GLOUCESTER, Mass. -- Varian Semiconductor Equipment Associates Inc. today announced results for the fourth quarter and the fiscal 1999, a year in which it was spun out from Varian Associates Inc. as an independent ion-implant equipment maker.
The results of the fiscal year, ended Oct. 1, reflect combined operations as the semiconductor equipment business of Varian Associates and the company's stand-alone results since it was spun off in April.
Fourth quarter revenues totaled $107.5 million, up 157% from $41.8 million in the previous year's same quarter. About $22 million was nonrecurring royalty income related to a licensing agreement with Tokyo Electron Ltd. Excluding that, revenue for the quarter rose 105% over last year's fourth quarter.
The quarter's net income of $16.1 million, or 50 cents per diluted share, compared with net loss of 49 cents per share in the same quarter a year. ago
For the full fiscal year, revenues fell 21% to $271.9 million, compared with $342.9 million in fiscal 1998. The net loss was $13.2 million, or 43 cents per share, compared with earnings of $11.4 million, or 37 cents per diluted share in the previous fiscal year.
Varian is trying to make it as a dedicated supplier of ion-implant equipment and nothing else (see Online Magazine story from March 15).
"Continued recognition by our customers and the industry of both our winning customer satisfaction strategies and our commitment to technologically advance ion implantation capabilities supports our expectations of strong growth in the coming year," said Richard A. Aurelio, Varian Semiconductor's president and CEO. "We continued to see a significant rise in demand for our ion implantation equipment during the quarter, and our results confirm industry forecasts that suggest continued improvement. Market trends, including interest in sub-0.18 micron, 300 millimeter and single-wafer advantages, are favorable for our new products."
Aurelio added that "the company is making satisfactory progress toward increasing its gross margins, despite temporary increases in the cost of expediting materials. We are also incurring additional expenses for hiring and training new employees to support business growth."
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