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To: Johnny Canuck who wrote (34749)	10/15/2001 11:46:12 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70741

NVLS meets estimate . . . Bookings for the quarter, at $124 million, were below Novellus' worst-case estimate and well below the $160 million it had forecast at the end of August, when it lowered expectations, said Chairman and Chief Executive Richard Hill on a conference call to discuss the results. ``The bookings disappointed us in every region,'' he said. The company said in a statement that it ``continues its cost-cutting.'' Hill added that ``economic uncertainty and depressed demand in the end electronic products market continue to negatively impact our customer capital spending programs.'' . . . Many analysts and investors now do not expect any significant return of demand until the second half of 2002, about six months later than many were thinking earlier. biz.yahoo.com 17:21 ET Novellus (NVLS) 31.61 -2.26: -- Update -- On call, says that business is below its expectations, but that it doesn't believe it can stay at current levels for an extended period of time; viewpoint is basic reason why it hasn't cut staff as it wants to be ready for eventual industry upturn (will re-assess staffing needs and industry outlook throughout Q4).. NVLS -1.42 17:14 ET Novellus (NVLS) 31.61 -2.26: -- Update -- On call, NVLS didn't say so directly, but it made it sound as if Applied Materials (AMAT) was quite aggressive with its pricing in deposition market... in response to question, CEO says he has never seen a pricing environment as bad as the current one in his tenure at NVLS... NVLS -1.27 17:01 ET Novellus (NVLS) 31.61 -2.26: -- Update -- On call, says at this juncture, from a geographical standpoint, the U.S. seems to be one of the brighter areas on a relative basis due to continued growth in logic and some improvement in PC business (was in response to question of which geographic regions look strongest on a relative basis going forward)... NVLS -1.21 16:54 ET Novellus (NVLS) 31.61 -2.26: -- Update -- On call, said that cancellations in Q3 were virtually non-existent... indicates that operating expenses will have been reduced by a $200 mln annual run rate by the end of Q4... said that all executives have taken up to 25% decrease in pay while every employee has taken a minimum 5% decrease in lieu of any layoffs that could be contemplated after Jan. 1... NVLS -0.74 16:49 ET Novellus (NVLS) 31.61 -2.26: -- Update -- On conference call, notes that Q3 bookings of $124 mln were below the worst case scenario provided on mid-qtr update... shortfall attributed to tragic events of Sept. 11... says bookings disappointments were seen in every region; majority of bookings came in 300mm and $40 mln of it was for PVD... lower gross margins blamed on lower absorption due to lower shipments, aggressive pricing on the part of NVLS, and the high cost of 300 mm... for Q4, NVLS forecasting bookings of $125-$150 mln, shipments of $160 mln, and EPS of $0.11 (consensus is $0.11)... NVLS -1.24 16:13 ET Novellus (NVLS) 31.61 -2.26: -- Update -- Reports Q3 earnings of $0.24 per share, in line with the consensus estimate; reports Q3 revenues of $303.7 mln versus the consensus estimate of $298.7 mln; shipments of $192.9 mln in the third quarter of 2001 represent a decline of 22.1% compared to $247.6 mln reported in the second quarter of 2001; see press release. Harry: price cut seem to have driven some increased business as revs were higher than expected