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NEWP > SEC Filings for NEWP > Form 8-K on 31-Jul-2013All Recent SEC Filings

Show all filings for NEWPORT CORP

Form 8-K for NEWPORT CORP


31-Jul-2013

Results of Operations and Financial Condition, Financial Statements and Exhibits


Item 2.02. Results of Operations and Financial Condition.

On July 31, 2013, Newport Corporation (the "Registrant") announced its financial results for the second quarter and six months ended June 29, 2013, and its financial outlook for the remainder of 2013. The press release issued by the Registrant in connection with the announcement is attached to this report as Exhibit 99.1.

This information shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing by the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as may be set forth by specific reference in such a filing.

Use of Non-GAAP Financial Measures

In the press release attached to this report as Exhibit 99.1, the Registrant has supplemented certain of its financial measures prepared in accordance with accounting principles generally accepted in the United States (GAAP) with non-GAAP financial measures. These non-GAAP financial measures and the reasons for their inclusion, as well as the limitations on the usefulness of such information to an investor, are described below.

The Registrant has provided non-GAAP measures of (1) gross profit, (2) operating income, (3) net income attributable to Newport Corporation, and (4) net income per diluted share attributable to Newport Corporation, for the three and six months ended June 29, 2013 and June 30, 2012, which exclude a number of items that management considers to be outside of the Registrant's core operating results. A table detailing the items excluded from the non-GAAP measures and reconciling such non-GAAP results with the Registrant's GAAP results is included following the consolidated statements of income and comprehensive income that are a part of the press release. In the press release, the Registrant has also provided qualitative guidance concerning its expected non-GAAP operating income and non-GAAP earnings per diluted share for its third fiscal quarter of 2013. As of July 31, 2013, the Registrant is unable to quantify the expected impact of the items expected to be excluded from its non-GAAP results for such period.

The Registrant has provided these non-GAAP results and guidance in addition to its GAAP results with the intent of providing both management and investors with a more complete understanding of the Registrant's core operating results and performance trends, and a more meaningful basis for comparison of the Registrant's results with its historical and future financial results, as well as with the results of other companies that may report non-GAAP measures that exclude similar items. The Registrant believes that the items excluded from these non-GAAP measures generally do not reflect the ongoing operating performance of the Registrant's business. In addition, these adjusted non-GAAP measures are among the primary indicators that management uses as a basis for its planning and forecasting and may also be used by management for other purposes including its evaluation of performance to determine the achievement of goals under the Registrant's incentive plans.

However, the presentation of this additional information is not meant to be considered in isolation or as a substitute for the Registrant's financial measures prepared in accordance with GAAP. These non-GAAP measures exclude items that may have a material impact on the Registrant's operating results calculated in accordance with GAAP, which impact is included in the Registrant's GAAP financial statements. Although the Registrant believes it is useful for investors to view the Registrant's core operating results in the absence of the excluded items, certain of these excluded items represent actual expenses that impact the cash available to the Registrant for other uses. To gain a comprehensive understanding of all impacts on the Registrant's income from any and all events, management also relies upon the Registrant's GAAP financial statements, and investors should as well. Further, the Registrant notes that non-GAAP measures may be defined and calculated differently among companies, or from period to period by the same company, which may limit the usefulness of the non-GAAP information to an investor.

The Registrant expects to incur stock-based compensation expense, amortization of intangible assets, and acquisition-related costs in future periods, and may also incur other items, such as significant gains or losses from contingencies. Additionally, the Registrant may be impacted by significant tax matters in future periods. The Registrant may present non-GAAP financial measures for such future periods that exclude any or all of the foregoing items, if it believes that doing so is consistent with the goal of providing useful information to investors and management.




Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.                                 Description
   99.1        Press Release dated July 31, 2013 (furnished pursuant to Item 2.02 and
               not deemed filed).


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