Middlefield metrology systems manufacturer Zygo Corp., which has agreed to be acquired by a Pennsylvania competitor for $280 million, said its third-quarter profits nearly doubled on higher revenues.
Zygo’s net income for the quarter ended March 31 was $1.9 million, or 10 cents per diluted share, up from $980,000, or 5 cents, in its fiscal third quarter a year ago.
Revenue increased by more than $5 million, from $34.5 million to $39.7 million.
The improved results came despite a $720,000 expense related to its pending merger with Ametek and a $533,000 expense related to a third-party audit of the company’s tax accounts.
Zygo said the audit has uncovered several errors, including how it had been recording tax credits and how it had accounted for the tax basis of fixed assets acquired in a 2010 acquisition.
The company doesn’t believe the errors are material to previously issued financials, and said it will elaborate in its pending official quarterly financial filing with the SEC.
