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Non-Tech : EARNINGS REPORTING - surprises, misses & more -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (593)	4/28/2001 8:33:47 PM
From: 2MAR$	Read Replies (1) \| Respond to of 762

NVLS 4/23 ($50 up $55) Revenues Rise But Profits Dip NEW YORK (Reuters) - Novellus Systems Inc. (NasdaqNM:NVLS - news), a maker of equipment used in the production of microchips, on Monday reported its first quarter profit nearly quadrupled from the year-ago quarter but fell 8.7 percent from the fourth quarter, citing a rapid slowdown in semiconductor capital spending. ``It is the most rapid decline we have seen in this industry,'' Chairman and Chief Executive Richard Hill said in a release. The company, whose products deposit materials onto chips, said it earned $91.2 million, or 62 cents per share in the quarter, compared to a profit of $23.8 million, or 17 cents per share, in the year-earlier quarter. This year's first quarter earnings excluded a one-time charge of $13.2 million for an acquisition. Earnings for the fourth quarter were $99.9 million, or 68 cents per share, excluding a charge. Analysts had been expecting first quarter earnings in the range of 51 cents to 68 cents per share, with a consensus of 61 cents per share, according to tracking firm Thomson Financial/First Call. Net sales rose 3.6 percent from the fourth quarter to $458.7 million. In March, Novellus warned its revenues would fall short of its earlier estimate of $478 million. Shipments fell 13.5 percent to $413.1 million in the first quarter from $477.8 million in the fourth quarter. Semiconductor equipment makers have suffered this year from order cancellations and delays, as chip makers slow down production amid a smaller appetite for electronics among consumers and corporations. In regular trade on the Nasdaq, shares of Novellus closed down $1.94, or 3.65 percent, at $51.14, off its 52-week high of $69.50. In after-hours trade, however, the stock rose to $51.90. Since January, shares of Novellus have outperformed those of No. 1 chip equipment maker Applied Materials Inc. (NasdaqNM:AMAT - news) by 10 percent. Email this story