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Technology Stocks : FSII - The Worst is Over?

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To: SemiBull who wrote (2747)10/21/2003 7:35:42 PM
From: SemiBullRead Replies (1) of 2754
 
FSI brings losses down, sees more in next quarter

Peter Clarke
10/21/2003 5:00 PM EST
URL: siliconstrategies.com 

MINNEAPOLIS, Minnesota -- FSI International Inc. said Tuesday (October 21, 2003) that it made a net loss of $1.8 million on sales revenue of $22.2 million in the fourth quarter of its fiscal 2003 year, compared to a net loss of $14.5 million on sales revenue $30.0 million for the same period of fiscal 2002.

For the 2003 fiscal year sales revenue was $88.8 million, compared to $143.4 million in fiscal 2002. The company's 2003 fiscal year net loss was $78.6 million, compared to a net loss of $34.7 million for fiscal year 2002.

The company had a number of special charges in both fiscal 2003 and fiscal 2002.

These included: a $26.0 million asset write-down charge associated with winding down the microlithography division; a $2.8 million early termination fee charge as the company transitioned from using Metron Technology for distribution of its products in Europe and the Asia-Pacific region to a direct model in these regions; and a $10.2 million impairment charge related to the company's investment in Metron Technology.

In fiscal 2002 FSI took a $5.4 million charge associated with the write-off of goodwill relating to the 1999 acquisition of YieldUP.

"Our substantial restructuring efforts of this past year positively impacted our financial performance during the quarter," said Don Mitchell, FSI's chairman and chief executive officer, in a statement.

The company said it expects first quarter fiscal 2004 revenues to range from $20 to $23 million and a net loss in the $4.0 to $5.0 million range.
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