Novellus Message Board - Msg: 18666474

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Technology Stocks : Novellus

NVLS 2.400

+2.1%

Jul 24 5:00 PM EST

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To: robert b furman who wrote (3409)	3/6/2003 5:57:01 PM
From: SemiBull	Read Replies (1) of 3813

Accountants back Novellus' CEO aircraft lease Thursday March 6, 12:18 pm ET SAN JOSE, Calif., March 6 (Reuters) - An accounting firm has given a stamp of approval to $200,000 in payments Novellus Systems Inc. made to its Chief Executive Officer for use of his personal aircraft, the maker of semiconductor production equipment disclosed in its annual report. The company did not identify the accounting firm it retained to probe the arrangement, in which Novellus leases the aircraft from a firm owned by Chairman and Chief Executive Richard Hill. Novellus(NasdaqNM:NVLS - News) said in the report filed with U.S. regulators on Wednesday that its board had authorized it to hire the accounting firm. The results of the study showed that rates Hill charged for the aircraft were comparable to those charged by other companies for similar aircraft, Novellus said. As of the end of last year, Novellus said it has incurred $200,000 in aircraft lease expenses. Novellus said last week that it is poised to unwind an off-balance-sheet financing arrangement after U.S. accounting rule makers imposed tougher restrictions on such deals.

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