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BEDFORD, Mass. - GSI Group Inc., which makes lasers, scanners and other products, said Thursday its second-quarter profit tumbled by two-thirds, citing a weak semiconductor industry.
| GSIG | 0.71 |  -0.04 |
GSI said earnings for the quarter ended June 27 fell to $1.1 million, or 3 cents per share, from $3.3 million, or 8 cents per share, in the same period last year.
Revenue declined 10 percent to $66 million from $73.1 million a year ago.
Chief Executive Sergio Edelstein attributed the lower results to broader weakness in the semiconductor industry.
"Although GSI's overall slower business levels mirror the current state of the semiconductor industry, our laser, scanner and encoder product lines continue to perform well," he said in a statement.
The company's backlog at the end of the second-quarter fell to $60 million compared with $74.8 million last year, the company said.
Shares of GSI fell 15 cents, or 2.7 percent, to $5.40 in late afternoon trading Thursday.
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