Oxford Laser Co. Reports Steep Q1 Declines
Oxford-based laser maker IPG Photonics Corp. reported a first quarter revenue decrease of 14 percent, as well as operating income and profit declines of 84 percent.
The company's first quarter profit was $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.
Sales of the company's lasers grew by 39 percent in the United States and also grew in Japan. However, sales in China and other Asian countries declined by 27 percent compared to last year and sales in Europe dropped by 33 percent.
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