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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Venkie who wrote (38715)	7/9/2001 5:37:09 PM
From: Sully-	Respond to of 65232

Newport says to match Q2 estimates, cut jobs IRVINE, Calif., July 9 (Reuters) - Newport Corp. (NasdaqNM:NEWP - news), which makes products for testing and assembling fiber-optics and semiconductors, on Monday affirmed its second-quarter outlook but trimmed jobs and said it expects to take a charge as it reduces costs. Newport said it expects to match earlier forecasts of $95 million to $100 million in second-quarter revenue and to meet consensus earnings estimates of 32 cents per share. But the company said the steep downturn in orders had forced it to reduce its staff by about 10 percent, or 180 to 200 jobs. Newport expects to take a third-quarter charge of $1 million to $1.5 million related to employee severance. It also sees a separate charge of $6 million to $10 million in the third quarter mainly due to inventory write-down expenses. Looking ahead, the company said it expects to report full-year 2001 earnings of $1.10 to $1.15 per share, excluding charges, and revenues of $350 million to $360 million. Its shares closed up 37 cents, or 1.6 percent, at $24.05 at the end of Monday trading on the Nasdaq. Ö¿Ö