Revenue during the quarter went up marginally by 1.69 percent to $146.66 million from $144.22 million in the previous year period. Gross margin for the quarter contracted 139 basis points over the previous year period to 35.72 percent. Total expenses were 86 percent of quarterly revenues, up from 81.24 percent for the same period last year. That has resulted in a contraction of 476 basis points in operating margin to 14 percent.

Operating income for the quarter was $20.53 million, compared with $27.05 million in the previous year period.

However, the adjusted operating income for the quarter was almost stable at $27.59 million when compared with the prior year period. At the same time, adjusted operating margin contracted 35 basis points in the quarter to 18.81 percent from 19.17 percent in the last year period.

"We were able to drive solid financial performance in what is traditionally our slowest seasonal fiscal quarter," said Dr. Michael J. Hartnett, chairman and chief executive officer. "Our restructuring activities are driven by a strategy to achieve better alignment and rationalization of our manufacturing resources to more efficiently support a period of increasing industrial demand."