Credence Systems Announces Decrease in First Quarter 2001 Revenue Expectations.Business Editors/High-Tech Writers FREMONT, Calif.--(BUSINESS WIRE)--Jan. 17, 2001 Credence Systems Credence Systems Corporation (NASDAQ: CMOS), is a manufacturer of test and analytical equipment for the global semiconductor industry. Founded in 1978, it is publicly traded on the Nasdaq stock market under the symbol CMOS. Corporation (Nasdaq:CMOS (Complementary Metal Oxide Semiconductor) Pronounced "c-moss." The most widely used integrated circuit design. It is found in almost every electronic product from handheld devices to mainframes. ), a leading manufacturer of automatic test equipment (ATE) for the worldwide semiconductor industry, today announced that based on weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. order activity and
customer-requested shipment delays from its existing backlog,
particularly with its customers in Asia, the Company now expects revenue
in the current fiscal quarter ending January 31, 2001 to be at least 40%
below the fourth fiscal quarter of 2000.
Dr. Graham Siddall, president and chief executive officer, said, "Going into this quarter we anticipated a slowdown in the semiconductor test and assembly sector during what we believed was an absorption phase. The magnitude of the slowdown now appears greater than we expected. We now believe we may be seeing a cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. downturn in the industry and we believe a recovery may not occur until late calendar 2001 or 2002. In light of that belief, we will be taking steps in the coming weeks to reduce our expense structure to match our lower anticipated revenue." Dr. Siddall continued, "Despite these macro-economic trends, we remain confident in our long-term strategy and believe our product portfolio, our diversifying customer base, and our financial strength will serve as important assets in these challenging economic times." Statements in this advisory that are forward looking and involve known and unknown risks and uncertainties, may cause the Company's actual results in future periods to be materially different from the future performance suggested in this advisory. Such factors include, but are not limited to, economic and currency instability in the Asia Pacific region, fluctuation Fluctuation A price or interest rate change. in customer demand, timing and volume of orders and shipments, competition and pricing pressures, reliability and quality issues, the Company's ability to complete the development of its new products, product mix, overhead absorption, cyclicality and downturns in the semiconductor industry, continued dependence on "turns" orders to achieve revenue objectives, the Company's ability to have an appropriate amount of production capacity in a timely manner, the timing of new Company's ability to control expenses (including the ability to identify and successfully institute additional cost-saving measures). Further, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. Reference is made to the discussion of risk factors detailed in the Company's filings with the Securities and Exchange Commission, including its reports on 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. and 10-Q. Any projections in this release are based on limited information currently available to the Company, which is subject to change. Although any such projections and the factors influencing them will likely change, the Company will not necessarily update the information, since the Company is only to provide guidance at certain points during the year. Actual events or results could differ materially and no reader of this release should assume later in the quarter that the information provided today is still valid. Such information speaks only as of the date of this release. About Credence Credence Systems Corporation is a leader in the manufacture of automatic test equipment (ATE) for the worldwide semiconductor industry. Credence offers a wide range of products with test capabilities for digital, mixed-signal, and non-volatile memory Refers to memory chips that hold their content without power being applied. It may refer to chips that are not changeable, such as ROMs and PROMs, or to chips that can be rewritten many times such as flash memory. semiconductors. Utilizing its proprietary CMOS technologies, Credence products are designed to meet the strict time-to-market and ownership requirements of its customers. Headquartered in Fremont, California For the unincorporated community in Yolo County, California, see . Fremont (IPA: /ˈfriːmɒnt/) is a city in California that was incorporated on January 23, 1956, from the merger of five smaller communities: , the company maintains advanced production and design facilities in Hillsboro, Oregon Hillsboro is a city in and county seat of Washington County, Oregon, United States.GR6 The community began in 1842 and was named Hillsborough in 1850, before incorporation in 1876 as Hillsboro. . Credence, an ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 certified See certification. manufacturer, is listed on the Nasdaq National Market under the symbol CMOS. More information is available at http://www.credence.com. Note to Editors: Credence and Credence Systems are trademarks of Credence Systems Corporation. Other trademarks that may be mentioned in this advisory are the intellectual property of their respective owners. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion