Helix Reports Third Quarter Results
MANSFIELD, Mass., Oct 18, 2002 (BUSINESS WIRE) -- Helix Technology Corporation (Nasdaq: HELX) today announced results reflecting a net loss for the third quarter ended September 27, 2002, of $2.2 million, or $(0.08) per diluted share, compared to a net loss of $4.1 million, or $(0.18) per diluted share, in the third quarter of 2001. Sales for the third quarter of 2002 were $27.4 million compared with $20.4 million a year ago.
The net loss for the nine months ending September 27, 2002, was $10.5 million, or $(0.42) per diluted share, compared with a net loss of $2.3 million, or $(0.10) per diluted share, for the same period in 2001. Sales for the nine-month period were $76.8 million in 2002 versus $95.7 million in 2001.
Commenting on the results, Helix President, Robert J. Lepofsky, said, "Sales for the third quarter were in the range of our earlier guidance. Our global customer support activity grew modestly in the quarter, while the rate of shipments to major OEM accounts softened late in the quarter, reflecting weakening conditions in the semiconductor capital equipment market. We expect these trends to continue, resulting in lower overall revenues in the fourth quarter. Against this backdrop, we will be implementing significant changes to our business structure in the current quarter that will more closely align our costs with near-term revenue expectations. This initiative is presently underway and should accelerate our return to profitability. Despite the very challenging external environment, we have a strong market position, a debt-free balance sheet, and the necessary resources to support the strategic growth investments that will position us well for the future."
Helix Technology Corporation is a global leader in the development and application of innovative solutions in the field of vacuum technology. Our CTI-Cryogenics and Granville-Phillips product offerings provide a broad range of critical vacuum components and subsystems that are key to the manufacture of semiconductors, flat panel displays and data storage devices. Our highly regarded Global Support activity leverages Helix's unique On-Board(R) information solutions and our GOLDLink(R) remote diagnostic and monitoring capability to provide ongoing operational support services to semiconductor device producers throughout the world. |
