SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
April 22, 2008
Date of report (Date of earliest event reported)
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EXCEL TECHNOLOGY, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-19306 11-2780242
(State or Other Juris- (Commission File No.) (IRS Employer
diction of Incorporation) Identification No.)
41 Research Way, East Setauket, NY 11733
(Address of principal executive offices, including zip code)
(631) 784-6175
(Registrant's telephone number, including area code)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 22, 2008 the Registrant announced results for its first
quarter ended March 28, 2008. A copy of the press release is attached as
an exhibit.
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release of Excel Technology, Inc., issued
April 22, 2008.
Signatures
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Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date: April 22, 2008
EXCEL TECHNOLOGY, INC.
By: /s/ Alice Varisano
.......................
Alice Varisano
Chief Financial Officer
FOR IMMEDIATE RELEASE Contact: Alice Varisano, CFO
or
Investor Relations
631-784-6175
EXCEL TECHNOLOGY ANNOUNCES RESULTS
FOR FIRST QUARTER OF 2008
FIRST QUARTER RESULTS
Sales: $39.3 million for 2008 vs. $40.9 million for 2007
(3.9% decrease)
Pretax Income: $5.7 million for 2008 vs. $6.4 million for 2007
(11.4% decrease)
Net Income: $4.3 million for 2008 vs. $4.7 million for 2007
(7.0% decrease)
EPS: $0.39 for 2008 vs. $0.38 for 2007 per diluted
share (2.6% increase)
EAST SETAUKET, N.Y., April 22, 2008 - Excel Technology, Inc. (NASDAQ:
XLTC) today announced the results for the quarter ended March 28, 2008.
SALES Excel reported sales of $39.3 million for the quarter ended
March 28, 2008 compared to $40.9 million in sales for the quarter
ended March 30, 2007, a decrease of 3.9% or $1.6 million.
PRETAX INCOME Pretax Income decreased 11.4% to $5.7 million for
the first quarter of 2008 as compared to $6.4 million for the same
period last year.
NET INCOME decreased 7.0% to $4.3 million for the first quarter of
this year as compared to $4.7 million in the same period last year.
EPS Net income per share on a diluted basis increased 2.6%
recording $0.39 for the quarter ended March 28, 2008 compared to
the $0.38 per share on a diluted basis reported for the quarter
ended March 30, 2007.
Antoine Dominic, Chief Executive Officer, stated, "Our first quarter
results were a little disappointing due to the current macro economic
conditions. Although our bookings and sales were marginally lower during
the quarter our quoting activity was quite strong with good
opportunities in new applications. We continue to execute our sales and
product development growth strategies as we still remain optimistic in
achieving our 2008 objectives."
Alice Hughes Varisano, Chief Financial Officer, concluded, "The
Company's sales for the first quarter decreased 3.9% from $40.9 million
for the quarter ended March 30, 2007 to $39.3 million for the quarter
ended March 28, 2008. Net income for the quarter of $4.3 million was a
decrease of 7.0% as compared to the quarter ended March 30, 2007. The
cash, cash equivalent and investment at the end of the quarter was $50.6
million. The Company utilized $11.6 million of cash during the quarter
to repurchase 446 thousand shares of its common stock. As of March 28,
2008, the Company has used $39.0 million to repurchase 1.5 million of
the 2 million common shares authorized to be repurchased by the Board of
Directors in November 2006. Bookings for the first quarter were $39
million with a backlog at the end of the first quarter of $34 million."
This news release contains forward-looking statements, which are based
on current expectations. Actual results could differ materially from
those discussed or implied in the forward-looking statements as a result
of various factors including future economic, competitive, regulatory,
and market conditions, future business decisions, market acceptance of
the Company's products, and those factors discussed in the Company's
Form 10-K for the year ended December 31, 2007. In light of the
significant uncertainties inherent in such forward-looking statements,
they should not be regarded as a representation that the Company's
objectives and plans will be achieved, and they should not be relied
upon by investors when making an investment decision. Words such as
"believes," "anticipates," "expects," "intends," "may," and similar
expressions are intended to identify forward-looking statements, but are
not the exclusive means of identifying such statements.
Excel and its wholly owned subsidiaries manufacture and market
photonics-based solutions, consisting of laser systems and electro-
optical components, primarily for industrial and scientific
applications.
FINANCIAL SUMMARY
(unaudited and in thousands, except per share data)
FOR THE QUARTER ENDED
.....................
MARCH 28, MARCH 30,
2008 2007
......... .........
Net Sales and Services $ 39,334 $ 40,941
Cost of Sales and Services $ 22,236 $ 23,100
......... .........
Gross Profit $ 17,098 $ 17,841
Operating Expenses:
Selling & Marketing $ 4,767 $ 4,327
General & Administrative $ 3,674 $ 4,174
Research and Development $ 3,886 $ 3,826
......... .........
Operating Income $ 4,771 $ 5,514
Interest Income $ 633 $ 781
Other Income, net $ 263 $ 98
......... .........
Pretax Income $ 5,667 $ 6,393
Provision for Income Taxes $ 1,340 $ 1,738
......... .........
Net Income $ 4,327 $ 4,655
......... .........
......... .........
Net Income Per Common Share - Basic $ 0.39 $ 0.38
Weighted Average Common
Shares Outstanding - Basic 11,011 12,107
Net Income Per Common Share - Diluted $ 0.39 $ 0.38
Weighted Average Common
Shares Outstanding - Diluted 11,222 12,409
BALANCE SHEET & SELECTED FINANCIAL DATA
MAR 28, 2008 DEC 31, 2007
(unaudited) (audited)
............ ............
Cash & Cash Equivalents $ 18,207 $ 9,981
Investments $ 0 $ 47,550
Accounts Receivable, net $ 27,874 $ 24,008
Inventory $ 35,353 $ 33,792
Other Current Assets $ 4,846 $ 6,217
......... .........
Total Current Assets $ 86,280 $ 121,548
Investments $ 32,420 $ 0
Property, Plant & Equipment, net $ 24,713 $ 24,679
Other Non-Current Assets & Goodwill $ 34,893 $ 34,305
......... .........
Total Assets $ 178,306 $ 180,532
......... .........
......... .........
Accounts Payable $ 7,680 $ 5,090
Accrued Expenses and
Other Current Liabilities $ 9,350 $ 8,659
......... .........
Total Current Liabilities $ 17,030 $ 13,749
Other Non-Current Liabilities $ 5,131 $ 5,068
Minority Interest in Subsidiary $ 121 $ 128
Stockholders' Equity $ 156,024 $ 161,587
......... .........
Total Liabilities & Stockholders' Equity $ 178,306 $ 180,532
......... .........
......... .........
Working Capital $ 69,250 $ 107,799