Curly,
Here is the Press release.
SAN JOSE, Calif., March 10 (Reuters) - Silicon Valley Group Inc said Tuesday it expects earnings in its fiscal second quarter ended March 31, will come in 25 percent below analyst expectations due to timing of customer requirements.
The company also said Asia's financial crisis will dampen some of its customers' buying habits, noting shipments in its fiscal second half ended in September were likely to be 15 to 20 percent lower than during its first half.
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Specifically, the company said it is concerned shipments to Korea of its advanced lithography product, Micrascan, will be delayed due to that country's fiscal and monetary crisis.
"Given the uncertain business environment in Korea, the company believes that Asian volume orders for its Micrascan product will be delayed," said Papken Der Torossian, Chairman and Chief Executive Officer.
Analysts have been expecting Silicon Valley to post second quarter earnings per share of $0.39, according to consensus estimate from First Call.
In the year-ago second quarter, Silicon Valley posted operating net income of $0.14 a share before a one-time charge of $32.6 million related to a royalties settlement with IBM Corp.
"Although backlog at Dec. 31, 1997 was primarily concentrated in the United States and Europe, the company had been relying on securing orders for shipment this fiscal year of Korea," Der Torossian said in a prepared statement.
The company said however it remains committed to the expansion of its lithography operations' production capacity, and believes Micrascan's current and future deployment for the global market will continue.
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