Navigation Links
Newport Corporation Completes Sale of Hilger Crystals to Dynasil Corporation
Date:7/20/2010

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
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Genaera Corporation Presents Interim Phase 1 Data for Obesity Compound Trodusquemine (MSI-1436) at IBC Conference
2. CEL-SCI Corporation Releases Letter to Shareholders
3. Alfacell Corporation to Present at UBS Global Life Sciences Conference
4. Baxa Corporation Extends Global Reach With New Distribution Agreements in Colombia and the Dominican Republic
5. Genaera Corporation Presents Preclinical Trodusquemine (MSI-1436) Data at the North American Association for the Study of Obesity Annual Meeting
6. Genaera Corporation Presents Phase 1 Data for Trodusquemine (MSI-1436) at the North American Association for the Study of Obesity Annual Meeting
7. The Quigley Corporation Reports Third Quarter Results, Increases Investment in Pharmaceutical R&D for Diabetic Neuropathy
8. Genaera Corporation Provides Highlights of Positive Phase 1 Trodusquemine (MSI-1436) Data from the North American Association for the Study of Obesity Annual Meeting
9. Crystal Research Associates, LLC Issues Executive Informational Overview(R) (EIO(R)) on CEL-SCI Corporation
10. Immunosyn Corporation Releases SF-1019 Study Results
11. AmpliMed Corporation Announces Promising 1-year Survival Data from Phase I/II Study of Amplimexon(R) in Metastatic Malignant Melanoma
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/8/2016)... A Small Business Innovative Research (SBIR) grant ... (NIH) to Phoenix -based NeuroEM Therapeutics, ... grant will seek to determine an optimal set of ... waves to treat Alzheimer,s Disease. The grant will also ... treat other neurologic disorders such as Parkinson,s Disease and ...
(Date:12/8/2016)... -- Economic growth in the United States will continue in ... in their December 2016 Semiannual Economic Forecast. Expectations are ... in mid-2009, as indicated in the monthly ISM ® ... manufacturing sector is optimistic about growth in 2017, with ... the non-manufacturing sector indicates that 14 of its industries ...
(Date:12/8/2016)... LOS ANGELES , Dec. 8, 2016 /PRNewswire/ ... and manufacturing of dissolution testing and diffusion testing ... has been acquired by Teledyne Instruments, Inc. ("Teledyne"). ... Hanson,s long-proven line of precision testing instruments, as ... while accelerating development of new products and services. ...
Breaking Medicine Technology:
(Date:12/8/2016)... ... December 08, 2016 , ... CURE Media Group, the nation’s leading ... has aligned with Upstage Lung Cancer in efforts to combat lung cancer, announced CURE ... Hennessy, Jr said, “CURE Media Group is honored to team up with Upstage Lung ...
(Date:12/8/2016)... , ... December 08, 2016 ... ... Suite 10.2 version gives development continuity to its innovative Unified Instance Manager ... management capacity. In addition, this new version optimizes the unattended auto-dialing system ...
(Date:12/8/2016)... ... December 08, 2016 , ... Today’s patients are encouraged to ... mind, SIGVARIS has created a new line of anti-embolism stockings to help prevent ... the benefits of graduated compression when transitioning from recovery to early rehabilitation. , ...
(Date:12/8/2016)... ... December 08, 2016 , ... ... from offices headquartered in Jefferson County, is announcing the launch of a charity ... , The number of homeless women and children in Birmingham has grown steadily ...
(Date:12/8/2016)... ... December 08, 2016 , ... Bill Mull Agencies, a Wichita-based ... and around central Kansas, is joining the Youth Horizons organization for a charity ... Headquartered in Wichita, Youth Horizons works to empower area children from unstable, troubled, ...
Breaking Medicine News(10 mins):