Innovex Provides Updated Fiscal 2006 Third Quarter Guidance.MAPLE PLAIN Maple Plain can refer to:
FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) ) and Flat Panel Display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time (FPD (1) (Flat Panel Display) See LCD, plasma display, EL display, FED and flat panel display. (2) (Field Programmable Device) An umbrella term for all chips that can be programmed by the customer including SPLDs, CPLDs and FPGAs. See PLD. ) revenue in the third quarter were both expected to experience decreases from the prior quarter related to normal industry seasonality, however, the decreases are greater than expected. The Company's two largest disk drive customers and its largest FPD customer are executing major mergers during the quarter. The Company believes merger related product line and inventory rationalization may be impacting short-term demand. The Company is confident it has not lost any market share related to these customer merger transitions. The Company is experiencing the expected increase in its Actuator Flex (AFC (1) (Application Foundation Classes) A class library from Microsoft that provides an application framework and graphics, graphical user interface (GUI) and multimedia routines for Java programmers. ) revenue as the disk drive industry begins its transition to the 160 gigabyte platform. While the Company's fiscal 2006 third quarter margins will be impacted by the lower revenue levels, significant progress is being made toward improving the Company's cost structure related to the transfer of manufacturing and prototyping operations from the Company's Litchfield, MN facilities to its lower cost Thailand facilities. The Company expects to begin experiencing benefits from this transfer in the September 2006 quarter. About Innovex, Inc. Innovex, Inc. is a leading manufacturer of high-density flexible circuit-based electronic interconnect solutions. Innovex's products enable the miniaturization min·i·a·tur·ize tr.v. min·i·a·tur·ized, min·i·a·tur·iz·ing, min·i·a·tur·iz·es To plan or make on a greatly reduced scale. min and increasing functionality of high technology electronic devices. Applications for Innovex's products include data storage devices such as hard disk drives and tape drives, liquid crystal displays liquid crystal display (LCD) Optoelectronic device used in displays for watches, calculators, notebook computers, and other electronic devices. Current passed through specific portions of the liquid crystal solution causes the crystals to align, blocking the passage of light. for mobile telecommunication devices, flat panel displays and printers. Innovex is known worldwide for its advanced technology and world class manufacturing. 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. for Forward Looking Statements Except for historical information contained herein, the matters discussed in this release are forward looking statements that involve risks and uncertainties, including the timely availability and acceptance of new products, impact of restructuring charges, changes in product mix, the impact of competitive products and pricing, effect of world-wide economic conditions on flexible circuit demand, changes in manufacturing efficiencies, fluctuations in financial results and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. |
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