fei company (FEIC) Key Developments
FEI and Weatherford Enter into Joint Agreement
May 20 15
Weatherford Laboratories and FEI entered into a joint agreement to offer reservoir characterization services to oil and gas industry. Both firms will cooperate to make new workflows that integrate Weatherford's traditional core analysis and FEI's digital rock imaging, interpretation and modeling. These integrated solutions will address challenges associated with formation damage, improved recovery, multi-phase fluid property prediction and wettability characterization.
FEI Company Seeks Acquisitions
May 12 15
FEI Company (NasdaqGS:FEIC) is seeking acquisitions. Tony Trunzo, Chief Financial Officer, said, "I think we need to continue to be focused on those two things. But there's also the opportunity to grow inorganically through M&A; and as Jason mentioned, we've done a number of transactions over the last few years. They've been fairly modest in size. I think there's an opportunity for us to do what I'll call chunkier acquisitions that could potentially move the dial, and I'm looking forward to being a part of that."
FEI Company Reports Unaudited Consolidated Results for the First Quarter Ended March 29, 2015; Provides Earnings Guidance for the Second Quarter and Full Year of 2015
Apr 28 15
FEI Company reported unaudited consolidated results for the first quarter ended March 29, 2015. First quarter revenue of $221 million was down 2.4% compared to $226 million for first quarter of 2014. Diluted earnings per share were $0.66 for the first quarter of 2015, compared with $0.59 for the first quarter of 2014. Net income for the quarter was $28 million compared with $25 million for the first quarter of 2014. Operating income was $36.2 million against $30.9 million and income before taxes was $35.3 million against $30.6 million reported last year. Net cash provided by operating activities for the first quarter of 2015 was $23 million against $28.4 million reported last year. Acquisition of property, plant and equipment was $5.2 million against $4.3 million reported last year.
For the second quarter of 2015, the company currently expects reported revenue to be in the range of $216 million to $226 million. This range includes a negative impact related to the stronger U.S. dollar of approximately 6% on reported revenue as compared to the second quarter of 2014. Earnings per fully diluted share are expected to be in the range of $0.73 to $0.83. The effective tax rate for the second quarter is expected to be approximately 20%. The company expects gross margins in the quarter will be above 49%.
For full year 2015, the company currently expects organic revenue growth to be in the range of 4% to 7% compared with 2014. Based on current exchange rates, the stronger U.S. dollar is expected to negatively impact full year 2015 reported revenue growth by approximately 5% as compared to the full year 2014. Earnings per fully diluted share are currently expected to be in the range of $3.40 to $3.70. The effective tax rate for the full year is expected to be approximately 20%.
FEI Partners with the George Washington University to Equip New Science & Engineering Hall
Apr 27 15
FEI and the George Washington University announced that they are partnering to install several new high-performance microscopes at GW's Science and Engineering Hall. The new, $275 million, 500,000-square-foot research facility will soon be home to four microscopes from FEI: the Talos F200X transmission electron microscope (TEM), Helios NanoLab 660 DualBeam, Teneo scanning electron microscope (SEM), and CorrSight advanced light microscope for correlative light/electron microscopy. These systems will be used by professors and their students for research covering the full spectrum from materials through life sciences. GW's research funding has grown by 80% in the past decade and the University opened a Science and Engineering Hall on March 4, 2015. They selected the unique suite of high-end light and electron microscopes from FEI because they provide the ease-of-use and workflows needed for a multidisciplinary microscopy suite. GW's objective is to provide an environment that cross-pollinates research disciplines, enhances collaboration and streamlines equipment budgets.
FEI Company Announces Resignation of Benjamin Loh as Executive Vice President and Chief Operating Officer
Apr 15 15
On April 14, 2015, Benjamin Loh, Executive Vice President and Chief Operating Officer of FEI Company notified the Company of his decision to resign, effective immediately. The resignation was a personal decision, and Mr. Loh's departure does not reflect any material changes to the Company's business, operations or financial results.