FSI (Chaska, Minn.) reported fiscal 2005 sales of $86.4 million, down from $114.4 million in fiscal 2004. The company said its 2005 fiscal year preliminary net loss was $3.3 million, or 11 cents per share, compared to a net income of $141,000 for fiscal year 2004.

FSI said fiscal fourth quarter sales dropped to $23.7 million, down from $33.3 million for the same period of fiscal 2004. FSI said its preliminary net loss for the fourth quarter was $1.9 million, or 6 cents per share, By contrast, FSI reported net income of $3.2 million, or 11 cents per share for the fourth quarter of fiscal 2004.

“While weak industry conditions impacted our financial performance in fiscal 2005, we made good progress on the strategies we established at the beginning of the year,” said Don Mitchell, FSI chairman and chief executive officer, in a statement. Mitchell mentioned gaining product acceptance at customer sites, adding new semiconductor manufacturing customers and settling outstanding litigation among the company's accomplishments in fiscal 2005.

FSI said it expects fiscal first quarter 2006 revenue to be in the range of $16 million to $19 million. The company said it expects to report a loss of $6 million to $8 million for the fiscal first quarter.