February 23, 2010
Earnings Plunge For Oxford Manufacturer
By Matthew L. Brown
Oxford-based laser maker IPG Photonics Corp. said it made a $5.3 million profit in 2009 compared to $38.5 million the previous year.
The story was similar in the fourth quarter, when the company made $3.2 million, a 66 percent decline from the $9.5 million it reported for the same period a year earlier.
Revenue for the quarter was $19.9 million compared to $26.5 million the prior year. For the year, the company brought in $64.3 million compared to $107.3 million.
Operating income also saw sharp decreases in both the fourth quarter and full year.
The company said it is encouraged by one bright spot: fourth quarter revenue increased by 19 percent over the third quarter as a result of "an improving demand environment," the company said.
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