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Eye On Business
Newport ( Irvine , CA ) has signed a definitive agreement to purchase Spectra-Physics ( Mountain View , CA ), the optical technologies business of Thermo Electron Corporation ( Waltham , MA ), for $300 million. The transaction is subject to regulatory approval and is expected to close by the end of next month. According to both companies, the sales reach in Europe and Asia should increase by 20% each. The agreement will also add more than 5,000 products sold by Spectra-Physics to the 10,000-plus products offered by Newport . Robert Phillippy, Newport 's VP/GM of US operations for its Industrial and Scientific Technologies Division, will become Newport 's president and COO . Robert Deuster will retain his position as chairman as CEO.
Carl Zeiss Jena GmbH ( Jena , Germany ) has acquired the Cell Science Division from Bio-Rad Laboriatories ( Hemel Hempstead , UK ). According to Carl Zeiss, the mission is to bring together technological and application knowledge to provide support and solutions dedicated to the application needs in biomedical research. The goal is facilitated by the worldwide exclusive rights on the sub-picosecond multiphoton patents from Cornell Universiuy ( Ithaca , NY ). In addition, Carl Zeiss and Cornell University have agreed to enter into a cooperative agreement.
TSI TelSys Corporation ( Columbia , MD ) reported the results of operations for the first quarter of FY2004 which ended March 26. Orders received in the first quarter equaled $200,000 as compared with $700,000 for the same period in FY2003. At the end of the first quarter of FY2004, orders backlog stood at $600,000, as compared with an orders backlog of $900,000 at the end of the first quarter of FY2003. First quarter revenues totaled $900,000, with a gross margin of 25.9% of revenues. This compares with revenues of $1.0 million and a gross margin of 20.3% in the same period in FY2003. Operating expenses were $600,000 in the first quarter of FY2004 ? unchanged from the same period last year. The company matched its Q1 2003 net loss figure of $400,000.
Tundra Semiconductor Corporation ( Ottawa , ON , Canada ) reported financial results for the final quarter of fiscal 2004, which ended April 30. Sales were C$21.5 million (135% increase year-over-year; 10% increase quarter-over-quarter). Pro forma earnings of C$3,527,000, compared to C$206,000 in the same quarter of the previous fiscal year and pro forma earnings of C$3,097,000 in Q3 2004. Total FY 2004 Sales were C$69.2 million, a 103% year-over-year increase over FY 2003 sales of C$34.0 million. FY 2004 pro forma earnings were C$9,611,000, compared to a pro forma loss of C$636,000 in FY 2003.
Cedara Software Corp. ( Toronto , ON , Canada ) has opened a new office in Shanghai to better serve its existing customers and successfully pursue new business opportunities in China . The new office, located in the prestigious Pudong Software Park , is run by Minglin Li, Cedara general manager, Greater China. It will provide local sales, support and training to Cedara's Chinese customer base as well as customers in the Asia-Pacific region, enabling it to work more closely with clients and hospitals in the area. The office will also be staffed to offer engineering services to customers as well as perform research and development on the company's products.