Varian Semiconductor Equipment Associates Revises Third Quarter Outlook for Fiscal 2002
GLOUCESTER, Ma.--(BUSINESS WIRE)--June 28, 2002--Varian Semiconductor Equipment Associates, Inc. (Nasdaq: VSEA - News) today announced a revised outlook for the Company's anticipated results for the third quarter of fiscal 2002, ending June 28, 2002.
Due to a late-quarter acceleration in customer demand, the Company now expects revenue for the quarter to range from $91 to $96 million, up from previously anticipated revenue of $75 to $90 million, and diluted earnings per share to rise from a previously anticipated breakeven level to between $0.06 and $0.09.
Richard A. Aurelio, chairman and chief executive officer, explained the change in outlook by saying, "Customers are asking for early delivery of our tools, reinforcing the results of recent Dataquest and VLSI customer surveys, which reported that we remain the market share leader in ion implant, a position bolstered by our single wafer advantage. Yet, visibility has not improved beyond what we have previously reported, although we plan to provide fourth quarter guidance during our conference call scheduled for July 23, 2002. Our focus is to continue to maximize operational efficiencies at current business levels."
The Company will release earnings for the third quarter of fiscal 2002 after the close of the market on July 23, 2002, and hold a conference call to discuss results at approximately 5:00 p.m. eastern time that day.
About Varian Semiconductor
Varian Semiconductor Equipment Associates, Inc. is the leading producer of ion implantation equipment used in the manufacture of semiconductors. The Company is headquartered in Gloucester, Massachusetts, and operates worldwide. Varian Semiconductor maintains a web site at www.vsea.com. The information contained in the Company's web site is not incorporated by reference into this release, and the web site address is included in this release as an inactive textual reference only.
Note: This release contains forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. For this purpose, the statements concerning the industry outlook, the Company's sales growth, market share, capacity utilization and technological improvements and benefits, and any statements using the terms "believes," "anticipates," "will," "expects," "plans" or similar expressions, are forward-looking statements. The forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: volatility in the semiconductor equipment industry; intense competition in the semiconductor equipment industry; the Company's dependence on a small number of customers; fluctuations in the Company's quarterly operating results; the Company's transition to new products; economic problems in Asian-Pacific markets; uncertain protection of the Company's patent and other proprietary rights; concentration in the Company's customer base and lengthy sales cycles; the Company's reliance on a limited group of suppliers; potential environmental liabilities; the Company's dependence on certain key personnel; the Company's limited operating history; and the risk of substantial indemnification obligations under the agreements governing the spin-off of the Company from Varian Associates, Inc. on April 2, 1999. These and other important risk factors that may affect our actual results are discussed in detail under the caption "Risk Factors" in the Company's Annual Report on Form 10-K and in other reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee any future results, levels of activity, performance or achievement. The Company undertakes no obligation to update any of the forward-looking statements after the date of this press release. |
