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Technology Stocks : FSII - The Worst is Over? -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (2740)	3/17/2003 8:03:57 PM
From: SemiBull	Read Replies (1) \| Respond to of 2754

FSI International to Close Microlithography Unit Monday March 17, 10:50 am ET MINNEAPOLIS (Dow Jones)--FSI International Inc. will close its microlithography business over the next few quarters, after a failed push to attract strategic partners for the cash-strapped business. The closure will affect the 292 employees at the unit, who represent about 41% of FSI's total work force. A company spokesman wasn't immediately available for further information about the staff reduction. In a press release Monday, FSI said the combination of a weak global economy, weak demand for technology products and an uncertain world situation all compounded problems for the cash-strapped unit. The company had been seeking strategic partners since January, and also considered drawing multiple unit orders from customers and scaling down operations until the industry showed signs of improvement. FSI will now focus exclusively on its surface conditioning business, but will continue to support microlithography products that are already installed. The microlithography unit, which makes equipment that supports the "resist processing" steps of semiconductor and thin film head manufacturing, accounted for $61 million in revenue, or 43% of the company's total $143 million in 2002 revenue. In the first quarter ended Nov. 30, FSI posted sales of $25.9 million and a net loss of 80 cents a share. Shares of FSI traded as low as $2.45 after the opening bell Monday, down 12%, but recovered recently to trade at $2.85, up 7 cents on the day. Volume earlier was 53,025 shares, compared with average daily volume of 92,252 shares. Company Web site: fsi-intl.com -Jerry Abejo; Dow Jones Newswires; 201-938-5388