Bookings of $259.0 Million and Revenue of
$237.0 Million
GAAP EPS of $0.59 and Non-GAAP EPS of
$0.70
FEI Company (Nasdaq:FEIC) reported results for second quarter of
2014. Bookings of $259.0 million were the highest for any quarter
in the company's history and revenue was the highest ever for a
second quarter.
Revenue of $237.0 million was up 6.5% compared to $222.5 million
in the second quarter of 2013 and up 4.7% compared to $226.3
million in the first quarter of 2014.
Diluted earnings per share computed on the basis of accounting
principles generally accepted in the United States ("GAAP") were
$0.59, compared with $0.72 in the second quarter of 2013 and $0.59
in the first quarter of 2014. Net income for the quarter was $24.9
million, compared with $30.0 million in the second quarter of 2013
and $25.1 million in the first quarter of 2014.
Diluted earnings per share computed on a non-GAAP basis were
$0.70, compared with $0.72 in the second quarter of 2013 and $0.61
in the first quarter of 2014. Non-GAAP net income for the quarter
was $29.7 million, compared with $30.3 million in the second
quarter of 2013 and $26.2 million in the first quarter of 2014.
Bookings in the second quarter were at record levels for the
company at $259.0 million, up 9.0% compared with bookings of $237.7
million in the second quarter of 2013 and up 4.7% from $247.3
million in the first quarter of 2014. The book-to-bill ratio in the
quarter was 1.09-to-1 and the backlog at the end of the quarter was
$516.7 million, an increase of $43.1 million since the beginning of
2014.
The gross margin in the second quarter was 46.4%, compared with
48.0% in the second quarter of 2013 and 47.0% in the first quarter
of 2014.
"We had another strong quarter of bookings," commented Don
Kania, president and CEO, "with a significant recovery and a record
total in the Science Group, offset by bookings weakness from
Industry customers. Revenue from semiconductor customers in our
Industry Group was at record levels, and revenue and earnings
overall were within our guidance ranges.
"Looking forward, we expect third quarter revenue similar to the
second quarter. Recent bookings momentum and a healthy backlog
position the company for a strong fourth quarter."
Total cash, investments and restricted cash at the end of the
quarter was $510.2 million, a decrease of $38.5 million from the
end of the first quarter. Cash flow provided by operating
activities was $16.0 million. During the quarter, the company spent
$30.5 million to repurchase 374,000 shares of its common stock,
paid cash dividends of $5.1 million and spent $19.0 million on
plant and equipment, principally to complete the new leased
facility in the Czech Republic.
Outlook
For the third quarter of 2014, revenue is expected to be in the
range of $228.0 million to $243.0 million. GAAP earnings per share
are expected to be in the range of $0.35 to $0.45. GAAP earnings
guidance for the third quarter includes restructuring and costs
related to the move to the company's new leased facility in the
Czech Republic of approximately $13.0 million to $13.6 million.
Non-GAAP earnings per share are expected to be in the range of
$0.60 to $0.70. The effective tax rate is expected to be
approximately 19%.
Revenue for the full year is now expected to be 5% to 7% greater
than 2013.
Non-GAAP Financial Measures
This press release reports FEI's results on a GAAP basis as well
as on a non-GAAP basis. Non-GAAP net income, diluted earnings per
share, operating expenses, operating income, cost of sales and
gross margin exclude certain costs for asset impairments, inventory
write-downs and severance related to the company's facilities
consolidation and relocation efforts, acceleration of an
acquisition-related earn-out provision and related tax impacts. A
reconciliation of these charges and benefits along with their
impact on net income and earnings per share is included in a table
attached to this press release, along with GAAP statements of
operations, balance sheets, additional supplementary information
and summary cash flow information.
FEI's management uses these non-GAAP financial measures because
they exclude items that are generally not directly related to the
performance of the company's core business operations and therefore
provides useful supplemental information to management and
investors regarding the performance of the company's business
operations, facilitates comparisons to the company's historical
operating results and enhances investors' ability to review FEI's
business from the same perspective as FEI's management.
These non-GAAP financial measures are not intended to be used in
isolation and should not be considered a substitute for any other
performance measure determined in accordance with GAAP. Investors
and potential investors are cautioned that there are material
limitations associated with the use of non-GAAP financial measures
as an analytical tool, including that other companies may calculate
similar non-GAAP financial measures differently, limiting their
usefulness as a comparative tool. The company compensates for these
limitations by providing specific information regarding the GAAP
amounts included in or excluded from the non-GAAP financial
measures. The company further compensates for the limitations of
its use of non-GAAP financial measures by presenting comparable
GAAP measures more prominently. Investors and potential investors
are encouraged to review the reconciliation of non-GAAP financial
measures included with this press release with our GAAP net income
and net income per diluted share.
Investor Conference Call -- 2:00 p.m. Pacific time,
Wednesday, July 30, 2014
Parties interested in listening to FEI's quarterly conference
call may do so by dialing 1-888-510-1785 (U.S., toll-free) or
+1-719-325-2177 (international and toll), with the conference
title: FEI Second Quarter Earnings Call, Conference ID 5370708. A
telephone replay of the call will be available at 1-888-203-1112
(U.S., toll-free) or +1-719-457-0820 (international and toll) with
the passcode: 5370708. The call can also be accessed via the web by
going to FEI's Investor Relations page at www.fei.com, where the
webcast will also be archived.
Safe Harbor Statement
This news release contains forward-looking statements that
include guidance for revenue and earnings per share for the third
quarter of 2014, revenue growth expectations for 2014 compared with
2013, the impact of certain items on our results for the quarter,
and assumptions about tax rates. Forward-looking statements may
also be identified by words and phrases that refer to future
expectations, such as "guidance", "guiding", "forecast", "toward",
"plan", "expect", "expects", "are expected", "is expected", "will",
"projecting", "looking forward" and other similar words and
phrases. Factors that could affect these forward-looking statements
include, but are not limited to: the global economic environment;
lower than expected customer orders, including for
recently-introduced products; potential weakness of the Science and
Industry market segments; potential disruption in manufacturing or
unexpected additional costs due to the transition from older to
newer products; potential delayed or reduced governmental spending
to support expected orders; potential disruption in the company's
operations due to organizational changes; cyclical changes in the
semiconductor industry, which is a major component of Industry
market segment revenue; the relative mix of higher-margin and
lower-margin products; potential for increased volatility resulting
from larger sales transactions; risks associated with a high
percentage of the company's revenue coming from "turns" business,
when the order for a product is placed by the customer in the same
quarter as the planned shipment, and risks associated with building
and shipping a high percentage of the company's quarterly revenue
in the last month of the quarter; delays in meeting all accounting
requirements for revenue recognition; fluctuations in foreign
exchange rates, which can affect margins or the competitive pricing
of our products; additional costs related to future merger and
acquisition activity; failure of the company to achieve anticipated
benefits of acquisitions and collaborations, including failure to
achieve financial goals and integrate acquisitions successfully;
reduced profitability due to failure to achieve or sustain margin
improvement in service or product manufacturing; failure to achieve
improved operational efficiency and other benefits from
infrastructure investments and restructuring activities; changes to
current restructuring activities, including greater than estimated
costs, or potential additional restructurings and reorganizations;
potential customer cancellations or requests to defer planned
shipments; changes in backlog and the timing of shipments from
backlog; inability to deploy products as expected or delays in
shipping products due to technical problems or barriers, especially
with regard to recently introduced TEM products; potential shipment
or supply chain disruptions; and additional selling, general and
administrative or research and development expenses. Please also
refer to our Form 10-K, Forms 10-Q, Forms 8-K and other filings
with the U.S. Securities and Exchange Commission for additional
information on these factors and other factors that could cause
actual results to differ materially from the forward-looking
statements. FEI assumes no duty to update forward-looking
statements.
About FEI:
FEI Company (Nasdaq:FEIC) designs, manufactures and supports a
broad range of high-performance microscopy workflow solutions that
provide images and answers at the micro-, nano- and picometer
scales. Its innovation and leadership enable customers in industry
and science to increase productivity and make breakthrough
discoveries. Headquartered in Hillsboro, Ore., USA, FEI has over
2,600 employees and sales and service operations in more than 50
countries around the world. More information can be found at:
www.fei.com.
FEI Company and
Subsidiaries |
Consolidated Balance
Sheets |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
June 29, 2014 |
March 30, 2014 |
December 31,
2013 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ 272,372 |
$ 317,666 |
$ 384,170 |
Short-term investments in
marketable securities |
125,945 |
120,832 |
108,191 |
Short-term restricted cash |
19,176 |
14,926 |
18,798 |
Receivables, net |
225,174 |
206,906 |
194,418 |
Inventories, net |
195,712 |
192,551 |
181,725 |
Deferred tax assets |
10,670 |
9,884 |
15,114 |
Other current assets |
35,913 |
30,089 |
28,324 |
Total current assets |
884,962 |
892,854 |
930,740 |
Non-current investments in marketable
securities |
57,643 |
60,740 |
47,278 |
Long-term restricted cash |
35,075 |
34,589 |
32,718 |
Non-current inventories |
57,326 |
59,295 |
62,104 |
Property plant and equipment, net |
171,937 |
163,447 |
157,829 |
Intangible assets, net |
65,121 |
67,637 |
47,197 |
Goodwill |
184,994 |
184,260 |
136,152 |
Deferred tax assets |
7,528 |
4,261 |
1,751 |
Other assets, net |
13,668 |
10,517 |
10,315 |
TOTAL |
$ 1,478,254 |
$ 1,477,600 |
$ 1,426,084 |
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ 87,975 |
$ 94,311 |
$ 73,247 |
Accrued liabilities |
53,743 |
47,802 |
57,851 |
Deferred revenue |
91,033 |
93,098 |
91,563 |
Income taxes payable |
8,651 |
3,135 |
4,579 |
Accrued restructuring,
reorganization and relocation |
1,398 |
897 |
50 |
Other current liabilities |
52,331 |
51,208 |
46,324 |
Total current liabilities |
295,131 |
290,451 |
273,614 |
Other liabilities |
83,703 |
80,648 |
74,902 |
SHAREHOLDERS' EQUITY: |
|
|
|
Preferred stock - 500 shares
authorized; none issued and outstanding |
— |
— |
— |
Common stock - 70,000 shares
authorized; 41,961, 42,255 and 42,136 shares issued and outstanding
at June 29, 2014, March 30, 2014 and December 31, 2013 |
626,814 |
646,531 |
637,482 |
Retained earnings |
427,307 |
412,938 |
392,958 |
Accumulated other comprehensive
income |
45,299 |
47,032 |
47,128 |
Total shareholders' equity |
1,099,420 |
1,106,501 |
1,077,568 |
TOTAL |
$ 1,478,254 |
$ 1,477,600 |
$ 1,426,084 |
|
FEI Company and
Subsidiaries |
Consolidated Statements
of Operations |
(In thousands, except
per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Thirteen Weeks
Ended |
Twenty-Six Weeks
Ended |
|
June 29, 2014 |
March 30, 2014 |
June 30, 2013 |
June 29, 2014 |
June 30, 2013 |
NET SALES: |
|
|
|
|
|
Products |
$ 179,030 |
$ 169,298 |
$ 170,337 |
$ 348,328 |
$ 339,832 |
Service |
57,925 |
56,966 |
52,141 |
114,892 |
103,835 |
Total net sales |
236,955 |
226,264 |
222,478 |
463,220 |
443,667 |
COST OF SALES: |
|
|
|
|
|
Products |
92,077 |
86,595 |
82,680 |
178,673 |
167,863 |
Service |
35,027 |
33,345 |
32,901 |
68,371 |
66,356 |
Total cost of sales |
127,104 |
119,940 |
115,581 |
247,044 |
234,219 |
Gross margin |
109,851 |
106,324 |
106,897 |
216,176 |
209,448 |
OPERATING EXPENSES: |
|
|
|
|
|
Research and development |
26,221 |
25,646 |
25,413 |
51,866 |
50,222 |
Selling, general and
administrative |
50,587 |
48,462 |
42,639 |
99,050 |
86,163 |
Restructuring, reorganization
and relocation |
2,228 |
1,331 |
395 |
3,559 |
1,090 |
Total operating expenses |
79,036 |
75,439 |
68,447 |
154,475 |
137,475 |
OPERATING INCOME |
30,815 |
30,885 |
38,450 |
61,701 |
71,973 |
OTHER EXPENSE, NET |
(806) |
(270) |
(1,452) |
(1,076) |
(2,957) |
INCOME BEFORE TAXES |
30,009 |
30,615 |
36,998 |
60,625 |
69,016 |
INCOME TAX EXPENSE |
5,061 |
5,537 |
7,005 |
10,599 |
12,222 |
NET INCOME |
$ 24,948 |
$ 25,078 |
$ 29,993 |
$ 50,026 |
$ 56,794 |
BASIC NET INCOME PER SHARE DATA |
$ 0.59 |
$ 0.59 |
$ 0.76 |
$ 1.19 |
$ 1.46 |
DILUTED NET INCOME PER SHARE DATA |
$ 0.59 |
$ 0.59 |
$ 0.72 |
$ 1.17 |
$ 1.36 |
WEIGHTED AVERAGE SHARES OUTSTANDING: |
|
|
|
|
|
Basic |
42,080 |
42,191 |
39,496 |
42,135 |
39,012 |
Diluted |
42,627 |
42,772 |
42,281 |
42,701 |
42,227 |
|
FEI Company and
Subsidiaries |
Consolidated Statements
of Operations |
(Unaudited) |
|
|
|
|
|
|
|
Thirteen Weeks
Ended (1) |
Twenty-Six Weeks
Ended (1) |
|
June 29, 2014 |
March 30, 2014 |
June 30, 2013 |
June 29, 2014 |
June 30, 2013 |
NET SALES: |
|
|
|
|
|
Products |
75.6 % |
74.8 % |
76.6 % |
75.2 % |
76.6 % |
Service |
24.4 |
25.2 |
23.4 |
24.8 |
23.4 |
Total net sales |
100.0 % |
100.0 % |
100.0 % |
100.0 % |
100.0 % |
COST OF SALES: |
|
|
|
|
|
Products |
38.9 % |
38.3 % |
37.2 % |
38.6 % |
37.8 % |
Service |
14.8 |
14.7 |
14.8 |
14.8 |
15.0 |
Total cost of sales |
53.6 % |
53.0 % |
52.0 % |
53.3 % |
52.8 % |
GROSS MARGIN: |
|
|
|
|
|
Products |
48.6 % |
48.9 % |
51.5 % |
48.7 % |
50.6 % |
Service |
39.5 |
41.5 |
36.9 |
40.5 |
36.1 |
Gross margin |
46.4 |
47.0 |
48.0 |
46.7 |
47.2 |
OPERATING EXPENSES: |
|
|
|
|
|
Research and development |
11.1 % |
11.3 % |
11.4 % |
11.2 % |
11.3 % |
Selling, general and
administrative |
21.3 |
21.4 |
19.2 |
21.4 |
19.4 |
Restructuring, reorganization
and relocation |
0.9 |
0.6 |
0.2 |
0.8 |
0.2 |
Total operating expenses |
33.4 % |
33.3 % |
30.8 % |
33.3 % |
31.0 % |
OPERATING INCOME |
13.0 % |
13.6 % |
17.3 % |
13.3 % |
16.2 % |
OTHER EXPENSE, NET |
(0.3)% |
(0.1)% |
(0.7)% |
(0.2)% |
(0.7)% |
INCOME BEFORE TAXES |
12.7 % |
13.5 % |
16.6 % |
13.1 % |
15.6 % |
INCOME TAX EXPENSE |
2.1 % |
2.4 % |
3.1 % |
2.3 % |
2.8 % |
NET INCOME |
10.5 % |
11.1 % |
13.5 % |
10.8 % |
12.8 % |
|
|
|
|
|
|
(1) Percentages may not add due to rounding. |
|
|
|
|
|
|
FEI Company and
Subsidiaries |
Non-GAAP Statements of
Operations |
(In thousands, except
per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Thirteen Weeks
Ended (2) |
Twenty-Six Weeks
Ended (2) |
|
June 29, 2014 |
March 30, 2014 |
June 30, 2013 |
June 29, 2014 |
June 30, 2013 |
GAAP Gross Margin |
$ 109,851 |
$ 106,324 |
$ 106,897 |
$ 216,176 |
$ 209,448 |
Adjustment for: |
|
|
|
|
|
Inventory write-off |
755 |
— |
— |
755 |
— |
Non-GAAP Gross Margin |
$ 110,606 |
$ 106,324 |
$ 106,897 |
$ 216,931 |
$ 209,448 |
|
|
|
|
|
|
GAAP Operating Expenses |
$ 79,036 |
$ 75,439 |
$ 68,447 |
$ 154,475 |
$ 137,475 |
Adjustment for: |
|
|
|
|
|
Acceleration of
acquisition-related earn-out |
(2,500) |
— |
— |
(2,500) |
— |
Impairment and other asset
write-offs |
(466) |
— |
— |
(466) |
— |
Restructuring activities |
(2,228) |
(1,331) |
(395) |
(3,559) |
(1,090) |
Non-GAAP Operating Expenses |
$ 73,842 |
$ 74,108 |
$ 68,052 |
$ 147,950 |
$ 136,385 |
|
|
|
|
|
|
GAAP Operating Income |
$ 30,815 |
$ 30,885 |
$ 38,450 |
$ 61,701 |
$ 71,973 |
Adjustment for: |
|
|
|
|
|
Inventory write-off |
755 |
— |
— |
755 |
— |
Acceleration of
acquisition-related earn-out |
2,500 |
— |
— |
2,500 |
— |
Impairment and other asset
write-offs |
466 |
— |
— |
466 |
— |
Restructuring activities |
2,228 |
1,331 |
395 |
3,559 |
1,090 |
Non-GAAP Operating Income |
$ 36,764 |
$ 32,216 |
$ 38,845 |
$ 68,981 |
$ 73,063 |
|
|
|
|
|
|
GAAP Net Income |
$ 24,948 |
$ 25,078 |
$ 29,993 |
$ 50,026 |
$ 56,794 |
Adjustment for: |
|
|
|
|
|
Inventory write-off, net of
tax |
607 |
— |
— |
607 |
— |
Acceleration of
acquisition-related earn-out, net of tax |
2,011 |
— |
— |
2,011 |
— |
Impairment and other asset
write-offs, net of tax |
375 |
— |
— |
375 |
— |
Restructuring activities, net
of tax |
1,792 |
1,081 |
317 |
2,863 |
874 |
Non-GAAP Net Income |
$ 29,733 |
$ 26,159 |
$ 30,310 |
$ 55,882 |
$ 57,668 |
|
|
|
|
|
|
GAAP Diluted Net Income Per Share |
$ 0.59 |
$ 0.59 |
$ 0.72 |
$ 1.17 |
$ 1.36 |
Adjustment for: |
|
|
|
|
|
Inventory write-off |
0.01 |
— |
— |
0.01 |
— |
Acceleration of
acquisition-related earn-out |
0.05 |
— |
— |
0.05 |
— |
Impairment and other asset
write-offs |
0.01 |
— |
— |
0.01 |
— |
Restructuring activities |
0.04 |
0.03 |
0.01 |
0.07 |
0.02 |
Non-GAAP Diluted Net Income Per Share |
$ 0.70 |
$ 0.61 |
$ 0.72 |
$ 1.31 |
$ 1.38 |
|
|
|
|
|
|
(2) Diluted net income per share amounts may not add due to
rounding. |
|
|
|
|
|
|
FEI Company and
Subsidiaries |
Reconciliation of
Forward-Looking Non-GAAP Information |
(In thousands, except
per share amounts) |
(Unaudited) |
|
|
|
|
Three Months
Ended September 28, 2014 |
|
Low Range
Guidance |
High Range
Guidance |
GAAP Net Income |
$ 15,000 |
$ 19,000 |
Adjustment for: |
|
|
Restructuring, reorganization
and relocation (3) |
10,000 |
10,300 |
Move and other costs for new
facility in Czech Republic |
3,000 |
3,300 |
Income tax effect of above
adjustments |
(2,470) |
(2,584) |
Non-GAAP Net Income |
$ 25,530 |
$ 30,016 |
|
|
|
GAAP Net Income Per Share |
$ 0.35 |
$ 0.45 |
Non-GAAP Net Income Per Share |
$ 0.60 |
$ 0.70 |
|
|
|
Shares Used in Above Calculations |
42,600 |
42,600 |
|
|
|
(3) Principally severance costs. |
|
|
|
FEI Company and
Subsidiaries |
Consolidated Summary of
Cash Flows |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
Thirteen Weeks
Ended |
Twenty-Six Weeks
Ended |
|
June 29, 2014 |
June 30, 2013 |
June 29, 2014 |
June 30, 2013 |
Net Income |
$ 24,948 |
$ 29,993 |
$ 50,026 |
$ 56,794 |
Depreciation |
7,574 |
5,640 |
14,640 |
11,451 |
Amortization |
3,667 |
2,691 |
6,864 |
5,248 |
Stock-based compensation |
5,823 |
4,348 |
10,961 |
8,712 |
Other changes in working
capital |
(26,036) |
14,042 |
(38,067) |
9,323 |
Net cash provided by operating
activities |
15,976 |
56,714 |
44,424 |
91,528 |
|
|
|
|
|
Acquisition of property, plant
and equipment |
(18,986) |
(37,522) |
(23,322) |
(42,566) |
Payments for acquisitions, net
of cash acquired |
(434) |
— |
(65,049) |
— |
Other investing activities |
(7,512) |
9,094 |
(31,599) |
(11,347) |
Net cash used in investing
activities |
(26,932) |
(28,428) |
(119,970) |
(53,913) |
|
|
|
|
|
Dividends paid on common
stock |
(5,071) |
(3,085) |
(10,129) |
(6,164) |
Repurchases of common
stock |
(30,479) |
— |
(30,479) |
— |
Other financing activities |
2,145 |
3,005 |
8,560 |
7,373 |
Net cash (used in) provided by
financing activities |
(33,405) |
(80) |
(32,048) |
1,209 |
|
|
|
|
|
Effect of exchange rate changes |
(933) |
4,189 |
(4,204) |
(1,056) |
(Decrease) increase in cash and cash
equivalents |
$ (45,294) |
$ 32,395 |
$ (111,798) |
$ 37,768 |
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
|
Cash paid for income taxes,
net |
$ 6,172 |
$ 3,548 |
$ 9,883 |
$ 6,204 |
Accrued purchases of plant and
equipment |
4,619 |
— |
4,619 |
— |
|
FEI Company and
Subsidiaries |
Supplemental Data
Table |
($ in millions, except
per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Q2 Ended June 29,
2014 |
Q1 Ended March 30,
2014 |
Q2 Ended June 30,
2013 |
Twenty-Six Weeks Ended June
29, 2014 |
Twenty-Six Weeks Ended June
30, 2013 |
Income Statement
Highlights |
|
|
|
|
|
Consolidated sales |
$ 237.0 |
$ 226.3 |
$ 222.5 |
$ 463.2 |
$ 443.7 |
Gross margin |
46.4 % |
47.0 % |
48.0 % |
46.7 % |
47.2 % |
Net income |
$ 24.9 |
$ 25.1 |
$ 30.0 |
$ 50.0 |
$ 56.8 |
Diluted net income per
share |
$ 0.59 |
$ 0.59 |
$ 0.72 |
$ 1.17 |
$ 1.36 |
Sales and Bookings
Highlights |
|
|
|
|
|
Sales by Segment |
|
|
|
|
|
Industry Group |
$ 127.2 |
$ 106.5 |
$ 103.7 |
$ 233.7 |
$ 202.8 |
Science Group |
109.8 |
119.8 |
118.8 |
229.5 |
240.9 |
Sales by Geography |
|
|
|
|
|
USA & Canada |
$ 80.5 |
$ 72.3 |
$ 61.5 |
$ 152.7 |
$ 130.2 |
Europe |
63.6 |
67.0 |
70.5 |
130.6 |
136.2 |
Asia-Pacific and Rest of
World |
92.9 |
87.0 |
90.5 |
179.9 |
177.3 |
Gross Margin by Segment |
|
|
|
|
|
Industry Group |
50.4 % |
52.7 % |
51.9 % |
51.5 % |
51.4 % |
Science Group |
41.7 |
41.9 |
44.7 |
41.8 |
43.6 |
Bookings and Backlog |
|
|
|
|
|
Bookings - Total |
$ 259.0 |
$ 247.3 |
$ 237.7 |
$ 506.3 |
$ 468.4 |
Book-to-bill Ratio |
1.09 |
1.09 |
1.07 |
1.09 |
1.06 |
Backlog - Total |
$ 516.7 |
$ 494.6 |
$ 449.5 |
$ 516.7 |
$ 449.5 |
Backlog - Service |
143.5 |
133.0 |
120.5 |
143.5 |
120.5 |
Bookings by Segment |
|
|
|
|
|
Industry Group |
$ 109.9 |
$ 123.2 |
$ 106.9 |
$ 233.1 |
$ 211.4 |
Science Group |
149.1 |
124.1 |
130.8 |
273.2 |
257.0 |
Bookings by Geography |
|
|
|
|
|
USA & Canada |
$ 86.4 |
$ 58.1 |
$ 79.2 |
$ 144.5 |
$ 134.7 |
Europe |
73.3 |
92.7 |
59.1 |
166.0 |
123.1 |
Asia-Pacific and Rest of
World |
99.3 |
96.5 |
99.4 |
195.8 |
210.6 |
Balance Sheet and Other
Highlights |
|
|
|
|
|
Cash, equivalents, investments,
restricted cash |
$ 510.2 |
$ 548.8 |
$ 464.3 |
$ 510.2 |
$ 464.3 |
Days sales outstanding
(DSO) |
87 |
83 |
81 |
87 |
81 |
Days in inventory |
181 |
189 |
197 |
181 |
197 |
Days in payables (DPO) |
63 |
72 |
46 |
63 |
46 |
Cash Cycle (DSO + Days in Inv -
DPO) |
205 |
200 |
232 |
205 |
232 |
Working capital |
$ 589.8 |
$ 602.4 |
$ 614.5 |
$ 589.8 |
$ 614.5 |
Headcount (permanent and
temporary) |
2,689 |
2,636 |
2,568 |
2,689 |
2,568 |
Euro average rate |
1.37 |
1.37 |
1.30 |
1.37 |
1.31 |
Euro ending rate |
1.36 |
1.37 |
1.31 |
1.36 |
1.31 |
Yen average rate |
102.18 |
102.74 |
98.76 |
102.46 |
95.27 |
Yen ending rate |
101.37 |
102.33 |
99.03 |
101.37 |
99.03 |
CONTACT: For more information contact:
FEI Company
Jason Willey
Investor Relations Director
(503) 726-2533
jason.willey@fei.com
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