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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56497)	11/28/2001 11:14:40 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

11/28 18:33 ASAT Holdings Has Second-Quarter Loss; CEO to Retire (Update1) By Courtney Schlisserman quote.bloomberg.com Hong Kong, Nov. 28 (Bloomberg) -- ASAT Holdings Ltd., Hong Kong's largest packager of semiconductors, said it had a loss in its fiscal second quarter and said third-quarter sales will be lower than this past period's revenue guidance. Also, Chief Executive Officer Jerry Lee will retire effective July 1. ASAT had a loss of $49.5 million, or 37 cents per American depository share, in the three months ended Oct. 31, compared with net income of $9.35 million, or 7 cents, a year ago. ASAT, whose customers include communications chip companies such as Analog Devices Inc. and Altera Corp., said earlier this month it would write down $28 million from the value of unspecified assets in the second quarter. The company won't make a profit next year, some analysts said. ``While we enjoyed some unforecasted increases in sales in the October quarter, many sectors we serve will continue to operate at low levels, inventories are still high and overall fundamentals going forward into the January 2002 quarter are not substantially better than at the outset of the October 2001 quarter,'' Lee said in a statement. Second-quarter sales dropped to $27.1 million from $104.1 million a year ago. It said earlier this month that it would have revenue of $26 million to $27 million. ASAT had revenue of $84 million in the third quarter last year. Analysts had expected ASAT to have a loss of 12 cents a share, the average estimate by Thomson Financial/First Call Corp. The company has fired about 1,500 employees, or more than half its staff, since April. It will close an unprofitable unit in Nancy, France, because of declining sales. The unit will file for court protection, ASAT said.