Santa Clara, Calif.--April 23, 1998-- Electroglas, Inc. (Santa Clara) reported operating results for its first quarter ended March 31, 1998.
The company previously announced on March 27, 1998 that it anticipated lower than expected business volume for its first quarter. As anticipated, revenues were $36.9 million, up 44 percent from the same period last year but down 17 percent from the immediate prior quarter, and net loss was $0.4 million, or $0.02 per diluted share, for the current quarter versus break-even a year ago. Net loss in the immediate prior quarter was $0.9 million, or $0.05 per diluted share, including a one-time charge of $3.5 million for in-process R&D associated with the company's acquisition of Techne Systems, Inc.
As previously announced, the company's first quarter order rate was lower than anticipated for its prober products because of continuing softness in demand for semiconductor equipment stemming from end-user excess capacity coupled with a depressed pricing environment, as well as ongoing uncertainty about business conditions in Asia.
Santa Clara, Calif.
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