VSEA ( $39 off 3) Semiconductor Cuts Guidance
New York, Jun 11, 2001 (123Jump via COMTEX) -- Varian Semiconductor Equipment
Inc. (VSEA), which makes ion implantation equipment used in the production of
microchips, warned Monday that third-quarter sales would fall short of previous
expectations. The company blamed its shortfall on continued softness in the chip
industry and said it cut 20% of its work force from the beginning of this year.
Varian now expects third-quarter revenue to come in between $125 million and
$135 million, down 30% to 35% from the year-ago quarter and more than the
previously advised 25% drop.
In addition to job cuts, the company said it planned a two-week shutdown in
July.
Analysts polled by First Call/Thomson Financial are expecting Varian to earn 21
cents per share on sales of $139 million, in the quarter ending June 30.
"The fundamentals that drive our customers' capital spending plans have not
improved during the quarter," said Richard A. Aurelio, Varian's chairman and
CEO.
Varian shares closed at 42.47 in regular trading Friday. Following today's
warning, the stock dropped 3.60 to 38.87.
CONTACT: For more information, contact 123Jump.com, Inc.
Send email to: info@123jump.com
Or, visit 123Jump at: 123jump.com
All Rights Reserved. (c) Copyright: 2001 123jump.com, Inc. |
