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SOLITEC ANNOUNCES RESULTS FOR ITS FOURTH QUARTER AND FISCAL YEAR

SOLITEC ANNOUNCES RESULTS FOR ITS FOURTH QUARTER AND FISCAL YEAR
 SANTA CLARA, Calif., Dec. 20 /PRNewswire/ -- Solitec's (NASDAQ: SOLI) revenues for the fourth quarter ended Sept. 30, 1991, were $1,168,000 compared to $1,910,000 in the fourth quarter of 1990. The company had a net loss of $158,000 or 2 cents per share in the fourth fiscal quarter of 1991 compared to a net loss of $507,000 or 7 cents per share in the prior year.
 Revenues for the fiscal year ended Sept. 30, 1991, were $5,750,000 compared to $10,213,000 in fiscal 1990. The company had a net loss of $1,031,000 for the 1991 fiscal year, or 11 cents per share based upon 9,710,000 shares outstanding. In fiscal 1990, the company had a net loss of $2,013,000 or 28 cents per share based upon 7,216,000 shares outstanding. On Dec. 13, 1991, the company had 14,758,071 shares outstanding.
 Joseph J. McDowell, president, said that the company divested its Advanced Crystal Sciences subsidiary in January 1991, which had been included in prior period results. He noted that the subsidiary had accounted for a significant percentage of consolidated revenues but had operated at a loss, and that the divestiture was largely responsible for the lower losses and decreased revenues in the fourth quarter and fiscal 1991.
 Partha R.R. Sarathy, chief financial officer, said that the company had receive an auditor's opinion for the 1991 fiscal year, as it had for fiscal 1990, stating, among other things, that the "financial statements raise substantial doubt about the company's ability to continue as a going concern." Sarathy also said that the company had completed significant expense reductions during the fiscal year to bring expenses more in line with revenues.
 Solitec is a publicly held manufacturer of production equipment for the semiconductor industry. Its stock is traded on NASDAQ under the symbol SOLI.
 -0- 12/20/91
 /CONTACT: Joseph McDowell, or Partha Sarathy, both of Solitec, 408-980-1355/
 (SOLI) CO: Solitech ST: California IN: CPR SU: ERN


RM -- SJ006 -- 4582 12/20/91 17:39 EST
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Publication:PR Newswire
Date:Dec 20, 1991
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