There are a few warnings in companies that have similar products in the machine vision area. Not really a point to draw true conclusions, but still it's something. Also thrown in are a circuit board maker and a semi equipment company.
I've been disappointed to see ESI lag the semi equipment rally. Any thoughts on why?
Regards,
Mark
Robotics Vision (ROBV) 3 3/4 -9/16: Identification company warns that third quarter (Jun) revenues will be below second quarter levels and that earnings will be below expectations, which currently call of profit of $0.01 per share. Press Release.....
Hadco (HDCO) 24 7/16 -9/16: Adams, Harkness & Hill lowers earnings estimates for manufacturer of printed circuits for 1998 from $2.27 to $1.77 and for 1999 from $3.15 to $2.56 per share, due to increased excess capacity in the industry.....
Eaton Corp (ETN) 81 7/8: Diversified equipment manufacturer with semiconductor businesses warns that it sees chip equipment orders one-third below levels of 6 months ago, that there is no sign of an imminent upturn, that it will cut 200 jobs in the semiconductor unit, and that it is no longer confident that 1998 profits will top 1997. Eaton's operating net in 1997 was $6.33 per share and was expected to earn about $6.67 in 1998. Press release.....
General Scanning (GSCN) 9 3/4: Laser systems for manufacturing company warns of significantly weaker than expected profits. Sees Q2 at $0.14 to $0.15 per share compared to expected $0.30 a share, and full year 1998 at $0.85 to $0.95 per share rather than expected $1.30 or so.....
RVSI Announces Third Quarter Outlook and Restructuring Plans
Business Wire - June 24, 1998 11:15
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CANTON, Mass.--(BUSINESS WIRE)--June 24, 1998--Robotic Vision Systems, Inc. (RVSI) (NASDAQ:ROBV) today announced that it expects its financial results for the third quarter which ends June 30, 1998 to be below the Company's and securities analysts' expectations. Revenue for the quarter is expected to be less than this fiscal year's second quarter revenue of $47.7 million and the operating loss is expected to be greater than the second quarter operating loss of $2.5 million, excluding non-recurring charges. RVSI will release financial results for the third quarter on July 30, 1998.
The Company also announced its plans to consolidate its Acuity 2-D machine vision and its CiMatrix 2-D and 1-D bar code reading and automated data collection operations. This consolidation will strengthen the Company's position in its served markets and naturally follows the convergence of machine vision and bar code technologies. The consolidated unit will be better positioned to meet its customers' needs as it takes advantage of the emerging opportunities created by 2-D symbologies and direct part marking.
The Company also announced a 15% reduction in its global workforce. This reduction includes reductions from the consolidation of machine vision and bar code operations and reductions in the Company's Semiconductor Equipment Group to reduce its cost structure to its current level of business. The Company expects to take additional non-recurring charges for costs relating to employee severance from the workforce reduction, consolidation of operations and the write down of certain assets.
Mr. Pat V. Costa, Chairman, CEO and President, commented: "Business has weakened further from the second quarter due to the reduced demand for equipment by semiconductor manufacturers, particularly due to the continuing Asian financial crisis. Even though visibility for the semiconductor market in the near-term continues to be poor, we believe that the long-term outlook remains favorable. In our core lead scanning business, our prospects have been greatly enhanced by the positive settlement of the lawsuit with General Scanning, Inc. announced on June 15, 1998. We will continue to manage our operating expenses to meet existing business conditions, while we continue to invest in diversification opportunities such as those taking place in the bar code market."
RVSI is the largest company supplying a broad line of 1-D, 2-D and 3-D machine vision-based systems for inspection, measurement and identification, and is a leader in advanced electro-optical sensor technology. RVSI Electronics has developed patented 3-D "in-tray" inspection systems which are the industry standard for inspection of semiconductor devices. RVSI Systemation is a leader in electronic component processing systems. RVSI Vanguard is a leading supplier of ball grid array (BGA) and chip scale packaging (CSP) equipment for the semiconductor and connector industries. RVSI's Acuity Imaging and Northeast Robotics Divisions provide 2-D machine vision and lighting solutions. Its CiMatrix Division manufactures automated data collection products, networks and linear and 2-D bar code reading systems.
Except for the historical information herein, certain matters discussed in this release include forward-looking statements that may involve a number of risks and uncertainties. Actual risks may vary significantly based on a number of factors, including, but not limited to: the historical cyclical nature of the semiconductor industry, risks in products and technology development, market acceptance of new products and continuing product demand, the impact of competitive products and pricing, changing economic conditions, both here and abroad, timely development and release of new products and strategic suppliers and customers, the effect of the company's accounting policies and other risk factors detailed in the Company's most recent registration statement, annual report and other filings with the Securities and Exchange Commission. |
