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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (3609)	10/16/2002 5:37:25 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 25522

Ultratech sales collapse in Q3, losses trimmed Semiconductor Business News (10/16/02 08:44 a.m. EST) SAN JOSE, Calif. -- Sales at Ultratech Stepper Inc., a maker of photolithography equipment for semiconductor and nanotechnology manufacture, collapsed to $7.3 million in the third quarter of 2002, less than a third of the sales achieved in the same quarter a year earlier. The net loss for the quarter was $18.9 million compared to $26 million for the third quarter of 2001. Ultratech's net loss for the third quarter of 2002, before approximately $7.9 million in charges for discontinued products and inventory writedown, $4.3 million in restructuring charges and a special income tax benefit of $3.6 million, was $10.3 million. For the first nine months of 2002, Ultratech reported net sales of $47.8 million, less than half the net sales of $109.2 million recorded in the first nine months of 2001. Net loss for the first nine months was $22.9 million compared to $15.4 million for the first nine months of 2001. "Our customers are maintaining their conservative approach due to the extended downturn in the semiconductor industry as well as the ongoing uncertainty in the macro-economic environment. As a result, during the quarter we continued to experience push outs and order cancellations, as well as depressed rates for new systems orders," said Arthur Zafiropoulo, chairman and chief executive officer, in a statement. “Ultratech took another round of cost-cutting measures during the third quarter and remains focused on controlling expenses," continued Zafiropoulo. “We believe the strength of our balance sheet, coupled with our diversified portfolio of products, not only strategically positions our company to weather the current challenging climate, but also to benefit differentially when the industry recovers.” At September 30, 2002, Ultratech Stepper had $157 million in cash, cash equivalents and short-term investments, no long term debt, the company said.