TO ALL:NOVELLUS: 'THERE IS NO SLOWDOWN'
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ARCHIVE
Complete Five-Day View
WORRIED that the turmoil in Asia will weaken the earnings outlook for U.S. tech companies that do business there? Novellus Systems (NVLS) may dispel your concerns. While fully 30% of the company's revenues -- some $150 million -- come from the region, the company's major Asian customers export their products to the U.S. Novellus CFO Robert H. Smith says the company's primary Asian markets are Singapore, Taiwan, Korea and Japan -- not Hong Kong, where interest rates have spiked and the stock market has gyrated wildly.
"So far, this Hong Kong flu is localized -- it's all speculation that it will move to other economies," he says. "There is no slowdown in orders. We aren't rolling back our expectations. We are more sensitive and cautious. But we don't know any effect at this time." As a result, Smith says it's not likely that currency fluctuations will hurt order flow. If this week is any indication, it's business as usual. Smith said the company received an order for "tens of millions" from the region during Tuesday's market recovery. He declined to name the customer.
Shares of Novellus, one of SmartMoney's "Ten Stocks for the Year 2000," was trading at around 46 1/2 at midday. The stock has declined sharply off its high of 66 3/8, which it reach earlier in October.
-- By Gerri Willis
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