HILLSBORO, Ore., Oct. 27, 2011 (GLOBE NEWSWIRE) — For the third quarter of 2011, FEI Company (Nasdaq:FEIC) reported record earnings for the fourth consecutive quarter. Revenue was the highest of any third quarter and the second-highest quarterly total ever.
Revenue of $205.3 million was up 34% compared to $153.0 million in the third quarter of 2010 and down 3% on a normal seasonal basis from $211.1 million in the second quarter of 2011.
Net income was $26.2 million or $0.63 per diluted share, compared with $11.9 million or $0.30 per diluted share in the third quarter of 2010 and $26.1 million or $0.62 per diluted share in the second quarter of 2011.
The gross margin in the third quarter was 44.4%, compared with 43.5% in the third quarter of 2010 and 45.3% in the second quarter of 2011. Operating income was 17.0% of sales in the quarter, compared with 11.5% in the third quarter of 2010 and 17.3% in the second quarter of 2011.
For the third quarter of 2011, gross bookings were $201.1 million. Net bookings were $186.4 million after reduction of the ending backlog due to currency movements. Net bookings were $190.1 million in the third quarter of 2010 and $204.5 million the second quarter of 2011. The backlog at the end of the quarter was $440.1 million. The book-to-bill ratio for the quarter was 0.91 to 1.
Total cash, investments and restricted cash at the end of the quarter was $435.7 million, a decrease of $35.6 million from the end of the second quarter, as the company repurchased $50.0 million of its common stock in the open market during the quarter. Total cash, investments and restricted cash has increased $11.9 million since the end of 2010.
“We had another very good quarter, with earnings again at the highest level in our history,” said Don Kania, president and CEO of FEI. “Bookings remained strong with double-digit sequential growth in the Life Sciences and Research and Industry business units, offsetting weakness in Electronics. For the fourth quarter, we expect sequential revenue growth which should yield annual growth of approximately 30% for 2011 over 2010.”
Bookings and revenue comparisons for the company’s market segments and other data are included in the supplementary information attached to this release, along with detailed statements of operations and balance sheets.