EFTC Third Quarter Revenue to Be Below Expectations.DENVER--(BUSINESS WIRE)--Aug. 20, 1998--EFTC Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :EFTC EFTC European Fluorocarbon Technical Committee EFTC Extraction Force Transfer Coupling (aerial delivery operations) EFTC Emirates Filipino Tennis Club (United Arab Emirates) ) (the "Company"), announced today that it expects third quarter revenues to be below analysts' estimates of $60-61 million by approximately 10-12%. Revenues and earnings are being impacted by soft market conditions in the electronic manufacturing services industry in general, and more specifically by recent schedule changes for avionics related products and a greater than anticipated decline in products related to semiconductor manufacturing equipment. While the Company expects to have profits from operations during the third quarter with modest improvement during the fourth quarter, it is currently evaluating cost reduction alternatives that could affect earnings. EFTC, founded in 1981, is a provider of electronic manufacturing services exclusively focusing on high-mix manufacturing, including circuit card assembly, quick-turn manufacturing, prototype services, build-to-order, and repair and warranty services. Additionally, EFTC provides design for manufacturing (DFM DFM Design for Manufacturing (newsletter) DFM Design for Manufacturability DFM Dubai Financial Market DFM Delphi Form (computer filename extension) DFM Distinguished Flying Medal DFM Diesel Fuel Marine ), design for test (DFT DFT - discrete Fourier transform ), and design for serviceabillity (DFS (Distributed File System) An enhancement to Windows NT/2000 and 95/98 that allows files scattered across multiple servers to be treated as a single group. With Dfs, a network administrator can build a hierarchical file system that spans the organization's LANs and ) engineering services. The Company's facilities are located in Arizona, Colorado, Florida, Kentucky, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , Oregon, Tennessee, and Washington State. EFTC employs approximately 2,000 people at these facilities. The Company manufactures and/or repairs products for OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers in the aerospace/avionics, medical, instrumentation, computer-related, and communications industries. EFTC is headquartered at 9351 Grant Street, Sixth Floor, Denver, Colo. 80229; phone 303/451-8200; fax 303/280-8358. Certain of the above statements are forward-looking and are made pursuant to the 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. Such statements include the shortfall in revenues from those estimated, the related impact on profitability, the prospects for cost reduction and other statements that do not involve historical fact. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the statements. Important factors that could cause such differences include, but are not limited to, conditions in the electronic manufacturing services industry in general, the demand for products and services by the Company's customers and the particular mix of those products, the Company's ability to identify and implement appropriate cost reduction measures and other matters identified as risk factors and otherwise contained in the Company's filings with the Securities and Exchange Commission. CONTACT: EFTC Corp. Mark Plummer, 303/280-8350 |
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