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

To: StanX Long who wrote (13318)	2/12/2004 10:07:09 PM
From: StanX Long	Read Replies (1) \| Respond to of 95743

AE Forecasts Q1 Profitability Online Staff -- Electronic News, 2/12/2004 Advanced Energy Industries Inc. (AE) today reported that it posted Q4 2003 net revenue of $74.7 million, up 9 percent sequentially and 30 percent year over year. The Fort Collins, Colo.-based supplier of critical subsystems and components for process equipment posted a corresponding net loss of $2.4 million, or 8 cents per share, compared with a net loss of $27.4 million, or 85 cents per share in Q3 and 22 million, or 68 cents per share, in the year ago period. AE's Q3 net loss included a non-cash charge of $22.4 million related to a reduction in the carrying value of its net deferred tax assets, while Q4 2002's net loss included pre-tax charges of $13.1 million relating to excess and obsolete inventory and warranty reserves, and other items, the company said. The company expects revenues to continue to climb, and return to profitability in Q1. AE anticipates current quarter revenue in the $95 million to $100 million range and earnings per share in the range of 12 cents to 17 cents per share. For the entire year of 2003, AE's revenue was $262.4 million, compared with $238.9 million posted in 2002, a 10 percent increase. Net loss for 2003 was $44.2 million, or $1.37 per share, compared with a net loss of $41.4 million, or $1.29 per share, for 2002. "Industry fundamentals are improving, and we are experiencing strong demand in all product groups, primarily driven by our semiconductor and flat panel customers," Doug Schatz, chairman and CEO, said in a statement. "Our sales to semiconductor original equipment manufacturers (OEMs) in the fourth quarter of 2003 increased 22 percent compared to the 2003 third quarter, and sales to flat panel display OEMs increased 38 percent from the prior quarter. "Our ability to secure key designs in high-growth semiconductor segments such as 300mm etch and chemical vapor deposition puts us in a strong position to benefit as the industry accelerates its transition to larger wafers, as well as to smaller line widths and advanced materials such as copper and low-k dielectrics," Schatz said. He suggested that the operational changes fomented by the extended industry downturn are beginning to be reflected in the company's numbers. "The initial improvements have shown through in our fourth quarter performance, and we posted income from operations for the first time in ten quarters," Schatz observed." Looking ahead, we expect to gain greater leverage from the changes we have made, such as our manufacturing operation in China and our transition to a world-class Asian supply base."