Helix Technology Corporation Reports Fourth Quarter and Full-Year 2002 Results
Businesswire, Thursday, January 30, 2003 at 16:04
MANSFIELD, Mass., Jan 30, 2003 (BUSINESS WIRE) -- Helix Technology Corporation (Nasdaq: HELX) today announced financial results for both the fourth quarter and the full year 2002. Net loss for the fourth quarter ended December 31, 2002, was $9.0 million, or $(0.34) per diluted share, compared with net loss of $3.6 million, or $(0.16) per diluted share, for the fourth quarter of 2001. Sales for the fourth quarter of 2002 were $23.5 million, versus $17.3 million a year ago.
Net loss for the twelve months ended December 31, 2002, was $19.4 million, or $(0.77) per diluted share, compared with net loss of $5.9 million, or $(0.26) per diluted share, reported for 2001. Sales for 2002 were $100.2 million, compared with $113.0 million in 2001.
Commenting on the fourth quarter results, Helix Senior Vice President and Chief Financial Officer, Jay Zager, said,"Both sales and operating income met expectations and our guidance for the quarter which was effectively shortened due to plant closings by most of our major customers. The net loss for the quarter included pretax charges of $1.7 million for excess inventory, $2.9 million related to the suspension of a software development program, $3.0 million related to employee terminations, and $2.8 million in facility closure costs. Additional detailed information is available in our Form 10-K, which has been filed with the SEC this afternoon."Helix President, Robert J. Lepofsky, said,"Today's release of our fourth quarter results brings to a close a most difficult year for the entire semiconductor equipment industry. Entering 2003, we expect significantly improved financial performance as a result of our restructuring initiatives, an array of new product and service offerings responsive to the needs of our customers, and an expectation of a gradually improving external environment."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 components and subsystems that are key to the manufacture of semiconductors, flat panel displays and data storage devices. In addition, our highly regarded Global Support activity provides critical ongoing operational support services to semiconductor device producers throughout the world. |
