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GSI Group Announces Financial Results for the Third Quarter 2013
Date:11/5/2013

strategy with respect to the fiber laser market.  In a number of cases, the Company declined to pursue less profitable sales opportunities; as a result, sales were up only 1% versus a year ago. The Company also restructured its fiber laser expense and investment levels to better align with the more selective strategy. Given the overall growth in the fiber laser market, attractive opportunities still exist and the Company continues to pursue its program to develop lower cost multi-kilowatt fiber lasers.  This new strategy resulted in the Company's first shipment of a 3-kilowatt fiber laser to an OEM customer.Share Repurchase AuthorizationGSI's Board of Directors has authorized a share repurchase program under which the Company may repurchase up to $10 million worth of shares of its common stock.  The shares may be repurchased from time to time at the Company's discretion, based on ongoing assessments of the capital needs of the business, the market price of its common stock, and general market conditions.  All stock repurchases will be made pursuant to a program adopted under Rule 10b-18 under the Securities Exchange Act of 1934, as amended. 

The share repurchase program does not obligate the Company to acquire any particular amount of common stock.  No time limit was set for the completion of the share repurchase program, and the program may be suspended or discontinued at any time.  The Company expects to fund the repurchase through cash on hand and future cash flow from operations.

"We put in place this share repurchase program as part of our overall capital allocation strategy and as an additional tool to maximize shareholder value," said John Roush. "Our first priority will be investments for organic growth, followed by investments in acquisitions, and returning cash to our shareholders through a stock repurchase program.  We continue to see attractive opportunities to maximize returns through internal inve
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SOURCE GSI Group Inc.
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