FREMONT, Calif.--Therma-Wave Inc. today posted revenues of $13.2 million and a net loss of $40.5 million in the company's fiscal fourth quarter, ended March 31.
Excluding one-time and non-cash charges in the quarter, the pro-forma net loss would have been $11.2 million in the fiscal quarter, said the supplier of process control metrology.
Therma-Wave's revenues sequentially increased 19.1% in the fiscal fourth quarter from $11.1 million in the prior three-month period. A year ago, the company had revenues of $53.8 million in the fiscal fourth quarter.
"We are cautiously optimistic that the recovery has begun," said Martin Schwartz, president and CEO of Therma-Wave. "At this time we believe bookings will be solidly in excess of a one-to-one book-to-bill ratio in our first fiscal quarter of 2003, building on momentum already seen in the quarter just ended.
"Revenue is expected to grow more slowly in the short term, in part due to accounting rules that require that we delay revenue recognition on shipment of new products such as our Opti-Probe 7000 series thin film tools, but we still expect revenues to be at least flat to up 10% in our first fiscal quarter of 2003," Schwartz said.