Zygo Corp. says expenses stemming from its reorganization and the search for a new chief executive pushed the Middlefield maker of measurement instruments for electronic equipment into the red for the fiscal second quarter.
Zygo lost $1.9 million, or 11 cents a share, in the three months ended Dec. 31, less than the $4 million, or 24 cents a share lost the same period a year earlier.
The company said $1.6 million in severance costs due to its reorganization and costs tied to the retirement of its previous CEO, plus the search for a new one, were factored into second-quarter results.
In mid-January, Zygo hired Arizona technology entrepreneur Chris Koliopoulos to succeed J. Bruce Robinson as CEO. Last year, the company dismantled and sold off pieces of its semiconductor operation.
Without those expenses, Zygo said it would have netted $358,000, or 2 cents a share, for the quarter.
Second-quarter revenues slipped to $26.1 million from $33.4 million a year earlier.
But Zygo said its order bookings – a measure of future revenue – totaled $28.6 million on Dec. 31, up 27 percent from $22.6 million in bookings year earlier.
Zygo continues to weigh an unsolicited buyout offer of $10 a share from rival Pennsylvania measuring-technology manufacturer II-IV.
