $28.6 million, as compared with $22.7 million and $22.6 million for the first quarter of fiscal 2010 and second quarter of fiscal 2009, respectively. Bookings for our Metrology Solutions segment accounted for 58% of the bookings received for the three months ended December 31, 2009, with the Optical Systems segment accounting for 42% of bookings. The increase in bookings from the first quarter of fiscal 2010 is due to increases in the Metrology Solutions segment of $1.1 million and of $4.8 million in the Optical Systems segment. The increase in Metrology Solutions segment bookings was primarily for our instruments products and extended over a number of different industries. Within the Optical Systems segment, bookings increased primarily due to an increase in bookings of laser fusion optics of $1.7 million and contract manufacturing of $3.8 million, partially offset by a decrease of $1.5 million in contract manufacturing product development services. We received several large bookings in our Optical System segment, including $3.4 million in laser fusion optics, $3.2 million related to the Advanced Helmet Mounted Display, and a $2.9 booking for medical device contract manufacturing. We can receive large optics bookings that have delivery dates that span several quarters and the timing of these bookings can cause fluctuations in our bookings from quarter to quarter. The increase in bookings from the second quarter of fiscal 2009 is due to an increase of $6.9 million in the Optical Systems segment and a decrease in the Metrology Solutions segment of $0.9 million. The increase in the Optical Systems segment is related to the bookings referred to above. Our Optical Systems segment continues to include our optical components and electro-optics contract manufacturing products. Our Metrology Solutions segment
Overall, revenues for the three months ended December 31, 2009 decreased 22% as compared with the prior year period, reflecting decreases in the Metrology Solutions segment revenues of 30% and in the Optical Solutions segment revenues of 1%. The decrease in Metrology Solutions segment revenues was primarily due to volume decreases in display solutions of $3.3 million, lithography of $3.1 million, and instruments of $1.8 million. New business in the Metrology Solutions segment related to Original Equipment Manufacturer (OEM) heads increased revenues by $0.2 million. The decrease in display solution revenues is due to the arrangement with Toho in October 2009. We expect the display volume to decrease as we complete acceptance testing on the remaining systems we delivered under bookings placed with us. Future revenue related to display will be derived from the sale of sensor heads that will be included in the Metrology Solutions segment related to OEM revenues. These OEM revenues will be less in value than the full display system revenues. Lithography and instrument revenues decreases, in large measure, are due to a reduction in bookings that appears to be tied directly to the general global economic downturn, most notably in the semiconductor industry. A decrease in bookings from Canon accounted for the majority of the decrease in lithography revenues. The decrease in the Optical Systems segment revenues of $0.1 million was primarily due to decreases in precision optics of $1.1 million, which was partially offset by increased revenues in laser fusion optics of $1.0 million.
Revenues for the six months ended December 31, 2009 decreased 33% as compared with the prior year period, reflecting decreases in the Metrology Solutions segment revenues of 35% and in the Optical Solutions segment revenues of 27%. The decrease in Metrology Solutions segment revenues was primarily due to volume decreases in lithography of $7.6 million, display solutions of $7.2 million, and instruments of $6.0 million, partially offset by increased revenues in semiconductor solutions of $1.4 million and vision systems of $1.0 million. New business in the Metrology Solutions segment related to OEM heads increased revenues by $0.4 million. These volume decreases in lithography and instruments revenues, in large measure, are due to a reduction in bookings that appears to be tied directly to the general global economic downturn, most notably in the semiconductor industry. A decrease in bookings from Canon accounted for the majority of the decrease in lithography revenues. The decrease in display solution revenues is due to the arrangement with Toho in October 2009 as referenced above. The increase in semiconductor revenues was due to the acceptance of a large system in the current fiscal year while there were no similar revenues in the prior year. With the sale of the semiconductor product line in June 2009, we will no longer have any large system revenues. Revenues related to semiconductor products will be sensor head revenues that will be included in the Metrology Solutions segment related to OEM revenues. The decrease in the Optical Systems segment revenues was primarily due to decreases in contract manufacturing of $3.9 million and in precision optics of $2.4 million, partially offset by increased revenues in laser fusion optics of $0.9 million. The decreases in contract manufacturing and precision were related to a reduction in bookings from key customers during the latter part of fiscal 2009 and early in fiscal 2010. We have recently seen an increase in bookings in both of these areas.
SG&A expenses decreased in the three months ended December 31, 2009 by $3.6 million from the comparable prior year period. This decrease is primarily attributable to $2.2 million of merger related expenses and $1.4 million related to a royalty claim that were recorded in the second quarter of fiscal 2009, and a reduction in personnel-related expenses of $0.6 million and the elimination of costs related to semiconductor products of $0.6 million in conjunction with the transaction with Nanometrics in June 2009. The second quarter of fiscal 2010 also included $0.9 million related to the retirement of our CEO and search costs for a new CEO, partially offsetting the decreases described above. Other cost reductions included decreases in travel of $0.2 million as part of our expense management. The decrease was also related to SG&A expenses decreased in the six months ended December 31, 2009 by $6.1 million from the comparable prior year period, primarily due a reduction in personnel-related expenses of $1.4 million and the elimination of costs related to semiconductor products of $1.2 million in conjunction with the transaction with Nanometrics in June 2009. Other cost reductions included decreases in travel of $0.4 million as part of our expense management and in legal costs of $2.2 million related to merger related expenses recorded in fiscal 2009. Fiscal 2009 expenses also included the charge for $1.4 million related to the royalty claim.
Sales to 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 $2.0 million and $4.9 million (8% and 15% of revenues, respectively) for the three months ended December 31, 2009 and 2008, respectively. For the six months ended December 31, 2009 and 2008, sales to Canon amounted to $3.0 million and $12.1 million, respectively (6% and 17% of revenues, respectively). Selling prices of products sold to Canon are based, generally, on the terms customarily given to distributors. At December 31, 2009 and June 30, 2009, there were, in the aggregate, $0.8 million and $0.6 million, respectively, of trade accounts receivable from Canon.
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Zygo Corp. has a market cap of $152.9 million; its shares were traded at around $8.78 with and P/S ratio of 1.3. ZIGO is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Subsequent to the issuance of its December 31, 2009 condensed consolidated financial statements, the Company identified certain errors relating to the presentation of cash flows for the six months ended December 31, 2009 and 2008. The correction of these errors impacted disclosures made in Liquidity and Capital Resources whereby the cash flow from operating activities from continuing operations changed to $4.1 and $4.3 for the six months ended December 31, 2009 and 2008, respectively, from $2.9 and $3.8 for the six months ended December 31, 2009 and 2008, respectively. Also, the cash flow from operating activities from discontinued operations changed to $(1.3) million and $(1.5) for the six months ended December 31, 2009 and 2008, respectively, from $(0.1) million and $(1.0) million for the six months ended December 31, 2009 and 2008, respectively. See Note 18 to the condensed consolidated financial statements. Additionally, in the Results of Operations section of this Managements Discussion and Analysis of Financial Condition and Results of Operations, a section titled Discontinued Operations was added to discuss the results of discontinued operations.Bookings for the three months ended December 31, 2009 (our second quarter of fiscal 2010) were $28.6 million, as compared with $22.7 million and $22.6 million for the first quarter of fiscal 2010 and second quarter of fiscal 2009, respectively. Bookings for our Metrology Solutions segment accounted for 58% of the bookings received for the three months ended December 31, 2009, with the Optical Systems segment accounting for 42% of bookings. The increase in bookings from the first quarter of fiscal 2010 is due to increases in the Metrology Solutions segment of $1.1 million and of $4.8 million in the Optical Systems segment. The increase in Metrology Solutions segment bookings was primarily for our instruments products and extended over a number of different industries. Within the Optical Systems segment, bookings increased primarily due to an increase in bookings of laser fusion optics of $1.7 million and contract manufacturing of $3.8 million, partially offset by a decrease of $1.5 million in contract manufacturing product development services. We received several large bookings in our Optical System segment, including $3.4 million in laser fusion optics, $3.2 million related to the Advanced Helmet Mounted Display, and a $2.9 booking for medical device contract manufacturing. We can receive large optics bookings that have delivery dates that span several quarters and the timing of these bookings can cause fluctuations in our bookings from quarter to quarter. The increase in bookings from the second quarter of fiscal 2009 is due to an increase of $6.9 million in the Optical Systems segment and a decrease in the Metrology Solutions segment of $0.9 million. The increase in the Optical Systems segment is related to the bookings referred to above. Our Optical Systems segment continues to include our optical components and electro-optics contract manufacturing products. Our Metrology Solutions segment
Overall, revenues for the three months ended December 31, 2009 decreased 22% as compared with the prior year period, reflecting decreases in the Metrology Solutions segment revenues of 30% and in the Optical Solutions segment revenues of 1%. The decrease in Metrology Solutions segment revenues was primarily due to volume decreases in display solutions of $3.3 million, lithography of $3.1 million, and instruments of $1.8 million. New business in the Metrology Solutions segment related to Original Equipment Manufacturer (OEM) heads increased revenues by $0.2 million. The decrease in display solution revenues is due to the arrangement with Toho in October 2009. We expect the display volume to decrease as we complete acceptance testing on the remaining systems we delivered under bookings placed with us. Future revenue related to display will be derived from the sale of sensor heads that will be included in the Metrology Solutions segment related to OEM revenues. These OEM revenues will be less in value than the full display system revenues. Lithography and instrument revenues decreases, in large measure, are due to a reduction in bookings that appears to be tied directly to the general global economic downturn, most notably in the semiconductor industry. A decrease in bookings from Canon accounted for the majority of the decrease in lithography revenues. The decrease in the Optical Systems segment revenues of $0.1 million was primarily due to decreases in precision optics of $1.1 million, which was partially offset by increased revenues in laser fusion optics of $1.0 million.
Revenues for the six months ended December 31, 2009 decreased 33% as compared with the prior year period, reflecting decreases in the Metrology Solutions segment revenues of 35% and in the Optical Solutions segment revenues of 27%. The decrease in Metrology Solutions segment revenues was primarily due to volume decreases in lithography of $7.6 million, display solutions of $7.2 million, and instruments of $6.0 million, partially offset by increased revenues in semiconductor solutions of $1.4 million and vision systems of $1.0 million. New business in the Metrology Solutions segment related to OEM heads increased revenues by $0.4 million. These volume decreases in lithography and instruments revenues, in large measure, are due to a reduction in bookings that appears to be tied directly to the general global economic downturn, most notably in the semiconductor industry. A decrease in bookings from Canon accounted for the majority of the decrease in lithography revenues. The decrease in display solution revenues is due to the arrangement with Toho in October 2009 as referenced above. The increase in semiconductor revenues was due to the acceptance of a large system in the current fiscal year while there were no similar revenues in the prior year. With the sale of the semiconductor product line in June 2009, we will no longer have any large system revenues. Revenues related to semiconductor products will be sensor head revenues that will be included in the Metrology Solutions segment related to OEM revenues. The decrease in the Optical Systems segment revenues was primarily due to decreases in contract manufacturing of $3.9 million and in precision optics of $2.4 million, partially offset by increased revenues in laser fusion optics of $0.9 million. The decreases in contract manufacturing and precision were related to a reduction in bookings from key customers during the latter part of fiscal 2009 and early in fiscal 2010. We have recently seen an increase in bookings in both of these areas.
SG&A expenses decreased in the three months ended December 31, 2009 by $3.6 million from the comparable prior year period. This decrease is primarily attributable to $2.2 million of merger related expenses and $1.4 million related to a royalty claim that were recorded in the second quarter of fiscal 2009, and a reduction in personnel-related expenses of $0.6 million and the elimination of costs related to semiconductor products of $0.6 million in conjunction with the transaction with Nanometrics in June 2009. The second quarter of fiscal 2010 also included $0.9 million related to the retirement of our CEO and search costs for a new CEO, partially offsetting the decreases described above. Other cost reductions included decreases in travel of $0.2 million as part of our expense management. The decrease was also related to SG&A expenses decreased in the six months ended December 31, 2009 by $6.1 million from the comparable prior year period, primarily due a reduction in personnel-related expenses of $1.4 million and the elimination of costs related to semiconductor products of $1.2 million in conjunction with the transaction with Nanometrics in June 2009. Other cost reductions included decreases in travel of $0.4 million as part of our expense management and in legal costs of $2.2 million related to merger related expenses recorded in fiscal 2009. Fiscal 2009 expenses also included the charge for $1.4 million related to the royalty claim.
Sales to 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 $2.0 million and $4.9 million (8% and 15% of revenues, respectively) for the three months ended December 31, 2009 and 2008, respectively. For the six months ended December 31, 2009 and 2008, sales to Canon amounted to $3.0 million and $12.1 million, respectively (6% and 17% of revenues, respectively). Selling prices of products sold to Canon are based, generally, on the terms customarily given to distributors. At December 31, 2009 and June 30, 2009, there were, in the aggregate, $0.8 million and $0.6 million, respectively, of trade accounts receivable from Canon.
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