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Politics : Formerly About Applied Materials

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To: Tony Viola who wrote (34953)	4/22/2000 11:35:00 PM
From: Proud_Infidel	Read Replies (1) of 70976

Still in Nepal Some very Bullish statements from Eaton: Eaton sales grew 147%! Eaton moves closer to IPO decision on implanter unit after strong Q1 results Semiconductor Business News (04/17/00, 08:51:46 AM EDT) CLEVELAND--Eaton Corp. here today reported semiconductor equipment sales grew 147% to $141 million in the first quarter 2000 from the same period last year when the chip industry was just beginning to recover from the last business downturn. While releasing first-quarter financial results, Eaton CEO and chairman Stephen R. Hardis said the company's board of directors will soon review recommendations on a plan to sell up to 20% of the semiconductor equipment division in an initial public offering. "We anticipate bringing a recommendation to our board of directors later this month," said Hardis, referring to a proposal to sell a minority stake in Eaton Semiconductor Equipment Operations, which is based in Beverly, Mass. (see Feb. 24 story). For the entire corporation, Eaton today posted sales of $2.3 billion, a 40% percent increase from the first quarter of 1999. The company's net income was $129 million vs. $84 million last year. Eaton's semiconductor equipment business had an operating profit of $27 million in the first three months of 2000 compared to a net loss of $12 million in the period last year. "We are now seeing the full benefits of the fundamental restructuring this business undertook during 1998 and early 1999," said the company's chief executive officer. "Current industry forecasts are now calling for a worldwide rise in semiconductor capital equipment purchases this year of over 40%, and Eaton is fully participating in what we believe will be a multi-year industry rebound." Eaton's semiconductor equipment business produces a range of ion-beam implanters for wafer fabs. It is the world's largest supplier of these tools with slightly more than a third of the market worldwide, according to analysts.

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