All the numbers are better than expected, but did anyone notice the different wording between 1996 Q4's report and this 1998 Q4 report?
Statement of James Morgan in 1996 Q4 report:
"Looking forward, we believe the industry downturn could extend through the early part of 1997, with the last half of 1997 still uncertain. We are cautiously optimistic that memory device prices and inventory levels are stabilizing in our customers' business," said James C. Morgan, chairman and chief executive officer. "Applied Materials has always used industry slowdowns to strongly position the Company for long-term growth. At present, most of our new products introduced during the past year are being considered by our customers as they prepare for their next phase of technology evolution. During the remainder of the downturn, we will leverage our balanced global presence, broad product line, technical strength and financial resources to develop world-class technology, provide superior global support and seek to increase our market share.
Statement of James Morgan in 1996 Q4 report
"Despite some recent favorable developments in the world economy and semiconductor industry, the outlook for our business is uncertain. Our completed restructuring program and strong balance sheet, coupled with customer-focused leading-edge technology solutions, position the Company to manage successfully in this difficult environment," concluded Morgan.
Hope the conference call will address this issue. |
