Zygo Corp. quadrupled fiscal fourth-quarter profits, courtesy of the taxman, to close out the Middlefield maker of precision opticals and measuring systems second consecutive strong year of sales and earnings.
For three months ended June 30, Zygo netted $25 million, or a record $1.32 a diluted share, up from $6.1 million, or 33 cents a share, gained the same period a year ago.
Fourth-quarter sales rose 4 percent to $44.3 million vs. $42.7 million last year.
For the full 12 months, Zygo netted $43 million, or $2.30 a share, up from $19.1 million, or $1.05 a share.
Fiscal earnings reflected a tax benefit of $18.9 million, or $1.01 a share, stemming from the reversal of valuation allowances related to deferred tax assets, the company said.
Full-year sales were $166.8 million vs. $150.1 million.
Company leaders said Zygo’s results were even more remarkable given continued weakness in some of its key markets.
