FSI International Announces That the Court Affirms the Judgment in the Eric Hsu Litigation.MINNEAPOLIS -- FSI FSI Foreign Service Institute FSI Fluid Structure Interaction FSI Fuel Stratified Injection FSI Federazione Scacchistica Italiana (Italian Chess Federation) FSI Free Standing Insert FSI Flight Simulator International, Inc. (Nasdaq:FSII FSII Fuel System Icing Inhibitor (MIL-I-27686) ), a manufacturer of capital equipment for the microelectronics industry, today announced that the California Court of Appeal issued an opinion affirming in substantial part a judgment in court litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. arising out of the Company's 1996 acquisition of Semiconductor Systems, Inc. ("SSI (1) See server-side include and single-system image. (2) (Small-Scale Integration) Less than 100 transistors on a chip. See MSI, LSI, VLSI and ULSI. 1. (electronics) SSI - small scale integration. 2. "). The Court of Appeal upheld a damage award to Eric Hsu, a former shareholder of SSI, whose stock in SSI was acquired by other shareholders of SSI prior to SSI's merger with the Company. The Court of Appeal also held that no punitive damages Monetary compensation awarded to an injured party that goes beyond that which is necessary to compensate the individual for losses and that is intended to punish the wrongdoer. were awardable and reduced the amount of court costs court costs n. fees for expenses that the courts pass on to attorneys, who then pass them on to their clients or, in some kinds of cases, to the losing party. for which SSI is responsible. The total judgment, together with post judgment interest and attorneys' fees as of the date of the Court of Appeal's decision, is approximately $7.9 million. As a result of the court's ruling, the Company will record a $2.2 to $2.4 million charge in the second quarter of fiscal 2005. In January 2002, the Company entered into a settlement fund agreement with the former SSI shareholders. They placed approximately $1.6 million and 250,000 shares of FSI Common Stock in escrow to be used to pay the final judgment. Under the terms of the settlement fund agreement, the Company will be responsible for payment of the judgment against SSI and its shareholders. Therefore, the Company would use $5.2 to $5.4 million of its own cash to satisfy the judgment. The Company will discuss the Court of Appeal's decision in more detail during its second quarter earnings conference call on March 22, 2005. FSI International Inc. is a global supplier of surface conditioning equipment technology and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services for microelectronics manufacturing. Using the Company's broad portfolio of cleaning products, which include batch and single-wafer platforms for immersion, spray, vapor and CryoKinetic technologies, customers are able to achieve their process performance, flexibility and productivity goals. The Company's support services programs provide product and process enhancements to extend the life of installed FSI equipment, enabling worldwide customers to realize a higher return on their capital investment. FSI maintains a Web site at http://www.fsi-intl.com. |
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