Helix Reports Third Quarter Results
Monday October 20, 8:54 am ET
MANSFIELD, Mass.--(BUSINESS WIRE)--Oct. 20, 2003--Helix Technology Corporation (Nasdaq: HELX - News) today announced results for the third quarter ended September 26, 2003, reflecting a net loss for the quarter of $9.1 million, or $(0.35) per diluted share, that includes a non-cash charge of $8.6 million, primarily to establish a full valuation allowance against our net deferred tax assets. The net loss for the quarter would have been $0.5 million, or $(0.02) per diluted share without this charge. These results compare with a net loss of $2.2 million, or $(0.08) per diluted share, reported in the third quarter of 2002. Sales for the third quarter of 2003 were $26.0 million, compared with $27.4 million a year ago.
Net loss for the nine months ended September 26, 2003, was $11.9 million or $(0.46) per diluted share. Without the non-cash charge, the net loss was $3.3 million, or $(0.13) per diluted share, compared with a net loss of $10.5 million, or $(0.42) per diluted share, for 2002. Sales for the nine-month period were $74.2 million in 2003 versus $76.8 million in 2002.
Commenting on the third quarter, Helix President and Chief Executive Officer, Robert J. Lepofsky, said, "Our financial performance in the quarter met expectations. We significantly reduced our operating loss on a modest increase in sequential quarterly revenues. Consistent with the action taken by other companies in our sector, accounting convention required the recording of a full valuation allowance against our net deferred tax asset. Looking forward, we believe that the continuing marketplace success of our expanding portfolio of both products and support services will result in a near-term return to profitability. As we come out of the prolonged semiconductor capital equipment industry downturn, we are well positioned to support the expanding needs of our customers and to report increasingly favorable operating results."
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. |
