Advanced Power Technology Expects 2nd Quarter Revenues to be Within Range of Prior Guidance.Business Editors BEND, Ore.--(BUSINESS WIRE)--June 18, 2001 Company Expects Sequential Decline in 3rd Quarter Revenues and Announces Cost Reduction Actions Advanced Power Technology, Inc. (Nasdaq:APTI APTI Association for Preservation Technology International APTI Air Pollution Training Institute ), today announced that it expects revenue for the second quarter ending June 30, 2001 revenue to finish within the low end of the $11.0 million to $11.9 million revenue guidance range given on April 19, 2001. The Company also announced that it anticipates revenue of between $8.2 million and $9.0 million for the quarter ending September 30, 2001. Patrick Sireta, Chief Executive Officer commented, "We are guardedly guard·ed adj. 1. Protected; defended. 2. Watched over; supervised. 3. Cautious; restrained: We view these changes with guarded optimism. optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that our revenues will have reached their low point in the third quarter and that we will see sequential revenue growth in the fourth quarter of this year." "In light of the current slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. , the Company will institute a wage freeze Noun 1. wage freeze - a freeze of wages at a given level freeze - fixing (of prices or wages etc) at a particular level; "a freeze on hiring" wage freeze n → congelación f de salarios and graduated pay reductions for domestic salaried and hourly workers effective July 1, 2001, as well as further expense and discretionary spending reductions. In addition, we will institute intermittent intermittent /in·ter·mit·tent/ (-mit´ent) marked by alternating periods of activity and inactivity. in·ter·mit·tent adj. 1. Stopping and starting at intervals. 2. production shutdowns in order to control inventory levels. We will explore further cost reduction actions as appropriate," concluded Mr. Sireta. Management will host a conference call today, June 18, 2001 at 2:15 pm Pacific time to discuss this press release. You may access this conference call by dialing 800-621-5169, pass code 19181432. The international dial in number is 212-346-0319, pass code 19181432. For a replay of this teleconference, please call 800-633-8284, pass code 19181432. The replay will be available through June 29, 2001. There will also be a webcast available through June 29, 2001 at www.advancedpower.com in the "Investor Relations Investor relations The process by which the corporation communicates with its investors. " section. About Advanced Power Technology Advanced Power Technology is a leading supplier of high performance power semiconductors used in the conditioning and control of electrical power. The Company's products are used in communications and Internet infrastructure equipment, semiconductor capital equipment, as well as medical, industrial, and military and aerospace systems. Important information about Advanced Power Technology, Inc., including press releases and SEC filings, are available at no charge through the Company's web site at www.advancedpower.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Except for historical information contained herein, the matters discussed in this news release are forward looking statements made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. APT (Automatic Programmed Tools) A high-level programming language used to generate instructions for numerical control machines. 1. (language) APT - Automatically Programmed Tools. 2. (company) APT - Audio Processing Technology. cautions that such statements are subject to a number of uncertainties, and actual results may differ materially. Factors that could affect the Company's actual results include the ability of subcontractors to meet their delivery commitments; unfavorable changes in industry and competitive conditions; the Company's mix of product shipments; the accuracy of customers forecasts; the effectiveness of the Company's efforts to control and reduce cost; and other uncertainties disclosed in the Company's S-1 filing with the Securities and Exchange Commission dated August 7, 2000, Annual Report on Form 10K filed on March 21, 2001 and other periodic filings made by the Company. The Company assumes no obligation to update the information in this release. |
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