Varian Semiconductor Equipment Associates Reports Fiscal 2003 Fourth Quarter Results
Thursday October 30, 4:29 pm ET
biz.yahoo.com
GLOUCESTER, Mass.--(BUSINESS WIRE)--Oct. 30, 2003--Varian Semiconductor Equipment Associates, Inc. (Nasdaq: VSEA - News) today announced results for its fiscal 2003 fourth quarter ended October 3, 2003.
Revenue for the fourth quarter of fiscal 2003 totaled $84.8 million, compared to revenue of $95.8 million for the same period a year ago. Shipments for the fourth quarter of fiscal 2003 were $80.0 million. The Company recorded net income of $1.0 million, or $0.03 per diluted share during the fourth quarter of fiscal 2003, compared to $1.4 million, or $0.04 per diluted share for the same period a year ago. Gross margin for the fourth quarter of fiscal 2003 was 44 percent, compared to 39 percent for the same period a year ago. Gross margin was favorably affected in the fourth quarter of fiscal 2003 by $1.5 million due to more efficient inventory management, including the sale of certain inventory for which the carrying value had been reduced in previous periods and the reduction of adverse inventory purchase commitments.
Cash and short-term investments totaled $350.5 million as of the end of the fiscal 2003 fourth quarter, reflecting an increase of $24.3 million during the quarter.
Richard A. Aurelio, Varian Semiconductor's chairman and chief executive officer, said, "We are a leader in ion implant because of our platform of VIISta implanters. Recently, we introduced our next generation product, the VIISta 80HP, the only single-wafer high current tool on the market. With many leading chipmakers indicating their preference for single-wafer rather than batch processing at 300 mm advanced technology nodes, it is no surprise that the VIISta 80HP is having such rapid market acceptance."
Robert J. Halliday, chief financial officer, provided forward guidance, "We currently expect revenue for the first quarter of fiscal 2004 to be between $83 and $93 million, and gross margin as a percentage of revenue is expected to be in the low to mid 40s. Earnings per share is expected to range between $0.00 and $0.08 per diluted share."
Halliday also commented, "The growing demand for memory chips is expected to contribute to increased business activity starting in the first quarter of fiscal 2004." |
