Earnings, what earnings?
Yech! Man have their revenues been hit!
Press Release
SOURCE: SpeedFam-IPEC
SpeedFam-IPEC Announces Second Fiscal Quarter Results
biz.yahoo.com
CHANDLER, Ariz.--(BUSINESS WIRE)--Dec. 19, 2001--SpeedFam-IPEC, Inc. (Nasdaq:SFAM - news), a global supplier of leading-edge chemical mechanical planarization (CMP) systems for advanced semiconductor manufacturing, today announced its results for the second fiscal quarter ended Dec. 1, 2001. Total revenue for the second quarter was $25.8 million, compared with $83.9 million reported for the same quarter a year earlier, and compared with $41.1 million reported for the first fiscal quarter. Revenue for the first two quarters of fiscal 2002 was $66.9 million, down from $156.9 million for the same period last year.
The second-quarter net loss was $61.7 million, or $2.03 per share. During the second quarter, the company recorded a one-time charge of $48.1 million for the write-down of certain assets, primarily inventory as well as restructuring charges related to the consolidation of certain of the company's operations. The company now believes the current downturn will last longer than originally anticipated, and semiconductor purchases in the next upturn will focus on leading-edge technology -- such as Momentum(TM) -- designed for processing advanced devices at 0.13 micron and below using copper and 300mm technologies.
Excluding these one-time charges, the net loss for the second quarter was $13.6 million, or $0.45 per share, compared with a net loss of $2.4 million, or $0.08 per share for the same period last year. During the first fiscal quarter, the company reported a net loss of $12.6 million, or $0.42 per share, exclusive of one-time charges related to a litigation settlement charge and the cumulative effect adjustment for a change in accounting principle. Inclusive of all charges, the net loss in the first fiscal quarter was $17 million, or $0.56 per share.
Inclusive of all charges, the net loss for the first two quarters of fiscal 2002 was $78.7 million, or $2.60 per share. Excluding one-time charges, the net loss for the first two quarters of fiscal 2002 was $26.2 million, or $0.87 per share, compared with $13.7 million or $0.46 per share, also excluding one-time charges, in the prior year period. Inclusive of charges related to the dissolution of the Far East Joint Venture, as well as a cumulative affect adjustment for a change in accounting principle, the net loss for the first two quarters of fiscal 2001 was $71.9 million, or $2.40 per share.
``Despite the prolonged downturn in the semiconductor market, we continued to make significant progress with our orbital hard platen Momentum technology during the quarter,'' said SpeedFam-IPEC President and CEO Richard J. Faubert. ``In November, we announced that Momentum was moved into full production at LSI Logic for dielectric CMP applications at its 0.18- and 0.13-micron technology nodes. This was an important milestone for SpeedFam-IPEC as it marked the conclusion of a successful beta collaboration with LSI. Momentum evaluations around the world are meeting and exceeding customer expectations through outstanding process results. Momentum's unparalleled wafer metrics have prompted many of our customers to run production wafers across the tool ahead of schedule. In addition, we have secured two important commitments for Momentum300(TM) with anticipated shipment dates in the second half of fiscal 2002. We believe this ongoing positive customer response is a sound indicator of the market potential for Momentum.''
Faubert added, ``Although we are optimistic about the company's prospects in the next upturn, we continued to reduce our operating costs throughout the quarter to better align our operations with our current revenue base. Despite these significant operational reductions, we have maintained our key development programs for Momentum with a view to further expanding our edge in productivity and cost of ownership.
``Despite near-term uncertainties in the industry, CMP represents a significant opportunity in the worldwide equipment market and, according to Dataquest, is expected to exceed $1 billion in annual revenue in the next upturn. In order to capitalize on this dynamic market, we remain focused on the successful introduction of our Momentum system as well as on streamlining our business processes.'' |
