Oxford-based laser maker IPG Photonics Corp. has issued common stock worth about $729,000 in order to purchase a minority interest in a Japanese subsidiary, the company said in a U.S. Securities and Exchange Commission filing.
In a transaction recorded last Friday by the SEC, the company issued 75,000 shares of its common stock. Proceeds of the offering will go toward the acquisition of a minority stake in IPG Photonics Japan.
IPG makes high powered fiber lasers for a variety of industries and has been a public company since 2006.
Recently, the company reported a first quarter profit of $1.3 million compared to $8.1 million the prior year. Operating income fell from $12.5 million a year ago to $2 million last quarter. Revenue fell from $52.9 million to $45.4 million.
The company said the steep declines were primarily the result of lower demand from customers hurt by the worldwide recession and a foreign exchange loss of $1.5 million related to the Russian Ruble and the Euro.
