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Technology Stocks : MEMC INT'L. (WFR -NYSE) The Sleeping Giant?
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To: Scotsman who wrote (3692)8/12/1998 5:41:00 PM
From: All Mtn Ski  Read Replies (1) of 4697
 
Here it is:

German diversified utilities
and telecommunications company Veba AG said on Wednesday that
it expected its 1998 group net profit after minority interests
to be well below the 1997 level.
The Veba statement was released in New York ahead of the
planned release early on August 13 due to a technical error on
the part of a third party firm acting for Veba.
"Consolidated net income (after tax and minority interests)
will be significantly below the previous year's figure, since
losses incurred by MEMC will not reduce tax expenditure until
the tax loss carryforward can be offset against income in
subsequent years," Veba said in an interim statement.
But it added: "Overall we...currently expect pretax
earnings for 1998, including gains from divestments, to match
the previous year's magnitude."
MEMC Electronic Materials Inc <WFR.N> is a maker of silicon
wafers used by the semiconductor manufacturers.
The company warned in its report that "MEMC is expected to
again make high operating losses in the second half of 1998 due
to the dramatic drop in silicon wafer prices."
It added: "We are implementing an extensive restructuring
programme to overcome the significant decline in earnings. The
stake in MEMC will be directly managed by VEBA in the future."
It also warned that start-up losses for the year as a whole
in its telecommunications activities would be significantly
above the previous year's levels.
The company reported a rise of 14.7 percent in pre-tax
profit to 2.593 billion marks in the first half of 1998. But
net profit before minority interests was down 3.6 percent at
1.264 billion.
After minority interests, the net figure showed a rise of
10.8 percent, up to 1.291 billion marks.
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