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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Paul Shread who wrote (21693)	10/15/2001 4:40:38 PM
From: Frederick Langford	Respond to of 52237

Novellus Systems Reports Results for Third Quarter 2001 biz.yahoo.com Monday October 15, 4:05 pm Eastern Time Press Release SOURCE: Novellus Systems, Inc. Novellus Systems Reports Results for Third Quarter 2001 SAN JOSE, Calif., Oct. 15 /PRNewswire/ -- Novellus Systems, Inc. (Nasdaq: NVLS - news) today reported net sales and results of operations for its third quarter ended September 29, 2001. Net sales for the quarter were $303.7 million, down 19.4 percent from $376.9 million in the second quarter of 2001 and up 3.7 percent from the third quarter 2000 net sales of $292.9 million. The Company recorded restructuring and other special charges in the third quarter totaling $71.3 million, of which $55.6 million is included in operating expenses, $7.1 million of inventory write-downs associated with the restructuring is included in cost of goods sold, and $8.6 million related to an investment write-down which is included in other income. Including the $71.3 million of charges, Novellus recorded a net loss of $14.0 million or $(0.10) per basic share. Excluding the $71.3 million for restructuring and other special charges, net income for the third quarter of 2001 was $35.2 million or $0.24 per fully diluted share, down 40.6 percent from $59.2 million or $0.40 per fully diluted share, for the second quarter of 2001 and down 18.8 percent as compared to net income of $43.3 million and $0.29 per fully diluted share in the third quarter of 2000. Shipments of $192.9 million in the third quarter of 2001 represent a decline of 22.1 percent compared to $247.6 million reported in the second quarter of 2001. Deferred revenue at the end of the third quarter was $182.7 million. In this quarter, the Company completed an offering of $880.0 million 30-year zero-coupon, zero-yield convertible subordinated notes due 2031, known as LYONs. Certain proceeds from the sale of the LYONs were pledged to secure Novellus' obligations under the LYONs until July 26, 2002, including Novellus' obligation to purchase some or all of the LYONs on July 26, 2002 for cash. Upon the expiration of the obligations under the pledge account, the convertible subordinated notes will be unsecured.