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GSI Group Announces Financial Results for the Second Quarter 2014
Date:8/6/2014

, lower operating expenses as a percentage of revenue and a decrease in restructuring and acquisition related costs.Diluted earnings per share ("EPS") from continuing operations was $0.10 in the second quarter of 2014, compared to $0.03 in the second quarter of 2013.  Non-GAAP earnings per share, a non-GAAP financial measure that includes the adjustments noted in the reconciliation below, was $0.19 in the second quarter of 2014, compared to $0.14 in the second quarter of 2013.  

Adjusted EBITDA, a non-GAAP financial measure that includes the adjustments noted in the reconciliation below, was $14.5 million in the second quarter of 2014, compared to $12.5 million in the second quarter of 2013. 

"While we are making great strides with our growth strategies, our manufacturing sites are undergoing some execution challenges, as we ramp up new product introductions, and expand capacity to support new customer wins and meaningful increases in overall demand,"  said John Roush. "However, we are investing for growth as we aggressively implement our continuous improvement initiative across our largest manufacturing centers."As of June 27, 2014, cash and cash equivalents were $45.0 million, while total debt was $134.8 million. The Company completed the second quarter of 2014 with approximately $89.7 million of Net Debt, a non-GAAP measure as defined in the non-GAAP reconciliation below. 

Operating cash flow from continuing operations for the second quarter of 2014 was $17.1 million, compared to $14.2 million in the second quarter of 2013. Operating cash flow from continuing operations, for the first six months of 2014 was $19.9 million, compared to $20.5 million in the first six months of 2013. 

Financial OutlookFor the third quarter of 2014, the Company expects revenue from continuing operations of $95 million to $97 million, an increase of 19% to 21%, on a reported basis, compared to the third quarter of 2013. 
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SOURCE GSI Group Inc.
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