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

To: SemiBull who wrote (2744)	6/24/2003 8:41:05 PM
From: SemiBull	Read Replies (1) \| Respond to of 2754

FSI posts quarterly loss amid restructuring By Semiconductor Business News Jun 24, 2003 (4:39 PM) URL: siliconstrategies.com MINNEAPOLIS -- FSI International Inc. posted sales of $19.4 million for the third quarter of 2003, compared to $28.9 million for the same period of fiscal 2002. The supplier of semiconductor equipment also reported a net loss for the third quarter of $15.6 million, or minus $0.53 per share, compared to a net loss of $8.9 million, or minus $0.32 per share, for the third quarter of fiscal 2002. FSI made significant progress on a number of realignment initiatives focused on lowering its breakeven sales level. The company previously announced that it will exit the resist processing market and will wind down its track business. As a result, FSI recorded a non-cash asset write-down charge of $26.0 million. It also completed the transition from an affiliated distribution model in Europe and the Asia-Pacific region to a direct model. "We expect the progress on these initiatives will contribute toward improved financial performance in the fiscal 2003 fourth quarter," stated Don Mitchell, FSI's chairman and chief executive officer, in a statement. "Our transition to a single technology focused company with a direct worldwide presence is now substantially complete." Based on the backlog and deferred revenue levels at the end of the third quarter, the company expects fourth quarter revenues of approximately $24-to-$26 million and shipments of approximately $22 to $24 million. It expects an approximate net loss in the $5-to-$6 million range for the fourth quarter.