XML 130 R27.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Selected Consolidated Financial Data | 12 Months Ended
--- | ---
Dec. 31, 2013
Selected Consolidated Financial Data | 19. Selected Consolidated Financial Data Quarterly Financial Information (unaudited) The Company’s interim financial statements are prepared on a quarterly basis ending on the Friday closest to the end of the calendar quarter, with the exception of the fourth quarter which always ends on December 31. On January 15, 2013, the Company acquired NDS and started to include the operating results of NDS in the consolidated financial statements as of the acquisition date. In the second quarter of 2013, the Company consummated the sale of certain assets and liabilities of the Semiconductor Systems business for $8.0 million in cash, subject to closing working capital adjustments, and recorded a $0.3 million loss, net of tax. In September 2013, the Company settled final working capital adjustments on the sale of the Laser Systems business and the Semiconductor Systems business and recognized additional loss on disposal of businesses of $0.3 million, net of tax. During the fourth quarter of 2012, based on an accumulation of positive evidence such as cumulative profits over the prior three years and projections for future growth, the Company determined that it is more likely than not that the benefits of our deferred tax assets will be realized. Accordingly, a deferred tax valuation allowance release of $15.3 million was recorded as an income tax benefit during the fourth quarter of 2012. In addition, the Company sold certain assets and liabilities of the Lasers Systems business for $7.0 million, subject to working capital adjustments, and recorded a $2.3 million gain on the sale. The following tables reflect the Company’s unaudited condensed consolidated statements of operations (in thousands except per share data):
|  | Three Months Ended |
|  | December 31, 2013 |  |  | September 27, 2013 |  |  | June 28, 2013 |  |  | March 29, 2013 |
Sales |  | $ | 87,707 |  |  | $ | 85,484 |  |  | $ | 85,307 |  |  | $ | 83,114 |
Cost of goods sold |  |  | 51,711 |  |  |  | 49,693 |  |  |  | 50,808 |  |  |  | 49,951 |
Gross profit |  |  | 35,996 |  |  |  | 35,791 |  |  |  | 34,499 |  |  |  | 33,163 |
Operating expenses |  |  | 29,319 |  |  |  | 30,073 |  |  |  | 30,152 |  |  |  | 32,214 |
Income from operations |  |  | 6,677 |  |  |  | 5,718 |  |  |  | 4,347 |  |  |  | 949 |
Interest income (expense) and other income (expense), net |  |  | (847 | ) |  |  | (1,936 | ) |  |  | (1,048 | ) |  |  | 670 |
Income from continuing operations before income taxes |  |  | 5,830 |  |  |  | 3,782 |  |  |  | 3,299 |  |  |  | 1,619 |
Income tax provision |  |  | 1,463 |  |  |  | 1,610 |  |  |  | 2,457 |  |  |  | 150 |
Income from continuing operations |  |  | 4,367 |  |  |  | 2,172 |  |  |  | 842 |  |  |  | 1,469 |
Income (loss) from discontinued operations, net of tax. |  |  | (79 | ) |  |  | (113 | ) |  |  | (1,384 | ) |  |  | 649 |
Loss on disposal of discontinued operations, net of tax |  |  | — |  |  |  | (281 | ) |  |  | (311 | ) |  |  | — |
Consolidated net income (loss) |  |  | 4,288 |  |  |  | 1,778 |  |  |  | (853 | ) |  |  | 2,118 |
Net (income) loss attributable to noncontrolling interest |  |  | 20 |  |  |  | 12 |  |  |  | (18 | ) |  |  | (36 | )
Net income (loss) attributable to GSI Group Inc |  | $ | 4,308 |  |  | $ | 1,790 |  |  | $ | (871 | ) |  | $ | 2,082 |
Earnings from continuing operations per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.13 |  |  | $ | 0.06 |  |  | $ | 0.02 |  |  | $ | 0.04 |
Diluted |  | $ | 0.13 |  |  | $ | 0.06 |  |  | $ | 0.02 |  |  | $ | 0.04 |
Earnings (loss) from discontinued operations per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | — |  |  | $ | (0.01 | ) |  | $ | (0.05 | ) |  | $ | 0.02 |
Diluted |  | $ | — |  |  | $ | (0.01 | ) |  | $ | (0.05 | ) |  | $ | 0.02 |
Net income (loss) per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.13 |  |  | $ | 0.05 |  |  | $ | (0.03 | ) |  | $ | 0.06 |
Diluted |  | $ | 0.13 |  |  | $ | 0.05 |  |  | $ | (0.03 | ) |  | $ | 0.06 |
|  | Three Months Ended |
|  | December 31, 2012 |  |  | September 28, 2012 |  |  | June 29, 2012 |  |  | March 30, 2012 |
Sales |  | $ | 66,413 |  |  | $ | 69,520 |  |  | $ | 70,379 |  |  | $ | 65,186 |
Cost of goods sold |  |  | 39,138 |  |  |  | 40,667 |  |  |  | 39,712 |  |  |  | 37,505 |
Gross profit |  |  | 27,275 |  |  |  | 28,853 |  |  |  | 30,667 |  |  |  | 27,681 |
Operating expenses |  |  | 23,978 |  |  |  | 25,061 |  |  |  | 25,570 |  |  |  | 24,860 |
Income from operations |  |  | 3,297 |  |  |  | 3,792 |  |  |  | 5,097 |  |  |  | 2,821 |
Interest income (expense) and other income (expense), net |  |  | (772 | ) |  |  | (1,174 | ) |  |  | (13 | ) |  |  | (1,514 | )
Income from continuing operations before income taxes |  |  | 2,525 |  |  |  | 2,618 |  |  |  | 5,084 |  |  |  | 1,307 |
Income tax provision (benefit) |  |  | (12,350 | ) |  |  | 563 |  |  |  | 617 |  |  |  | 230 |
Income from continuing operations |  |  | 14,875 |  |  |  | 2,055 |  |  |  | 4,467 |  |  |  | 1,077 |
Income (loss) from discontinued operations, net of tax |  |  | (1,317 | ) |  |  | (4,570 | ) |  |  | 414 |  |  |  | 322 |
Gain on disposal of discontinued operations, net of tax. |  |  | 2,255 |  |  |  | — |  |  |  | — |  |  |  | — |
Consolidated net income (loss) |  |  | 15,813 |  |  |  | (2,515 | ) |  |  | 4,881 |  |  |  | 1,399 |
Net (income) loss attributable to noncontrolling interest |  |  | 5 |  |  |  | (19 | ) |  |  | (8 | ) |  |  | (18 | )
Net income (loss) attributable to GSI Group Inc |  | $ | 15,818 |  |  | $ | (2,534 | ) |  | $ | 4,873 |  |  | $ | 1,381 |
Earnings from continuing operations per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.44 |  |  | $ | 0.06 |  |  | $ | 0.13 |  |  | $ | 0.03 |
Diluted |  | $ | 0.44 |  |  | $ | 0.06 |  |  | $ | 0.13 |  |  | $ | 0.03 |
Earnings (loss) from discontinued operations per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.03 |  |  | $ | (0.13 | ) |  | $ | 0.01 |  |  | $ | 0.01 |
Diluted |  | $ | 0.03 |  |  | $ | (0.13 | ) |  | $ | 0.01 |  |  | $ | 0.01 |
Net income (loss) per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.47 |  |  | $ | (0.07 | ) |  | $ | 0.14 |  |  | $ | 0.04 |
Diluted |  | $ | 0.47 |  |  | $ | (0.07 | ) |  | $ | 0.14 |  |  | $ | 0.04 |

X
- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration