Not sure what to say about entry prices as I could have gotten a much better buy on my own had I waited.
Results of their principal competitor:
Therma-Wave halves sales, announces 21% jobs cut
Semiconductor Business News
(10/29/02 10:08 a.m. EST)
FREMONT, Calif. -- Therma-Wave Inc., a developer of process control metrology systems, has announced the cutting of 21% of staff positions along with its results for the second quarter of its 2002 fiscal year.
The company achieved sales revenue of $10.7 million, less than half the $21.7 million recorded for the second fiscal quarter 2002. Sequentially, net revenue decreased 28.5% from the $14.9 million reported for the first fiscal quarter ended June 30, 2002.
As a result the company recorded a net loss for the second fiscal quarter 2003 of $90.0 million compared to net loss of $2.2 million for the second fiscal quarter of 2002. The size of the loss was largely due to previously announced impairment charges of about $75 million (see October 18 story).
"We are disappointed by the results of this quarter, which are due to a challenging semiconductor capital spending environment and delays in the market recovery," said Martin Schwartz, President and chief executive officer of Therma-Wave, in a statement.
He continued: "In September, the market continued to soften leading us to take immediate actions to align the business with the current market conditions. We reduced our workforce by 21 percent, initiated salary reductions for officers and implemented a salary freeze for all other employees. In addition, we are taking other actions, such as closing and consolidating facilities where it makes sense, including the consolidation of our two Fremont, California facilities."
Schwartz said the entire semiconductor equipment market remains weak and visibility as to when it will turn around is low. He said revenue in the third fiscal quarter would be roughly the same as in the second. |
