Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Proud_Infidel who wrote (6591)	7/30/2003 4:56:57 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 25522

Axcelis cuts 4% of workforce; sees boom in Japan Semiconductor Business News 07/30/2003, 4:40 PM ET BEVERLY, Mass. -- Chip-equipment maker Axcelis Technologies Inc. has reduced its workforce by 4 percent and plans to consolidate its facilities as part of a plan to cut costs, according to a report from Morgan Stanley released today (July 30). The moves will lower the company's break-even point from $95 million to $87.5 million per quarter, according to the report from the investment banking firm. The disclosure was made during a conference call on Tuesday (July 29), when Axcelis reported its results. The Beverly-based company posted worldwide sales of $123.3 million in the second quarter of 2003, sequentially flat compared to the first quarter of 2003, and down 11 percent from the second quarter of 2002. Net loss for the second quarter 2003 was $78.9 million, or minus $0.80 per share. This compares to a net loss of $6.3 million, or minus $0.06 per share, for the first quarter of 2003 and a net loss of $1.7 million, or minus $0.02 per share, for the second quarter of 2002 ( see July 29 story ). Analyst Steven Pelayo, who watches the company for Morgan Stanley in San Francisco, said Axcelis beat Wall Street's estimates despite suffering a sales hiccup in the market, except for Japan. In fact, Axcelis believes that its sales will jump 40 percent in Japan in the third quarter, according to Pelayo. On the down side, the company is expected to ship five "consignment" tool in Q3, which will not generate any sales, he said. In addition, Axcelis' outlook is what he called "lackluster." Worldwide revenue for the company is expected to be $120-to-$130 million in the third quarter. Net loss per share is projected to range from $0.16 to $0.18 in the third period.