From Briefing.com: Gapping down: FLSH -3.8% (terminates agreement with Samsung), ONNN -2.9% (stock offering)
7:02AM Novellus: Provides 'State of the Company' update in letter to shareholders; requests 31-day extension of credit agreement waiver to complete financial (NVLS) 24..44 : In a "State of the Company" letter to its shareholders, NVLS provided an update on its business strengths and transformation initiatives, including its strategic direction and priorities for 2006. The co also announced that it is requesting a 31-day extension of the compliance filing waiver from its bank group to complete its financial review of the first and second qtrs of 2005 and finalize its financial statements for the third quarter of 2005. "We recognize that we can't yet provide you with a definitive financial story, as our accounting review is not yet complete. We apologize that the review and restatement process has taken as long as it has. However, we expect the overall results, subject to the completion of the review of adjustments made to the opening balance sheet, to be immaterial to prior-year financial results. In fact, at this time we expect the restatements to result in a gain to net income of approximately $5 million in the aggregate for the first two quarters of 2005... The Board of Directors will appoint William T. Monahan as its new non-executive Chairman upon the retirement of J.E. Newall following the Annual Meeting. Bill is a recognized "change agent," an experienced leader who most recently served as Chief Executive Officer of Imation following its spin-off from 3M... We have also begun the process of exploring the sale of our non-core Brazilian upstream operations (mining, energy, and smelting), as well as selling our 25% stake in the Petrocoque calcined coke facility."
6:54AM LSI Logic confirms it will sell Gresham Fab to ONNN for $105 mln (LSI) 11.66 : Co confirms it will sell Gresham Fab to ONNN for $105 mln. The securing of a suitable buyer and closing of the transaction had been previously expected to take as long as one year from the date of the September 2005 announcement. LSI now however anticipates completing this transaction within the next 45 days. LSI does not expect to record a loss associated with the sale of the Gresham manufacturing facility.
6:45AM ON Semiconductor signs agreement to purchase LSI's wafer fabrication facility and reiterates 1Q06 guidance (ONNN) 7.31 : Co announces that its primary operating subsidiary, Semiconductor Components Industries, has executed a definitive agreement with LSI Logic (LSI) to purchase LSI's Gresham, Ore., wafer fabrication facility and certain other semiconductor manufacturing equipment for a total of approximately $105 mln in cash. The co paid LSI Logic a deposit of $10.5 mln concurrently with the execution of the definitive agreement, is currently obligated to pay $79.5 mln at closing, and expects to pay the remaining balance within 90 days after closing. The transaction is expected to be neutral to ONNN's EPS in 2006, and be EPS positive in 2007 as the co ramps production of its own products in the facility. The transaction is also expected to result in a slight reduction (approximately 100 basis points) in the co's 2006 gross margin. Over the long term, the co believes the purchase of the Gresham wafer facility will have a positive effect on gross margins for the company as it develops a higher mix of high-performance analog and digital power products. Co also reiterates Q1 guidance, sees revs of approx $330 mln (consensus $330.6 mln).
finance.yahoo.com
Sold my GNSS too soon as usual Don but I'm hanging in there with the SMH position. Go SOX! (No, not the White Sox)
RtS |
