HILLSBORO, Ore., Aug. 2, 2011 (GLOBE NEWSWIRE) — For the second quarter of 2011, FEI Company (Nasdaq:FEIC) reported record revenue and earnings for the third quarter in a row. Bookings were the highest for any second quarter in the company’s history and the second-highest ever.
Revenue of $211.1 million was up 45% compared to $146.0 million in the second quarter of 2010 and up 7% from $197.0 million in the first quarter of 2011.
Net income was $26.1 million or $0.62 per diluted share, compared with $16.2 million or $0.40 per diluted share in the second quarter of 2010 and $22.3 million or $0.54 per diluted share in the first quarter of 2011.
The gross margin in the second quarter was 45.3%, compared with 41.0% in the second quarter of 2010 and 43.6% in the first quarter of 2011. Operating income was 17.3% of sales in the quarter, compared with 2.4% in the second quarter of 2010 and 16.2% in the first quarter of 2011.
Last year’s second quarter results included $9.1 million of restructuring charges that reduced operating income, compared with restructuring charges of $0.8 million in this year’s second quarter. The 2010 second quarter also included a net tax benefit of $13.5 million that increased net income, compared with tax expense in the latest quarter of $9.6 million.
For the second quarter of 2011, net bookings were $204.5 million, up 17% from the second quarter of 2010 and up 7% from the first quarter of 2011. The backlog at the end of the quarter was $459.1 million. The book-to-bill ratio for the quarter was 0.97 to 1.
Gross cash, investments and restricted cash at the end of the quarter was $471.3 million, an increase of $19.5 million during the quarter and $47.5 million since the end of 2010.
“We had another very good quarter, with revenue and earnings again at the highest level in our history,” said Don Kania, president and CEO of FEI. “Gross margins expanded as expected, and operating margins increased. Bookings remained strong with double-digit sequential growth in the Research and Industry and Electronics market segments. For the third quarter, we expect significant revenue growth compared with last year and a slight normal seasonal decline in revenue compared with the second quarter. We are projecting revenue growth of approximately 30% for 2011 over 2010.”
Bookings and revenue comparisons for the company’s market segments and other data are included in the supplementary information attached to this release, along with detailed statements of operations and balance sheets.
Guidance for Q3 2011
FEI expects revenue in the third quarter of 2011 to be in the range of $195 million to $210 million. Bookings are expected to be in the range of $175 million to $195 million. GAAP earnings per share are expected to be in the range of $0.51 to $0.57.
Investor Conference Call — 2:00 p.m. Pacific time, Tuesday, August 2, 2011
Parties interested in listening to FEI’s quarterly conference call may do so by dialing 1-877-941-8631 (U.S., toll-free) or 1-480-629-9723 (international and toll), with the conference title: FEI Second Quarter Earnings Call, Conference ID 4459281. A telephone replay of the call will be available at 1-800-406-7325 (U.S., toll-free) or 1-303-590-3030 (international and toll) with the passcode: 4459281#. The call can also be accessed via the web by going to FEI’s Investor Relations page at www.fei.com, where the webcast will also be archived.
FEI (Nasdaq:FEIC) is a leading diversified scientific instruments company. It is a premier provider of electron and ion-beam microscopes and tools for nanoscale applications globally and across many industries: industrial and academic materials research, life sciences, semiconductors, data storage, natural resources and more. With a history of over 60 years of technological innovation and leadership, FEI has set the performance standard in transmission electron microscopes (TEM), scanning electron microscopes (SEM) and DualBeams™, which combine a SEM with a focused ion beam (FIB). FEI’s imaging systems provide 3D characterization, analysis and modification/prototyping with resolutions down to the sub-Ångström (one-tenth of a nanometer) level. FEI has over 1,900 employees and sales and service operations in more than 50 countries around the world. More information can be found at: www.fei.com.
Safe Harbor Statement
This news release contains forward-looking statements that include statements regarding our guidance for revenue and earnings per share for the third quarter of 2011, expected annual revenue growth for 2011 and expected bookings for the third quarter of 2011. Forward-looking statements may also be identified by words and phrases that refer to future expectations, such as “guidance”, “projecting”, “expect”, “expects”, “are expected”, “will”, “estimate”, and other similar words and phrases. Factors that could affect these forward-looking statements include, but are not limited to, the global economic environment; lower than expected customer orders and potential weakness of the Research and Industry, Electronics and Life Sciences market segments; problems in obtaining necessary product components in sufficient volumes on a timely basis from our supply chain; bankruptcy or insolvency of customers or suppliers; cyclical changes in the data storage and semiconductor industries, which are the major components of Electronics market revenue; fluctuations in foreign exchange, interest and tax rates; changes in tax rate and laws, accounting rules regarding taxes or agreements with tax authorities; the ongoing determination of the effectiveness of foreign exchange hedge transactions; reduced profitability due to failure to achieve or sustain margin improvement in service or product manufacturing; the relative mix of higher-margin and lower-margin products; risks associated with shipping a high percentage of the company’s quarterly revenue in the last month of the quarter; customer requests to defer planned shipments; increased competition and new product offerings from competitors; lower average sales prices and reduced margins on some product sales due to increased competition; failure of the company’s products and technology, including new products, to find acceptance with customers; inability to deploy products as expected or delays in shipping products due to technical problems or barriers; potential shipment or supply chain disruptions due to natural disasters or terrorist attacks; changes to or potential additional restructurings and reorganizations not presently anticipated; reduced sales due to geopolitical risks; changes in trade policies and tariff regulations; changes in the regulatory environment in the nations where we do business; additional selling, general and administrative or research and development expenses; potential reduced governmental spending due to budget constraints and current uncertainty around global sovereign debt; additional costs related to future merger and acquisition activity; and failure of the company to achieve anticipated benefits of acquisitions and collaborations, including failure to achieve financial goals and integrate future acquisitions successfully. Please also refer to our Form 10-K, Forms 10-Q, Forms 8-K and other filings with the U.S. Securities and Exchange Commission for additional information on these factors and other factors that could cause actual results to differ materially from the forward-looking statements. FEI assumes no duty to update forward-looking statements. CONTACT: FEI Company
Treasurer & Communications Director
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