Stung by the downturn in semiconductor capital spending, lithography supplier Ultratech Stepper reported Thursday that net sales dropped 28 percent and profits plunged 92 percent during the first quarter compared with results last year.
For the quarter ended March 31, the San Jose, Calif., company said it had a net income of $361,000 on sales of $27.8 million vs. a net
income of $4.5 million on revenues of $38.7 million. (The first quarter 1997 results included a one-time charge of
$3.6 million for in-process R&D associated with the acquisition of Lepton).
"While our results reflect the difficult environment in which we are operating today, continued R&D investments are
designed to enhance our long-term growth potential," said Arthur W. Zafiropoulo, president and CEO of Ultratech.
"One of our challenges is to balance the need for near-term expense controls with long-term investments in our
future. We are maintaining our commitment to research and development, not only for our advanced technology
divisions, UltraBeam and Verdant, but also to ensure our competitive position in all our product lines."