Navigation Links
GSI Group Reports Preliminary Fourth Quarter 2009 Bookings, and Cash Balance
Date:2/19/2010

BEDFORD, Mass., Feb. 19 /PRNewswire-FirstCall/ -- GSI Group Inc. (Pink Sheets: GSIGQ) (the "Company") today reported preliminary bookings for its fourth fiscal quarter of 2009 and its cash position at the end of the fourth quarter, December 31, 2009:

  • Bookings:

Bookings for the fourth fiscal quarter ended December 31, 2009 were approximately $77 million compared with bookings of approximately $54 million for the comparable period in 2008, and compared with bookings of approximately $60 million for the third fiscal quarter of 2009 ended October 2, 2009.    

Bookings for the Company's Semiconductor Systems Segment for the fourth fiscal quarter ended December 31, 2009 benefited from orders received from two Asia-Pacific customers that aggregated approximately $6 million.

  • Cash:

As of the end of the fourth fiscal quarter of 2009, the Company had approximately $63 million of cash and cash equivalents, excluding approximately $11 million of auction rate securities at fair value.  During November 2009, the Company received income tax refunds totaling approximately $3 million and an additional $3 million representing proceeds from the sale of auction rate securities.

On November 20, 2009 the Company announced that it had finalized a debt restructuring agreement with a majority of its noteholders that would enable the Company to significantly reduce its debt, and that to implement that restructuring it and two of its U.S. subsidiaries had that day filed voluntary petitions for Chapter 11 reorganization under the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Court has scheduled a hearing to consider approval of that restructuring plan for March 12, 2010. Copies of the court filings and other papers regarding those proceedings are available on the Company's website: gsirestructuring.com.

Safe Harbor and Forward Looking Information

Certain statements in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on current expectations and assumptions that are subject to risks and uncertainties. All statements contained in this news release that do not relate to matters of historical fact should be considered forward-looking statements, and are generally identified by words such as "expect," "intend," "anticipate," "estimate," "preliminary," "plan," and other similar expressions. These forward-looking statements include, but are not limited to, statements related to: the Company's estimates regarding bookings and cash position; and other statements that are not historical facts. These forward looking statements contain estimates and involve a number of risks, uncertainties, assumptions and other factors that could affect future results and cause actual results and events to differ materially from historical and expected results and those expressed or implied in the forward looking statements, including, but not limited to, the following: the highly unpredictable nature of the semiconductor and electronics materials processing industry; volatile market conditions; the effect of the current financial and economic crises on credit markets, financial institutions, customers, suppliers and consumers; future liquidity and valuation of auction rate securities; changes in accounting standards; failures of the Company to properly identify the timing of when revenue should be recognized; failure to identify and manage weaknesses in internal controls; risks related to consolidation of operations and the integration of operations and employees of acquired businesses, including Excel; the Company's inability to recognize synergies of acquired businesses, including Excel; the completion and outcome of the Company's financial restatements and review of financial results; and completion of quarterly and annual year end close procedures and related accounting efforts .  Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect the Company's operating results and financial condition are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2007 and in the Company's subsequent filings with the SEC made prior to or after the date hereof. Such statements are based on the Company's management's beliefs and assumptions and on information currently available to the Company's management. The Company disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this document. The unaudited financial information presented in this press release is subject to change based on, among other factors, the completion of the work attendant to the restatement of the Company's financial statements and the completion of its delayed periodic reports. The information included in this press release is not intended as and should not be viewed as a substitute for full financial statements.

    
    
    For more information contact: 
    GSI Group Inc. Investor Relations
    Telephone: 781-266-5137
    Email: InvestorRelations@gsig.com

About GSI Group Inc.

GSI Group Inc. supplies precision technology to the global medical, electronics, and industrial markets and semiconductor systems.  GSI Group Inc.'s common shares are quoted on Pink Sheet OTC Markets Inc. (GSIGQ).

SOURCE GSI Group Inc.

Back to top

RELATED LINKS
http://www.gsig.com

'/>"/>

SOURCE GSI Group Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine news :

1. Health Groups Ask Supreme Court to Authorize Financial Penalties on Tobacco Companies for Decades of Wrongdoing
2. The Ensign Group Reports Fourth Quarter 2009 Adjusted Earnings of $0.43 Per Share; Issues 2010 Guidance
3. Home Health Care Newest Market Sector for Marketing/PR firm, Placemaking Group, With Addition of Client, Nursing and Rehab At Home
4. Venza Group Announces 5-for-5 Colleague Referral Program
5. AnchorPoint Sponsored Aberdeen Group Report Addresses Telecom Lifecycle Management
6. The Ensign Group Schedules Year-End 2009 Earnings Call for Thursday, February 18, 2010
7. Quitting smoking especially difficult for select groups
8. International Insurance Group, Inc. Releases First Quarter 2010 Newsletters
9. Corbett Accel Healthcare Group Mourns Passing of Founder Frank J. Corbett
10. SOKO Fitness & Spa Group Broadens Geographic Expansion Strategy
11. Home Improvement Self-Insured Group Announces Record Growth
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/26/2016)... ... June 26, 2016 , ... PawPaws brand pet ... product that was developed to enhance the health of felines. The formula is all-natural ... two main herbs in the PawPaws Cat Kidney Support Supplement Soft Chews ...
(Date:6/25/2016)... ... ... The temporary closing of Bruton Memorial Library on June 21 due to a possible lice ... overlooked aspect of head lice: the parasite’s ability to live away from a human host, ... a necessary one in the event that lice have simply gotten out of control. , ...
(Date:6/25/2016)... ... June 25, 2016 , ... On Friday, June 10, ... Bronze Wellness at Work award to iHire in recognition of their exemplary accomplishments in ... the 7th annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott in ...
(Date:6/24/2016)... ... June 24, 2016 , ... Marcy was in a crisis. Her son James, eight, ... at his family verbally and physically. , “When something upset him, he couldn’t control his ... it. He would throw rocks at my other children and say he was going to ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... Topical BioMedics, Inc, makers of Topricin and ... that call for a minimum wage raise to $12 an hour by 2020 and then ... will restore the lost value of the minimum wage, assure the wage floor does not ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... SAN CLEMENTE, Calif. , June 24, 2016  American ... function testing company, is now able to perform sophisticated lung assessments ... ndd Medical Technologies , Inc. Patients are no ...  Thanks to ndd,s EasyOne PRO ® , ARL patients like Jeanne ... needed testing done in the comfort of her own home. ...
(Date:6/24/2016)... June 24, 2016   Pulmatrix, Inc ., (NASDAQ: ... innovative inhaled drugs, announced today that it was added ... reconstituted its comprehensive set of U.S. and global ... is an important milestone for Pulmatrix," said Chief Executive ... awareness of our progress in developing drugs for crucial ...
(Date:6/23/2016)... 23, 2016  MedSource announced today that it ... software solution of choice.  This latest decision demonstrates ... to their clients by offering a state-of-the-art electronic ... establishes nowEDC as the EDC platform of choice ... clients.  "nowEDC has long been a preferred EDC ...
Breaking Medicine Technology: