IRVINE, Calif., July 20 /PRNewswire-FirstCall/ -- Newport
Corporation (Nasdaq: NEWP) today announced that it has completed
the sale of the stock of its Hilger Crystals subsidiary to Dynasil
Corporation (OTC Bulletin Board: DYSL), a provider of technology,
products, services and solutions in the medical, industrial and
homeland security/defense markets.
Hilger, based in Margate, UK, manufactures and sells a variety
of synthetic crystals and detectors, imaging arrays and materials,
primarily for x-ray detection applications. Under the terms
of the transaction, Newport received $4.0
million in cash at closing. In addition, if the Hilger
Crystals business achieves certain specified sales targets in the
18 months following the closing, Newport will receive up to
$750,000 of additional cash.
Newport expects to record a charge in the second quarter of 2010
of approximately $0.8 million
relating to deal costs and a pension curtailment expense associated
with this business. In the third quarter of 2010, Newport
expects to record a gain on the sale of this business that will be
substantially offset by additional charges relating to the
termination of Hilger's pension plan. Hilger Crystals'
revenues were $2.0 million in the
full year 2009 and $1.5 million in
the first half of 2010. The company will provide additional
information regarding the transaction in its conference call on
July 28, 2010, regarding Newport's
second quarter operating results.
ABOUT NEWPORT CORPORATION
Newport Corporation is a leading global supplier of
advanced-technology products and systems to customers in the
scientific research, microelectronics, 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 components and 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 2000 Index.
SAFE HARBOR STATEMENT
This news release contains forward-looking statements,
including without limitation the statement regarding the potential
for Newport to receive additional cash payment based upon Hilger
Crystals' future financial performance and the charges and gain on
sale expected to be recorded in connection with the transaction.
In addition, any statements that refer to expectations,
projections or other characterizations of future events or
circumstances are forward-looking statements. Assumptions
relating to the foregoing involve judgments and risks, some of
which are discussed in more detail in Newport's Annual Report on
Form 10-K for the year ended January 2,
2010. Although Newport believes that the assumptions
underlying the forward-looking statements are reasonable, any of
the assumptions could prove inaccurate and, therefore, there can be
no assurance that the results contemplated in forward-looking
statements will be realized. In light of the significant
uncertainties inherent in the forward-looking information included
herein, the inclusion of such information should not be regarded as
a representation by Newport or any other person that Newport's
objectives or plans will be achieved. Newport undertakes no
obligation to revise the forward-looking statements contained
herein to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events.
SOURCE Newport Corporation
