GLOUCESTER, Mass. -- Varian Semiconductor Equipment Associates Inc. here today raised its forecast for the third quarter of fiscal 2002, ending June 28.
Due to a late-quarter acceleration in customer demand, Varian now expects revenue for the quarter to range from $91-to-$96 million, up from previously anticipated revenue of $75-to-$90 million, and diluted earnings per share to rise from a previously anticipated breakeven level to between $0.06 and $0.09.
Richard A. Aurelio, chairman and chief executive of the Gloucester-based chip-equipment maker, said the company is seeing greater-than-expected demand for ion implanter tools. "Customers are asking for early delivery of our tools," he said in a statement. "Yet, visibility has not improved beyond what we have previously reported," he added.
Varian reported sales of $67 million in Q2 of 2002, down 13.9% from $77.8 million in Q1 and down 64.6% from $189 million for the same period a year ago. The company recorded a net loss of $41,000, or $0.00 per diluted share, during the Q2, compared to net income of $24 million, or $0.70 per diluted share, for the same period a year ago.
The quarter included a $5 million unrealized gain, recorded as warrant from Lam Research Corp. Excluding the after-tax effect of the Lam warrant, the current quarter's net loss was $3 million, or minus $0.10 per diluted share.