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LOS ANGELES, July 30 /PRNewswire/ -- Align-Rite International, Inc.
(Nasdaq: MASK) today reported record financial results for the first quarter
ended June 30, 1998.
Revenues increased 29% to a record $13,690,000 from $10,616,000 in the
first quarter of the prior fiscal year. Net income for the first quarter
increased 23% to $1,785,000, or $0.36 per diluted share, from $1,448,000, or
$0.30 per diluted share, in the corresponding period of fiscal 1998.
James L. MacDonald, Chairman, President and Chief Executive Officer
commented, "We are very pleased with our record financial results and
strategic achievements for the quarter. Revenues and net income for the first
quarter were the highest in the Company's history and marked our sixth
consecutive quarter of sequential growth. We attribute our success during the
quarter to primarily four key factors: strong demand from our diverse
multinational customer base, the integration of several new customers, higher
capacity utilization and improvements in our manufacturing efficiencies."
During the quarter the Company made significant progress to position
Align-Rite at the forefront of the photomask industry to address the growing
global demand from semiconductor manufacturers for the most advanced
photomasks including: 0.25 micron, Optical Proximity Correction and Phase
Shift Mask product applications.
"We believe that our May 26, 1998 purchase from Etec Systems, Inc.
(Nasdaq: ETEC) of two Alta 3500 systems, the industry's most advanced laser
pattern generation system, will significantly enhance our technological
advancement and will further complement our competitive attributes," continued
Mr. MacDonald.
"I am pleased to announce today that the first Alta 3500 system has now
arrived at our European facility, Align-Rite Ltd., located in Bridgend Wales,
following the successful completion of comprehensive factory acceptance
testing procedures at Etec last week," concluded Mr. MacDonald.
About Align-Rite: Align-Rite International manufactures and markets
quality photomasks and has grown to become the third largest independent
manufacturer of photomasks in the United States and Europe. Photomasks, which
are precision photographic quartz or glass plates containing microscopic
images of integrated circuits, are used primarily by semiconductor
manufacturers as master images to transfer circuit patterns onto semiconductor
wafers during the fabrication of integrated circuits. The Company currently
serves over 240 customers in 21 countries from three manufacturing facilities
and seven customer service centers strategically located throughout the United
States and Europe. The Company's Worldwide Web site can be accessed at
www.alignrite.com.
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If this Sector was not out of favor, Mask would be on a Roll.
Unless the world comes to a halt, mask has got to be a keeper. |
