GENUS REPORTS FIRST QUARTER 1992 RESULTS
GENUS REPORTS FIRST QUARTER 1992 RESULTS MOUNTAIN VIEW, Calif., April 20 /PRNewswire/ -- Genus Inc.
(NASDAQ: GGNS), today reported financial results for the first quarter ended March 31, 1992.
For the first quarter of 1992, net sales were $8.7 million versus net sales of $14.0 million for the first quarter of 1991. The net loss for the first quarter of 1992 was $5.0 million or net loss per share of $0.43 compared to net loss of $1.2 million or net loss per share of $0.10 for the first quarter of 1991. William W.R. Elder, chairman and chief executive officer, said, "Results for the past quarter were disappointing and can be attributed to continued competitive pressures and softness in the semiconductor equipment market. Near-term results will be further impacted by these conditions and by the declining Japanese semiconductor manufacturing industry and its tightening of capital spending. Traditionally, the Japanese market has been the source of the largest percentage of our sales." Richard D. Hannigan, chief financial officer, stated, "Our cash position decreased from $22.2 million at Dec. 31, 1991, to $19.0 million at the end of the first quarter 1992. During these uncertain times, Genus continues to maintain its cost containment practices. As one of our cost reduction measures, the company will consolidate its thin film operation into a single facility at significantly reduced expense. Due to this planned move, expected in the fourth quarter of this year, a one-time charge of $1.0 million to write off the existing facilities leasehold improvements is included in the March 31, 1992, quarterly results." Elder also said that Genus has signed a letter of agreement with Advantage Inc., a manufacturer of pre-clean modules, for the purchases of that company's technology and inventory. "We are confident that this addition to our technology base will prove to be a valuable asset to Genus," he concluded. Genus is the leader in the manufacture of chemical vapor deposition systems for tungsten-based films, and high energy ion implantation systems. Genus products are used by semiconductor manufacturers throughout the world in the volume production of advanced semiconductor devices. GENUS INC. Condensed Consolidated Statements of Operations (Amounts in thousands, except per share data) Three Months Ended March 31, (unaudited) 1992 1991 Net sales $8,655 $13,952 Costs and expenses: Cost of goods sold 6,412 8,327 Research and development 2,594 2,331 Selling, general and administrative 3,848 4,694 Special charge 1,010 -- Loss from operations (5,209) (1,400) Other income, net 211 240 Net loss ($4,998) ($1,160) Net loss per share ($0.43) ($0.10) Shares used in per share calculations 11,689 11,271 GENUS INC. Condensed Consolidated Balance Sheets (Amounts in thousands) March 31, Dec. 31 1992 1991 (unaudited) Assets Cash and marketable securities $18,986 $22,169 Accounts receivable, net 15,365 14,338 Inventories 12,709 11,755 Other current assets 1,062 954 Total current assets 48,122 49,216 Property and equipment, net 7,595 8,442 Other assets 3,034 3,299 Total assets $58,751 $60,957 Liabilities and shareholders' equity Total current liabilities 8,913 6,399 Long-term debt 167 168 Shareholders' equity 49,671 54,390 Total liabilities and shareholders' equity $58,751 $60,957 -0- 4/20/92 /CONTACT: William W.R. Elder or Richard D. Hannigan of Genus Inc., 415-960-1120/ (GGNS) CO: Genus Inc. ST: Calilfornia IN: CPR SU: ERN
MM-RM -- SJ003 -- 0201 04/20/92 16:01 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 20, 1992|
|Previous Article:||SIGNET BANKING CORPORATION REPORTS FIRST QUARTER EARNINGS|
|Next Article:||ARTISOFT INC. ANNOUNCES LETTER OF INTENT WITH PERFORMANCE TECHNOLOGY INC. FOR ACQUISITION AND MERGER|