Zygo’s FY13 falls on higher tax expense
Photo/Lisa Wilder
Zygo's Middlefield headquarters campus.
Optical metrology equipment maker Zygo Corp.’s fourth-quarter and full-year revenues were down 10 percent, mainly due to how it accounted for deferred tax assets, the Middlefield manufacturer reported.
Zygo booked $40 million and $149.4 million in revenue for the quarter ended June 30 and full year, respectively.
That was down from $44.3 million and $166.8 million during the same periods last year.
Profits were down sharply — from $25 million in the fourth quarter of 2012 to $2.5 million in this year’s fourth quarter. For the year, profits were $7.9 million, down from $43 million.
Zygo said much of the difference can be explained by a valuation against deferred tax assets it maintained prior to June 30, 2012. The valuation was reversed in December due to improved performance and outlook, meaning in the quarters that followed, a higher statutory tax rate applied.
The company said its backlog heading into fiscal 2014 is the strongest it has ever been.
Zygo CEO Chris Koliopoulos said the company did well to generate a “reasonable profit” in an environment he described as challenging and changing.
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