Feb 20 2010
GSI Group Inc. (Pink Sheets: GSIGQ) (the "Company") today reported preliminary bookings for its fourth fiscal quarter of 2009 and its cash position at the end of the fourth quarter, December 31, 2009:
Bookings for the fourth fiscal quarter ended December 31, 2009 were approximately $77 million compared with bookings of approximately $54 million for the comparable period in 2008, and compared with bookings of approximately $60 million for the third fiscal quarter of 2009 ended October 2, 2009.
Bookings for the Company's Semiconductor Systems Segment for the fourth fiscal quarter ended December 31, 2009 benefited from orders received from two Asia-Pacific customers that aggregated approximately $6 million.
As of the end of the fourth fiscal quarter of 2009, the Company had approximately $63 million of cash and cash equivalents, excluding approximately $11 million of auction rate securities at fair value. During November 2009, the Company received income tax refunds totaling approximately $3 million and an additional $3 million representing proceeds from the sale of auction rate securities.
On November 20, 2009 the Company announced that it had finalized a debt restructuring agreement with a majority of its noteholders that would enable the Company to significantly reduce its debt, and that to implement that restructuring it and two of its U.S. subsidiaries had that day filed voluntary petitions for Chapter 11 reorganization under the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Court has scheduled a hearing to consider approval of that restructuring plan for March 12, 2010. Copies of the court filings and other papers regarding those proceedings are available on the Company's website: gsirestructuring.com.
SOURCE GSI Group Inc.