Varian Semiconductor Equipment Associates -- VSEA Message Board

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Technology Stocks : Varian Semiconductor Equipment Associates -- VSEA

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To: etchmeister who wrote (1878)	4/30/2009 5:32:46 PM
From: cluka	of 1929

From Briefing.com 4:22PM Varian Semi beats by $0.01, misses on revs; guides Q3 revs in-line (VSEA) 25.59 +1.94 : Reports Q2 (Mar) loss of $0.27 per share, $0.01 better than the First Call consensus of ($0.28); revenues fell 75.0% year/year to $63.8 mln vs the $65.4 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $60-70 mln vs. $69.37 mln consensus. Co says, "The 2009 economic environment remains challenging. However, for Varian we also see 2009 as a year of great opportunity as we invest in new product and application development and we see early, positive market acceptance. Third quarter revenue should be between $60 and $70 mln. We expect to have a pre-tax loss of approximately $19 mln in the third quarter, an improvement of $4.6 mln from the second quarter. This pre-tax loss includes non-cash charges of approximately $9.2 mln for depreciation and equity compensation expense. We expect a net loss of $19 mln in the third quarter. We expect to reduce third quarter operating expenses by approximately $2.7 mln from the second quarter, including a $1.6 mln reduction in restructuring expense." Not that any of the companies in the sector came out with stellar earnings but VSEA's are uglier than most and guidance sucks. VSEA has higher market cap than NVLS and 2X CYMI. From the revenue run rate perspective that just makes no sense. NVLS in my view is very overpriced which makes VSEA just silly overpriced. I expect it will get clipped tomorrow but it did not get to be this overpriced by big holders selling so who knows.

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