ADE Sells Newton, MA Facility for $4.4 Million in Net Cash; Sale Bolsters Company's Strong Cash Position and Reduces Fixed Costs.WESTWOOD, Mass. -- ADE Corporation (Nasdaq: ADEX ADEX Athens Derivatives Exchange (Athens, Greece) ADEX Air Defense Exercise ADEX Advertisement Expenditure ADEX Asociaciã³n de Exportadores (Peru) ) today announced that it has completed the sale of its Newton, Massachusetts The City of Newton in Middlesex County, Massachusetts, is an important residential suburb of Boston, which abuts it on the east. According to the 2000 census, the population of the Newton was 83,829, making it the tenth largest city in the state. facility. The sales transaction generated $4.4 million in cash, net of selling expenses. ADE's Newton operations were relocated to the Company's Westwood headquarters facility during fiscal year 2003, which ended April 30, 2003. "This transaction completes the consolidation of ADE's worldwide engineering and manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. into two centers of excellence located in Westwood, Massachusetts Westwood is a town in Norfolk County, Massachusetts, United States. The population was 14,117 at the 2000 census. History Westwood was first settled in 1640 and was part of the town of Dedham (it was originally called 'West Dedham') until it was officially incorporated and Tucson, Arizona Tucson (pronounced /ˈtusɑn/, Spanish: Tucsón [tuk'son] ," stated ADE Chief Financial Officer Brian James. "Accomplishing this objective further bolsters ADE's already strong cash position and reduces fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). ." About ADE Corporation ADE Corporation is a leading supplier of production process control and quality certification systems for the semiconductor device, silicon wafer, magnetic data storage, and optics manufacturing industries. The Company's systems measure and inspect a variety of bare silicon and patterned wafers for dimensional parameters, surface defects, particles, and process non-uniformities, analyzing and reporting product quality at critical manufacturing process steps for yield enhancement. To learn more about ADE, visit the Company's Website at http://www.ade.com. This news release contains certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Those statements that make reference to the Company's expectations, predictions, assumptions, plans and anticipations should be considered forward-looking statements. These statements include, but are not limited to, those associated with the Company's ability to open new markets and applications. These statements involve risks and uncertainties including those associated with the strength of the semiconductor, data storage and device markets; wafer pricing and wafer demand; the results of its product development efforts; the success of ADE's product offerings to meet customer needs within the timeframes required by customers in these markets; the Company's growth in backlog and enhanced operating leverage Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. ; and the Company's ability to generate strong gross margins. ADE disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information on potential factors that could affect ADE Corporation's business is described in the Company's reports on file with the Securities and Exchange Commission, including its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended April 30, 2004. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion