To All, doesn't look good here:
DUPONT PHOTOMASKS INC. (DPMI) 34 CLOSED. Supplier of photomasks, photoblanks and pellicles is warning
that the troubles being experienced in South Korea and in Asia in general will hurt its fiscal 2Q results. According to DPMI,
the devaluation of the Korean Won will prompt the company to report lower revenues and earnings for the 2Q than it had
projected. In fact, the currency devaluation will probably prompt the company to reports 2Q earnings that are up to $0.10
below the current consensus forecast of $0.61 a share. In the year-ago period, the company also earned $0.61 a share on
revenues of $64.26 million, while in the preceding quarter, DPMI had earnings of $0.58 a share on revenues of $68.81 million.
Looking ahead, DPMI was less than confident of its prospects as the company said that "longer term, it is too early to
clearly determine the full impact of the Korean financial crisis on our business. The Korean Won continues to be unstable, and
we expect it to remain so for the foreseeable future. We have taken several immediate actions to minimize the impact of the
situation on our worldwide business, including defining additional ways we can leverage today's lower-cost Korean position
into the broader global marketplace." Already, the stock is called to open between $8 to $10 below its closing level as the
stock has had a rough time during the past two months it has lost 48% of its value after trading as high as $74 1/8 in late
September. Hence, it will not be a good day for this issue. |
