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Technology Stocks : AFCO: Applied Film, Undiscovered Gem? -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (228)	9/30/2003 10:03:56 PM
From: SemiBull	Read Replies (1) \| Respond to of 238

Applied Films Corporation Announces the Completion of the Sale Of Its Coated Glass Sales Business in Hong Kong Monday September 29, 7:00 am ET LONGMONT, Colo., Sept. 29 /PRNewswire-FirstCall/ -- Applied Films Corporation (Nasdaq: AFCO - News), today announced that it has completed the sale of its coated glass business in Hong Kong to Nippon Sheet Glass ("NSG"). NSG is a major Japanese glass manufacturer and Applied Films' joint venture partner in China. The total sale price is US$1.2 million, plus approximately $130,000 in inventory which Applied Films expects to result in an after tax gain of approximately US$700,000 to be accounted for as income from discontinued operations in the first quarter of fiscal 2004. In addition, the past operating results of that business will be reclassified as discontinued operations. "This sale completes our strategy of transitioning all of our revenues to thin film deposition equipment. This transaction will allow us to focus on producing and developing thin film deposition equipment for our existing and emerging markets," said Tom Edman, President and Chief Executive Officer of Applied Films Corporation. Applied Films' coated glass business in Hong Kong resold coated glass purchased from Applied Film's Joint Venture in China with NSG. Applied Films continues to maintain 50% ownership of the China Joint Venture. The results of the joint venture are reported on the equity earnings in joint venture line on Applied Films' statement of operations. About Applied Films Corporation Applied Films Corporation is a leading provider of thin film deposition equipment to diverse markets such as the flat panel display, the architectural, automotive and solar glass, and the consumer products packaging and electronics industries. Safe Harbor Statement This press release contains forward-looking statements that involve substantial risks and uncertainties. Typically, these statements contain words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. You should read statements that contain these words carefully because they discuss our future expectations, contain projections of our future results of operations or of our financial position or state other "forward-looking" information. You are cautioned that forward-looking statements are not guaranties of future performance. Actual results may differ materially from such expectations. There may be events in the future that we are not able to predict or control. Such risks and uncertainties include change in the demand for coating equipment and coated glass, the effect of changing worldwide political and economic conditions on capital expenditures, the impact of SARS and the resulting limitation of travel to customers by company representatives, production levels, including those in Europe and Asia, the effect of overall market conditions and market acceptance risks. Other risks include those associated with dependence on suppliers, the impact of competitive products and pricing, technological and product development risks and other risk factors. As a result, our operating results may fluctuate, especially when measured on a quarterly basis. Any forward-looking statements included in this release are made only as of the date of this release and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances. For further information, refer to our Securities and Exchange Commission filings, including our Forms 10-K and Forms 10-Q. Source: Applied Films Corporation