Newport Corporation Retires $20.2 Million of Convertible Notes

IRVINE, Calif., Dec. 16 /PRNewswire-FirstCall/ -- Newport Corporation (Nasdaq: NEWP) today reported that it has used $18.7 million of cash to retire $20.2 million of its convertible subordinated notes. As a result of this transaction, the company's results for the fourth quarter of 2009 will be positively impacted by a total of $0.5 million due to the gain on extinguishment of debt and the lower interest expense for the period. In addition, due to the reduction in the company's total debt, it expects to incur lower interest expense in 2010 and beyond. Newport estimates that this reduction will result in approximately $0.03 of incremental earnings per diluted share in 2010.

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