MOUNTAIN VIEW, Calif., July 30 -- Spectra-Physics announced its results for the second quarter ended June 30, 1999. The company reported net sales of $34.9 million, compared with $40.2 million for the second quarter of 1998. Net income was $255,000, or $0.02 diluted earnings per share, as compared with net income of $1.9 million, or $0.12 diluted earnings per share during the same period a year ago. The book-to-bill ratio for the second quarter of 1999 was 1.19, reflecting the company's highest second-quarter order rate ever.
While our year-over-year comparisons were less than favorable, we are pleased with the sequential rebound from our first-quarter net loss of $0.12 and the strong order trend for the second quarter, said Patrick L. Edsell, Spectra-Physics' chairman, president and CEO. We plan to continue managing the business very conservatively, making strategic investments as needed, and we look forward to expected improvements in our markets through the second half of the year.