Electroglas Inc. Anticipates Lower Third Quarter Revenues and Earnings.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Sept. 19, 1996-- Electroglas Inc. (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 :EGLS EGLS Eastside German Language School (Issaquah, WA) ), a leading manufacturer of semiconductor wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. probing systems, today announced it expects financial results for the third quarter ending Sept. 30, 1996 to be below analysts' estimates due to slower than anticipated customer order rates. The company currently expects its third quarter sales to be between $29 million and $31 million and net income to be between $.15 and $.18 per share. "The supply/demand imbalance imbalance /im·bal·ance/ (im-bal´ans) 1. lack of balance, such as between two opposing muscles or between electrolytes in the body. 2. dysequilibrium (2). in the semiconductor industry has impacted our customers' near term capacity plans and capital equipment orders," commented Curt Wozniak, Electroglas CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Order rates from around the world are lower than expected. As a result, our backlog has been reduced and our revenues will be impacted," stated Wozniak. "We have reduced spending and a number of employees and will continue to adjust our spending to the current environment. However, we are continuing to aggressively invest in new product development to prepare for future business opportunities. We will also carefully invest in our worldwide customer support infrastructure to insure Insure can mean:
To the extent that this news release discusses financial projections, information or expectations about our products or markets, or otherwise makes statements about the future, our statements are forward looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include continued semiconductor industry volatility, the risk of order delays and cancellations, the risk of delays in introducing new products and the market's acceptance of such products, and other risks detailed in the Company's Form 10K that has been filed in connection with the 1995 fiscal year and the Form 10Q filed in connection with the fiscal second quarter 1996. About Electroglas Electroglas Inc. is a leader in the development, manufacture, marketing and servicing of automatic wafer probing equipment for use in the semiconductor industry. The company's stock trades on the NASDAQ national market under the symbol "EGLS." For additional information, visit our web site http://www.electroglas.com. CONTACT: Electroglas Inc. Curt Wozniak/Gail Pagano, 408/727-6500 |
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