Newport Corp. Completes Change to January-to-December Year
Newport Corp., a manufacturer of optical and laser laboratory equipment for the computer and medical-device industries, said Monday that it has completed its transition from a July-to-June fiscal year to a calendar year--losing money under one accounting system but posting a profit under the other.
For the two months between Oct. 31 and Dec. 31, the company said, it earned $65,000, or 1 cent a share. For a three-month period ended Jan. 31, however, the company showed a profit of $471,000, or 7 cents a share. The latter period is the final one under the old fiscal-year system.
For the record:
12:00 a.m. Feb. 4, 1993 EARNINGS
Los Angeles Times Thursday February 4, 1993 Orange County Edition Business Part D Page 2 Column 6 Financial Desk 4 inches; 115 words Type of Material: Column; Corporate Earnings; Correction
Newport Corp.: (Corrected) For the five months ending Dec. 31, 1992, the manufacturer of optical and laser laboratory equipment had a loss of $648,000; this contrasted with a profit of $626,000 for the six months ended Jan. 31, 1992.
Revenue for the five-month period was $36,070, compared to revenue of $42,719 for the six-month period.
For a two-month period ending Dec. 31, the Irvine-based company posted profit of $65,000; it had profit of $471,000 for a three-month period ending Jan. 31, 1992. Revenue for the two-month period was $14.1 million. Revenue for the three months was $25.4 million.
Newport Corp. is completing a changeover from a fiscal year ending July 31 to a calendar year. The two- and five-month periods are considered transitional and are not truly comparable to the three- and six-month periods.
Newport Corp. changed last year to a January-to-December reporting period from a July-to-June cycle. Because of the switch, the company could not show comparable results in its latest earnings statement. The October-December period was shorter than usual to bring the company’s reporting system in line with the calendar year, which all of its future earnings reports will follow.
For the two months ended Dec. 31, the company had revenue of $14.1 million. For the three-month period ended Jan. 31, revenue came to $25.4 million.
For the five months ended Dec. 31, the company reported a loss of $648,000, or 9 cents a share. But for the three-month period ended Jan. 31, the company posted a profit of $626,000, or 9 cents a share.
Newport Corp.’s stock, traded on the NASDAQ market, closed at $5.875 a share Monday, up 37.5 cents.
