12 cents vs 10 cents expectations.
Not sure its going to do much to broader tech market.
SAN JOSE, Calif., Apr 12, 2004 /PRNewswire-FirstCall via COMTEX/ -- Novellus Systems, Inc. (Nasdaq: NVLS) today reported the results of operations for its first quarter ended March 27, 2004. First quarter 2004 net sales were $262.9 million, up 16.0 percent from $226.5 million in the previous quarter, and up 10.3 percent from first quarter 2003 net sales of $238.4 million. The net income for the quarter was $16.7 million, or $0.11 per diluted share, compared with fourth quarter 2003 net income of $10.5 million, or $0.07 per diluted share, and first quarter 2003 net income of $11.9 million, or $0.08 per diluted share.
The first quarter 2004 results include a $2.5 million pre-tax litigation settlement. Without this charge, the first quarter 2004 net income would have been $18.5 million, or $0.12 per diluted share. The first and fourth quarter 2003 results did not include any unusual charges or benefits.
Shipments for the first quarter 2004 were $311.0 million, up $82.9 million, or 36.3 percent, from $228.1 million reported in the prior quarter. Deferred revenue at the end of the first quarter was $153.2 million, an increase of $48.1 million, or 45.8 percent, from $105.1 million at the end of the fourth quarter. |
