| | From CBSMarketwatch.com
10:13AM Mattson Tech to revise Q2 revs on error (MTSN) by Michael Baron
Mattson Technology (MTSN) is plunging $2.41, or 28.4 percent, to $6.09, after the Fremont, Calif., maker of advanced process equipment for semiconductor manufacturing said an unintentional booking error will force it to revise its second-quarter revenue. The error involved "certain intercompany revenue transactions" that were not eliminated. The company said the error will reduce reported revenue for the quarter to $71.4 million from $82 million. The error will not affect Mattson's reported loss for the period because "the intercompany transactions essentially involved intercompany sales at cost." In addition, Mattson confirmed its outlook for the third quarter, saying it continues to expect revenue of $75 million to $80 million on a shipment basis. "The revisions being announced today result from regrettable errors and do not reflect any change in the status of the company's products, its business model or its revenue recognition policy," said Ludger Viefhues, the company's chief financial officer, in a press release. Mattson also noted that it continues to negotiate with Steag Electronics about an extension on $45 million worth of debt from its acquisition of Steag's chip operations. "We are confident that the two companies will come to an agreement to extend the repayment of these liabilities," said Viefhues.
Sure glad I got out of my remaining shares a few weeks ago.
BJ |
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