ASYT announces revenue shortfall.
Blood is still running.
FREMONT, Calif.--(BUSINESS WIRE)--Sept. 18, 1998--Asyst
Technologies, Inc. (NASDAQ:ASYT), the leading supplier of
manufacturing automation and Standard Mechanical InterFace (SMIF)
isolation technology to the global semiconductor industry, announced
today that as a result of the continued downturn of the worldwide
semiconductor industry it expects total revenues for the second
quarter fiscal year 1999 ending September 26, 1998 to be in the range
of $13 to $15 million, compared to revenues of $40.3 million for the
prior year comparable quarter (ended September 27, 1997).
Dr. Mihir Parikh, Asyst's chairman and chief executive officer,
commented, "The lower revenue level is a direct reflection of the
prolonged downturn in the industry. While we had anticipated a decline
in revenues, the severity of the decline has been worse than
expected."
"Given anticipated revenues, Asyst expects to report an operating
loss for the quarter," noted Doug McCutcheon, senior vice president
and chief financial officer. "The Company will also take two
additional charges of an as yet undetermined amount; the first in
connection with in process R&D for the recently completed acquisition
of Hine Design Incorporated and the second a restructuring charge in
connection with severance costs, the closure of several Asyst
facilities and other general business reserves. In addition, based
upon the industry's current lack of visibility, we expect revenues in
the third quarter (December end) to be at the same level as those of
the second quarter or perhaps lower."
The Company plans to announce actual results for the second
quarter on October 21, 1998 after the close of market.
Except for statements of historical fact, the statements in this
press release are forward-looking. Such statements are subject to a
number of risks and uncertainties that could cause actual results to
differ materially from the statements made. These factors include, but
are not limited to, general economic conditions, semiconductor
industry cycles, risks associated with the acceptance of new products
and product capabilities, and other factors more fully detailed in the
Company's most recent Forms 10-K annual report and 10-Q quarterly
report on file with the SEC. |
