AXT, Inc. Announces Preliminary Third Quarter Results
Announces Quarterly Conference Call and Conference Schedule
FREMONT, Calif., Oct. 14 /PRNewswire-FirstCall/ -- AXT, Inc. (Nasdaq: AXTI), a leading manufacturer of compound semiconductor substrates and opto-electronic devices, today announced it will record revenue for the third quarter of approximately $14.9 million, below its previous guidance of $20.0 to $20.5 million as a result of weaker than expected demand for substrates and LEDs. Substrate revenue will be approximately $11.7 million and opto-electronics revenue will be approximately $3.2 million.
The company is in the process of reviewing the recoverability of the long-lived assets at the LED division and expects to take an impairment charge for these assets in the third quarter ended September 30, 2002. The current book value of the assets under review is $26.8 million.
Net loss for the quarter before impairment charges will be approximately $5.9 million or $0.26 per share. Earnings Announcement and Conference Call
AXT's quarterly conference call covering financial performance in the quarter ended September 30, 2002 will take place at 4:30 PM Eastern time on Wednesday, October 23rd. The dial-in number for the call is 706-634-2108. The call will be simulcast and later archived on the web for 30 days. The web cast will be accessible through AXT's web site as well as the web sites of PR Newswire and their partners. The number for dial-in replay is 706-645 9291 and the replay will be archived for one month. A press release regarding financial performance in the quarter ending September 30, 2002 will be issued after the markets close on October 23, 2002. Upcoming Conference Attendance
AXT plans to participate in Prudential Securities Investor Conference in New York City on October 30 and in the American Electronics Association Classic Conference on November 5 and 6, 2002 in San Diego. About AXT, Inc.
AXT designs, develops, manufactures and markets high-performance compound semiconductor substrates for the fiber optics and communications industries. The Company's proprietary Vertical Gradient Freeze (VGF) crystal growth technology produces low-defect, semi-insulating and semi-conducting gallium arsenide, indium phosphide and germanium substrates. AXT also is a leading producer of light-emitting diodes (LEDs), such as blue, green, and cyan LEDs for the display and lighting industries and edge-emitting and vertical-cavity surface emitting lasers (VCSELs) for the fiber optics industry. For more information, see AXT's website at axt.com . The Company can also be reached at 4281 Technology Drive, Fremont, California 94538 or by calling 510-683-5900. AXT is traded on the Nasdaq National Market under the symbol AXTI. Safe Harbor |
