Varian Semiconductor Equipment Associates Estimates Fiscal 2003 First Quarter EPS between $0.06 and $0.09
Monday January 13, 4:30 pm ET
GLOUCESTER, Mass.--(BUSINESS WIRE)--Jan. 13, 2003--Varian Semiconductor Equipment Associates, Inc. (Nasdaq: VSEA - News) today announced revised guidance for the Company's results for the first quarter of fiscal 2003, ending December 27, 2002.
Preliminary results for the first quarter indicate that diluted earnings per share are expected to be approximately $0.06 to $0.09 for the quarter, as compared to the Company's previous guidance of approximately breakeven results. Preliminary results indicate that revenue should be just above the midpoint of Varian Semiconductor's previous guidance of $72 to $92 million.
Ernest L. Godshalk, president and chief operating officer, said, "Our gross margin and earnings strength was primarily attributable to improved supply chain management, related reductions in inventory reserves and improved factory operations during the quarter. We continue to manage our cost structure aggressively. Nevertheless, we remain concerned about the impact of the current pricing environment on future margins."
Varian Semiconductor will release earnings for the first quarter of fiscal year 2003 after the close of the market on Thursday, January 23, 2003. Management will host a conference call to discuss the results and outlook at 4:30 p.m. eastern time that day. The call will be broadcast over the Internet via the investor relations page of the Company's website, www.vsea.com.
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 website at www.vsea.com. The information contained in the Company's website is not incorporated by reference into this release, and the website 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 Company's preliminary results for the first quarter of fiscal 2003, 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.
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Contact:
Varian Semiconductor Equipment Associates, Inc.
Bob Halliday
978.282.7597
bob.halliday@vsea.com
or
Investor Relations Partners, Inc.
Shellie M. Roth
973.535.8389
roth@irpartners.com
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Source: Varian Semiconductor Equipment Associates, Inc. |
