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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Kirk © who wrote (8276)	1/28/2003 4:53:52 PM
From: StanX Long	Read Replies (1) \| Respond to of 95738

UPDATE 1-Novellus 4th-qtr profit falls 83 pct after charges 1/28/2003 4:41:06 PM SAN JOSE, Calif., Jan 28 (Reuters) - Chip equipment maker Novellus Systems Inc. (NVLS) on Tuesday reported its quarterly net profit slumped 83 percent after hefty charges for job cuts and a loss from a recently acquired business. Novellus reported a fourth-quarter net profit of $3 million, or 2 cents per share, compared with a year-earlier profit of $17.2 million, or 12 cents per share. Excluding $3.2 million in job cut charges and an $11.5 million loss from the recently-acquired SpeedFam-IPEC operations, the company posted earnings per share of 11 cents. On that basis, analysts expected earnings per share of 10 cents, with a range of estimates between 5 cents and 11 cents, according to Thomson First Call. Revenue in the quarter was $217.6 million, up from $200 million a year earlier and exceeding company and Wall Street expectations of $211 million. Shipments of $191 million were down nearly 24 percent from the third quarter, while cash and short-term investments rose 10 percent to $1.02 billion, the company said. "The industry is still experiencing a major slowdown in capital expenditures," Richard S. Hill, chairman and chief executive, said in a statement. Shares of Novellus closed at $29.53, down 46 cents or 1.5 percent, ahead of the release of results. They fell to $29.25 in after-hours trade on Instinet. © Reuters 2003. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. :0( Stan