SAN JOSE, Calif. Amid a shift in its European sales model, metrology specialist Therma-Wave Inc. said revenues for the fiscal third quarter of 2006 were $15.4 million, compared to net revenues of $17.3 million in the prior quarter.
Net revenues for the quarter were within the company's stated guidance range. Net loss for the fiscal third quarter of 2006 was $3.9 million, or minus $0.11 per diluted share, compared to net loss of $4.1 million, or minus $0.11 per diluted share, in the prior quarter.
Therma-Wave recorded a charge related to previously announced restructuring initiatives of approximately $0.8 million, or the equivalent of $0.02 per share during the fiscal third quarter of 2006.
In the like period a year ago, the company posted a loss of $1.9 million, or $0.05 a share, on sales of $21.5 million.
Boris Lipkin, Therma-Wave's president and chief executive, painted a mixed picture. “We also took additional steps during the quarter to further improve our positioning for the future. These actions include a follow-on round of financing which has strengthened our balance sheet and offered us additional financial flexibility as well as the execution of additional initiatives which are expected to yield future cost savings,” he said in a statement.
"In an effort to further streamline our corporate structure, during the quarter we shifted our sales structure in Europe to a representative model, naming Teltech, our 20 year partner in the region as our exclusive representative. We believe this action will provide our European customers with higher levels of local support and follows our successful transition to a similar model in select Asian markets earlier in fiscal 2006,” he said.
For the fiscal fourth quarter of 2006, revenue is expected to be within the range of $13 million to $16 million. Diluted net loss per share is expected to be within the range of minus $0.05 to $0.10, excluding non-cash charges or credits for variable accounting of stock options and any restructuring charges.