Varian Reports Q2 Loss, Lower Revenues
Online staff -- Electronic News, 4/23/2002
e-insite.net
Varian Semiconductor Equipment Associates Inc. released second quarter results today, with a net loss of $41,000 on revenues of $67 million.
The Gloucester, Mass.-based company’s revenues were lower than the $78 million reported in the previous quarter and down significantly from the $189 million reported for the comparable period a year ago. Net income was also down from the $5 million, or 15 cents per share, reported in the first quarter and the $24 million, or 70 cents per dilutes share, reported in the second quarter of fiscal 2000.
For the third quarter, Varian is forecasting revenue to increase to be between $75 million and $90 million.
Varian’s results include a $5 million unrealized gain, recorded as other income, to mark the Lam Research Corp. warrant to fair market value at March 29. Excluding the after-tax effect of the Lam warrant, the quarter’s net loss was $3 million, or 10 cents per diluted share.
Gross margin was 36 percent, compared to 39 percent for the same period a year ago.
"Our revenue this quarter reflects our customers’ accelerated pace of acceptance and payment as they prepare to expand capacity," said Robert J. Halliday, Varian’s CFO, in a statement. "Shipments, which approximate pre-SAB 101 revenue, were $56 million for the second quarter, up from $45 million in the first quarter, excluding the Lam royalty and license revenue." |
