IRVINE, Calif., July 17 -- Due to large increases in fiber optics communications and semiconductor equipment sales, Newport Corp. -- a manufacturer, marketer and designer of high precision tools to a variety of high-tech markets -- had its best-ever results for the second quarter and six-month periods ended June 30. Net income for this year's second quarter was $4.2 million, or $0.14 per diluted share, compared with $2.1 million, or $0.07 per diluted share for the same 1999 period. Sales jumped from $35.6 million in the second quarter of 1999 to $51.7 million in this year's second quarter, an increase of 45 percent.
Net sales for the first six months of 2000 have also grown, totaling $97.4 million for a net income of $7.2 million, or $0.24 per diluted share, compared with last year's net sales of $65.0 million for a net income of $3.0 million, or $0.11 per diluted share.
On May 31, 2000, Newport effected a three-for-one stock split of its common stock. Share and per share information for all given periods have been restated to reflect the stock split, the company said.
Newport has reported its fifth consecutive quarter increase with $21.6 million in sales to the fiber optic communications market for this year's second quarter, an increase of $29 percent compared with this year's first quarter, and an increase of 175 percent compared with $7.9 million in sales to the fiber optics communications market in last year's second quarter. Semiconductor equipment market sales increased 149 percent to $7.3 million from $2.9 million in the 1999 second quarter and were 28 percent more than this year's first quarter.
Newport's strong performance in the second quarter of 2000 is a reflection of robust growth in the fiber optic communications and semiconductor equipment markets, said Robert G. Deuster, chairman and CEO. Our rising order rates in both of these markets reflect the results of our efforts to take advantage of industry estimates of continued rapid growth for these markets.