Therma-Wave, Inc. Forecasts First Quarter Fiscal 2002 Results Better Than Expectations, Warns of Worsening Conditions Ahead.
FREMONT, Calif.--(BUSINESS WIRE)--July 16, 2001
Therma-Wave, Inc., (Nasdaq:TWAV) announced today that it expects first quarter 2002 financial results will be better than management's prior guidance and current consensus expectations.
Therma-Wave also anticipates that the worsening conditions in the worldwide semiconductor market will adversely impact the Company's second fiscal quarter 2002. The Company expects revenues in the second fiscal quarter will be significantly below levels of the quarter just ended, possibly resulting in a loss for the quarter.
Martin M. Schwartz, president and chief executive officer of Therma-Wave, Inc., stated, "Declining semiconductor market forecasts continue to indicate a strong downward pressure on the worldwide semiconductor equipment sector. We initiated actions to mitigate the impact of the slowdown in the last quarter and will implement additional actions this quarter.
"Due to a continuing decline in orders and further weakening of the sector, we are lowering our estimates for the second fiscal quarter 2002. We will continue to advance our key product development and efficiency improvement programs, which will enable us to leverage the strong market share position that we currently enjoy when the next upturn begins."
Therma-Wave also announced that Applied Materials Corporation and the Company have mutually agreed to terminate their development agreement but continue their global supply agreement, both of which were signed July 24, 2000. "Both Applied Materials and we believe that the all-encompassing development agreement we signed last year was not working as we both had intended," said Martin Schwartz. "We are continuing to work together on various programs, but now we will establish agreements as needed on a program by program basis."
Therma-Wave, Inc. will hold a conference call to review financial results and ongoing operations at 9:00 a.m., Pacific Daylight Time, Thursday, July 26, 2001. Participating in the call will be Martin Schwartz, president and chief executive officer, and Ray Christie, vice president and chief financial officer. The call may be accessed via the web at www.thermawave.com
Since 1982, Therma-Wave, Inc. has been revolutionizing process control metrology systems through innovative, proprietary products and technologies. The company is a worldwide leader in the development, manufacture, marketing and service of process control metrology systems used in the manufacture of semiconductors. Therma-Wave currently offers leading-edge products to the semiconductor manufacturing industry for the measurement of transparent, semi-transparent, and opaque thin films, for the monitoring of ion implantation, and for the integration of metrology into semiconductor processing systems. For further information about Therma-Wave, Inc., access our web site at: www.thermawave.com.
This press release contains forward-looking statements as that term is defined in the Private Securities Reform Act of 1995 which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such statements relating to our ability to leverage our leading market share position, anticipated revenue and order rates, and trends in our financial performance are based on current expectations. Such statements are subject to risks, uncertainties, and changes in condition, particularly those related to industry performance, and other risks, some of which are detailed in documents filed with the Securities and Exchange Commission, including specifically Exhibit 99.1 to the Company's annual report on Form 10-K for the year ended March 31, 2001. The Company undertakes no obligation to update the information in this press release.
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|Date:||Jul 16, 2001|
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