Ultratech Stepper Message Board

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Technology Stocks : Ultratech Stepper

UTEK 30.23

0.0%

Jun 5 5:00 PM EST

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To: Kirk who wrote (2265)	3/25/1998 11:52:00 AM
From: David Aegis	Read Replies (1) of 3696

Kirk, you are right that UTEK reported $1.9 million of net income in the December quarter. However, "net income exclusive of a one-time charge would have been $4.3 million or $0.20 per share (diluted) in the fourth quarter of 1997, compared to $8.6 million or $0.40 per share (diluted) for the same period in 1996. During the fourth quarter of 1997, the company reported a one-time charge of approximately $3.5 million or $0.11 per share associated with the termination of a distribution agreement in Japan. Ultratech opened a direct sales office in Japan in early 1998." Snipped from the 4Q97 EPS press release. I have not seen the Montgomery report, but I would expect them to have based their growth estimate off of their 1998 estimates, and not off of the 4Q97 net income figure unadjusted for a restructuring charge. --David

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