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| 8-K - FORM 8-K - NOVANTA INC | d535265d8k.htm |
Exhibit 99.1
GSI GROUP INC.
Sales and Gross Profit by Reportable Segment
(UNAUDITED)
Reorganization of Reporting Segments
The Company previously operated in three reportable segments: Laser Products, Precision Motion and Technologies and Semiconductor Systems. The Company committed to a plan for the sale of the Semiconductor Systems and Laser Systems businesses in the second quarter of 2012. As a result, these businesses have been reported as discontinued operations in the consolidated financial statements.
As a result of the NDS acquisition and restructuring activities, the Company realigned its reportable segments into two segments: Laser Products and Precision Technologies. The segment realignment resulted in the Laser Scanners product line being moved to the Laser Products segment and added NDS to the Precision Technologies segment. The segment realignment was based on the following factors: (i) customers and sales channel overlap; (ii) commonality amongst customer applications; (iii) allocation of resources, as the Company has a Group President for each of its two reportable segments who is held accountable for the overall results of the respective segment; (iv) consistency with the structure of the Company’s senior management non-equity incentive program for each segment’s senior management; (v) grouping together those product lines whose organizational and operating cost structures we expect will be consolidated in the future; and (vi) meetings between the chief operating decision maker and the two segment Group Presidents to review the operating performance of each segment and to allocate resources.
Reportable segment financial information has been revised based on the circumstances outlined above. The following table sets forth the external sales, gross profit and gross profit margin, as restated, for each of our reportable segments for the periods noted (dollars in thousands):
| Three Months Ended | Twelve Months Ended |
Three Months Ended | Twelve Months Ended |
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| April 1, 2011 |
July 1, 2011 |
September 30, 2011 |
December 31, 2011 |
December 31, 2011 |
March 30, 2012 |
June 29, 2012 |
September 28, 2012 |
December 31, 2012 |
December 31, 2012 |
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| Sales: |
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| Laser Products |
$ | 48,430 | $ | 51,564 | $ | 51,667 | $ | 44,353 | $ | 196,014 | $ | 44,162 | $ | 46,297 | $ | 48,369 | $ | 47,513 | $ | 186,341 | ||||||||||||||||||||
| Precision Technologies |
29,073 | 31,045 | 27,037 | 21,127 | 108,282 | 21,024 | 24,082 | 21,151 | 18,900 | 85,157 | ||||||||||||||||||||||||||||||
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| Total |
$ | 77,503 | $ | 82,609 | $ | 78,704 | $ | 65,480 | $ | 304,296 | $ | 65,186 | $ | 70,379 | $ | 69,520 | $ | 66,413 | $ | 271,498 | ||||||||||||||||||||
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| Gross profit: |
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| Laser Products |
$ | 21,126 | $ | 23,477 | $ | 22,834 | $ | 18,454 | $ | 85,891 | $ | 18,585 | $ | 18,853 | $ | 19,245 | $ | 18,773 | $ | 75,456 | ||||||||||||||||||||
| Precision Technologies |
13,054 | 14,053 | 12,259 | 9,833 | 49,199 | 9,278 | 12,049 | 9,903 | 8,715 | 39,945 | ||||||||||||||||||||||||||||||
| Corporate (1) |
(438 | ) | (530 | ) | (508 | ) | (514 | ) | (1,990 | ) | (182 | ) | (235 | ) | (295 | ) | (213 | ) | (925 | ) | ||||||||||||||||||||
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| Total |
$ | 33,742 | $ | 37,000 | $ | 34,585 | $ | 27,773 | $ | 133,100 | $ | 27,681 | $ | 30,667 | $ | 28,853 | $ | 27,275 | $ | 114,476 | ||||||||||||||||||||
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| Gross profit percentages: |
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| Laser Products |
43.6 | % | 45.5 | % | 44.2 | % | 41.6 | % | 43.8 | % | 42.1 | % | 40.7 | % | 39.8 | % | 39.5 | % | 40.5 | % | ||||||||||||||||||||
| Precision Technologies |
44.9 | % | 45.3 | % | 45.3 | % | 46.5 | % | 45.4 | % | 44.1 | % | 50.0 | % | 46.8 | % | 46.1 | % | 46.9 | % | ||||||||||||||||||||
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| Total |
43.5 | % | 44.8 | % | 43.9 | % | 42.4 | % | 43.7 | % | 42.5 | % | 43.6 | % | 41.5 | % | 41.1 | % | 42.2 | % | ||||||||||||||||||||
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| (1) | Corporate costs primarily represent unallocated overhead related to discontinued operations. |