buhg1b
17 years ago
Newport Corporation to Report 2008 First Quarter Results on April 30
Wednesday April 23, 11:30 am ET
IRVINE, Calif., April 23 /PRNewswire-FirstCall/ -- Newport Corporation (Nasdaq: NEWP - News) has announced that next Wednesday, April 30, 2008, the company will release results for its first quarter ended March 29, 2008. The company also said President and Chief Executive Officer Robert J. Phillippy and Senior Vice President, Chief Financial Officer and Treasurer Charles F. Cargile will host an investor conference call that day at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to review the company's financial results and business outlook.
The call is open to all interested investors through a live audio broadcast via the Internet at www.newport.com/investors and www.earnings.com. The call also will be available to investors and analysts by dialing (888) 218-8184 within the U.S. and Canada or (913) 312-0954 from abroad.
The webcast will be archived on both websites and can be reached through the same links. A telephonic playback of the conference call also will be available by calling (888) 203-1112 within the U.S. and Canada and (719) 457-0820 from abroad. Playback will be available beginning at 8:00 p.m. Eastern time (5:00 p.m. Pacific time) on Wednesday, April 30, 2008, and continue through 8:00 p.m. on Wednesday, May 7, 2008. The replay confirmation code is 6646410.
About Newport Corporation
Newport Corporation is a leading global supplier of advanced-technology products and systems to customers in the scientific research, microelectronics manufacturing, aerospace and defense/security, life and health sciences and precision industrial manufacturing markets. Newport's innovative solutions leverage its expertise in high-power semiconductor, solid-state and ultrafast lasers, photonics instrumentation, sub-micron positioning systems, vibration isolation, optical subsystems and precision automation to enhance the capabilities and productivity of its customers' manufacturing, engineering and research applications. Newport is part of the Standard & Poor's SmallCap 600 Index and the Russell Microcap Index.
Source: Newport Corporation
buhg1b
17 years ago
(e) On April 1, 2008, Newport Corporation (the "Registrant") entered into Severance Compensation Agreements with (i) Robert J. Phillippy, President and Chief Executive Officer; (ii) Charles F. Cargile, Senior Vice President, Chief Financial Officer and Treasurer; (iii) each of the Registrant's other named executive officers; and (iv) certain other officers of the Registrant. Such agreements provide for certain payments and benefits in the event of termination of the officer's employment under certain circumstances. All of such Severance Compensation Agreements replace and supersede any and all prior severance compensation or change in control agreements between the Registrant and such officers. Pursuant to the terms of each Severance Compensation Agreement, in the event that the officer's employment is terminated within two years of a "change in control" of the Registrant (as defined in the agreement), unless such termination results from his death, disability or retirement, or his resignation for reasons other than "good reason" (as defined in the agreement), or constitutes a termination by the Registrant for "cause" (as defined in the agreement), he will be entitled to receive:
(i) a lump-sum cash payment equal to his highest biweekly base salary in effect during the 12-month period immediately preceding his termination date multiplied by 26 (multiplied by 52 in the case of Mr. Phillippy), subject to applicable tax withholding;
(ii) a lump-sum cash payment equal to his incentive compensation payable under any incentive, bonus or similar plan of the Registrant in effect for the year during which his termination date occurs, calculated based on 100% satisfaction of all applicable performance goals established under such plan (two times such incentive amount in the case of Mr. Phillippy), subject to applicable tax withholding;
(iii) continuation of benefits under the Registrant's medical, dental and vision plans, and long-term disability insurance for twenty-four months;
(iv) automatic vesting of all unvested stock options held by the officer, such automatic vesting to be calculated based on 100% satisfaction of any applicable performance goals, and, unless otherwise specified by the officer, payment of an amount equal to the difference between the exercise price and fair market price (calculated as set forth in the agreement) of the shares of common stock subject to all vested and unvested stock options held by him, subject to applicable tax withholding;
(v) automatic vesting of all unvested restricted stock, restricted stock units and stock appreciation rights held by the officer, such automatic vesting to be calculated based on 100% satisfaction of any applicable performance goals, and settlement thereof by delivery of shares of common stock to the officer, subject to applicable tax withholding; and
(vi) certain other benefits, including payment of an amount sufficient to offset any excess "parachute payment" excise tax payable by the officer pursuant to the provisions of the Internal Revenue Code, and/or any comparable provision of state or foreign law.
In addition, the Severance Compensation Agreement between the Registrant and each of Mr. Phillippy and Mr. Cargile provides that, in the event that the Registrant terminates the officer's employment other than for cause at any time during the term of the agreement in absence of a change in control of the Registrant, he will be entitled to receive: (i) a lump-sum cash payment equal to his highest biweekly base salary in effect during the 12-month period immediately preceding his termination date multiplied by 26; (ii) a lump-sum cash payment equal to his incentive compensation payable under any incentive, bonus or similar plan of the Registrant in effect for the year during which his termination date occurs, calculated based on 100% satisfaction of all performance goals, and (iii) continuation of benefits under the Registrant's medical, dental and vision plans, and long-term disability insurance for twelve months.
None of the Severance Compensation Agreements between the Registrant and any officer other than Mr. Phillippy and Mr. Cargile provides for benefits in the event of termination of such officer's employment by the Registrant in absence of a change in control.
The foregoing description of the Severance Compensation Agreements does not purport to be complete and is qualified in its entirety by reference to (i) the Severance Compensation Agreement between the Registrant and Mr. Phillippy,
(ii) the Severance Compensation Agreement between the Registrant and Mr. Cargile, and (iii) the form of Severance Compensation Agreement between the Registrant and each of the Registrant's other named executive officers and certain other officers, copies of which are attached hereto as Exhibits 10.1, 10.2 and 10.3, respectively, and are incorporated herein by reference. Item 9.01 - Financial Statements and Exhibits.
www.sec.gov
buhg1b
17 years ago
Backlog
Our consolidated backlog of orders totaled $153.8 million at December 29, 2007 and $130.2 million at December 30, 2006. As of December 29, 2007, $126.4 million of our consolidated backlog was scheduled to be shipped on or before January 3, 2009. Orders for many of the products we sell to semiconductor equipment customers, which comprise a significant portion of our sales, are often subject to rescheduling without penalty or cancellation without penalty other than reimbursement of certain material costs. In addition, because we manufacture a significant portion of our standard catalog products for inventory, we often make shipments of these products upon or within a short time period following receipt of an order. As a result, our backlog of orders at any particular date may not be an accurate indicator of our sales for succeeding periods.
http://pinksheets.com/edgar/GetFilingHtml?FilingID=5792368
2007 Annual Report - Page 15
buhg1b
17 years ago
Newport Corporation (Nasdaq: NEWP) today reported financial results for its fourth quarter and full year ended December 29, 2007, and provided guidance regarding its expected financial performance in the first quarter and full year of 2008.
Sales in the fourth quarter of 2007 totaled $118.0 million, a decrease of 5.5% compared with the $124.9 million recorded in the prior year period, and an increase of 8.3% over the third quarter of 2007. Sales in the full year of 2007 totaled $445.2 million, a decrease of 2.1% compared with the $454.7 million recorded in the full year of 2006.
New orders received in the fourth quarter of 2007 were at an all-time record level of $130.2 million, reflecting an increase of 5.5% over the prior year period and an 11.3% increase over the third quarter of 2007. New orders received in the full year of 2007 totaled $469.4 million, approximately equal to the $469.3 million recorded in the full year of 2006.
Newport reported income from continuing operations in the fourth quarter of 2007 of $25.4 million, or $0.68 per diluted share, compared with $12.4 million, or $0.29 per diluted share, in the fourth quarter of 2006. Income from continuing operations for the full year of 2007 was $44.2 million, or $1.13 per diluted share, an increase of 24.2% compared with the $38.5 million, or $0.91 per diluted share, recorded in the full year of 2006. As disclosed by the company in a press release on January 8, 2008, income from continuing operations in the fourth quarter of 2007 included a credit to the company's tax provision of $19.8 million, or $0.53 per diluted share, resulting from a partial reversal of the valuation allowance recorded against its deferred tax assets, and a charge of $2.0 million, or $0.05 per diluted share (before tax adjustment), resulting primarily from an inventory adjustment in its Lasers Division.
IRVINE, Calif., Jan 30, 2008
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