VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)
Three months ended Six months ended
April 2, April 3, April 2, April 3,
1999 1998 1999 1998
Revenue $ 53,205 $ 105,087 $ 100,560 $ 219,375
Operating Costs and Expenses
Cost of revenue 49,431 67,537 84,626 132,322
Research and development 10,492 8,418 18,209 18,245
Marketing 9,061 10,104 16,518 21,864
General and administrative 9,130 3,984 16,451 10,591
Restructuring costs 2,688 -- 2,688 --
Total Operating Costs and
Expenses 80,802 90,043 138,492 183,022
Operating (Loss) Earnings
before Taxes (27,597) 15,044 (37,932) 36,353
Tax provision (benefit) on
(loss) earnings (8,382) 4,529 (12,020) 10,948
Net (Loss) Earnings $(19,215) $ 10,515 $ (25,912) $ 25,405
Average Shares Outstanding
- Basic 30,423 30,423 30,423 30,423
Average Shares Outstanding
- Diluted 30,423 30,508 30,423 30,508
Net (Loss) Earnings Per
Share - Basic $ (0.63) $ 0.35 $ (0.85) $ 0.84
Net (Loss) Earnings Per
Share - Diluted $ (0.63) $ 0.34 $ (0.85) $ 0.83
VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Amounts in thousands, except share amounts)
April 2, October 2,
1999 1998
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents $ 99,457 $ --
Accounts receivable 54,507 62,677
Inventories 53,848 60,692
Other current assets 45,012 38,754
Total Current Assets 252,824 162,123
Net Property, Plant and Equipment 34,028 38,814
Other Assets 22,587 23,689
TOTAL ASSETS $309,439 $224,626
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Notes payable $ 5,036 $ --
Other current liabilities 109,862 112,629
Total Current Liabilities 114,898 112,629
Long-Term Liabilities 7,896 8,748
Total Liabilities 122,794 121,377
Stockholders' Equity
Preferred stock
Authorized 5,000,000 shares,
par value $.01, issued none.... -- --
Common stock
Authorized 150,000,000 shares,
par value $.01 issued and
outstanding 30,422,792 at
April 2, 1999 304 --
Capital in Excess of Par Value 186,341
Divisional Equity -- 103,249
Total Stockholders' Equity 186,645 103,249
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $309,439 $224,626
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Contact:
Varian Semiconductor Equipment Associates, Gloucester
Ernest L. Godshalk, 978/282-2303
Chief Financial Officer
or
Investor Relations Partners, Inc., Livingston, N.J.
Shellie M. Roth, 973/535-8389
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