Newport Corp. Reports Big Loss

FOUNTAIN VALLEY — Newport Corp., citing restructuring costs and a slowdown in orders for its precision laser equipment, said Friday that it lost $12.3 million, or $1.86 a share, for its fiscal third quarter, which ended April 30.

The company’s first quarterly loss in a dozen years contrasts with net income of $2.6 million, or 14 cents a share, in last year’s fiscal third quarter. Revenue rose 60% to $24.2 million from $14.8 million, mainly because of an acquisition.

Newport, which previously said it would report a substantial quarterly loss, also has said it will lay off a “significant number” of its 950 employees, including 350 workers in Orange County.

The exact number could be made public as early as next week, said Richard E. Schmidt, president of the 22-year-old Fountain Valley company.

Part of the loss was attributed to a $21-million charge Newport took for a restructuring after it acquired Micro-Controle S.A., a French company that makes precision instruments.

For its fiscal nine-month period, Newport reported a loss of $12.3 million, or $1.77 a share, contrasted with earnings of $2.6 million, or 36 cents a share, for the same period last year. Revenue rose 51% to $66.9 million from $44.3 million in the year-earlier period, mainly as a result of the acquisition.