KLAC ( $54 -$57- $53+ ??))earns, sales top targets 29c vs 26c(luv you)
By Chris Kraeuter, CBS.MarketWatch.com
Last Update: 4:30 PM ET July 31, 2001
SAN JOSE, Calif. (CBS.MW) -- KLA-Tencor's fiscal fourth quarter revenue declined 4 percent and net income fell 38 percent from the same quarter last year, the semiconductor equipment maker announced late Tuesday, but the results were better than analysts expected.
Ahead of the report, shares (KLAC: news, chart, profile) closed down 85 cents, or 1.5 percent, at $54.39.
For the quarter ended June 30, KLA-Tencor reported net income of $56 million, or 29 cents a share, on revenue of $462 million.
The maker of testing equipment for semiconductors was expected to report earnings of 26 cents a share on revenue of $439 million, according to analysts surveyed by First Call/Thomson Financial.
During the same quarter last year, net income was $92 million, or 47 cents a share, on revenue of $482 million. During the previous quarter, net income was $91.4 million, or 48 cents a share, on revenue of $528.8 million.
Based on accounting rule SAB 101, which makes KLA defer revenue on system shipments until final acceptance by the customer, fourth quarter net income was $130 million, or 67 cents a share, on revenue of $603 million.
Gross margins declined to 50 percent from 54 percent during the third quarter and 57 percent during the second quarter.
According to a company statement, KLA has reduced its spending "to levels appropriate for current market conditions." The San Jose, Calif.-based firm has reduced salaries for management, consolidated facilities and reduced its contract and temporary staffing.
The company ended the quarter with cash and short-term investments of $1.15 billion, up from $939 million during the previous quarter.
Chris Kraeuter is a reporter for CBS.MarketWatch.com in San Francisco.
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