News Article
Aviza Technology updates guidance for first quarter fiscal 2009
Retains Needham & Company to explore financial and strategic options
Aviza Technology, a supplier of semiconductor equipment and process technologies for the global semiconductor industry and related markets, today announced that it expects to exceed its previously announced adjusted net income guidance for the first quarter of fiscal 2009, which ended on December 26, 2008, and that it has retained Needham & Company, LLC to assist the Company in reviewing its financial and strategic options.
Aviza expects that net sales for the first quarter of fiscal 2009 will be at the low end of the original guidance range of $25 million to $32 million. However, Aviza expects that adjusted net income for the first quarter of fiscal 2009 will be in the range of $1 million to $4 million, a substantial improvement over the original guidance range of $50,000 to an adjusted net loss of $4 million. The improvements were a result of the faster impact of cost reduction measures and favourable currency exchange translation.
Original Guidance Updated Guidance
Net Sales: $25 million - $32 million Low end of range
Adjusted Net Income: $50,000 – ($4 million) $1 million – $4 million
Additionally, the company has decided to engage Needham & Company to explore partnering, financing and business development options.
“We believe the results of our December quarter will reflect our ongoing efforts to improve our financial performance in the face of an extremely challenging macroeconomic environment. We are pleased that we’ve been able continue to decrease operating costs while maintaining our focus on our served markets with our single wafer products.” said Jerry Cutini, president and CEO of Aviza Technology. "Additionally, we’ve decided to engage Needham & Company to assist us in evaluating our financial and strategic options. We are looking forward to working closely with them as we move through a very difficult and unpredictable economy. Aviza and Needham & Company have a long history of working together and more importantly, they have a significant depth of experience
Aviza expects that net sales for the first quarter of fiscal 2009 will be at the low end of the original guidance range of $25 million to $32 million. However, Aviza expects that adjusted net income for the first quarter of fiscal 2009 will be in the range of $1 million to $4 million, a substantial improvement over the original guidance range of $50,000 to an adjusted net loss of $4 million. The improvements were a result of the faster impact of cost reduction measures and favourable currency exchange translation.
Original Guidance Updated Guidance
Net Sales: $25 million - $32 million Low end of range
Adjusted Net Income: $50,000 – ($4 million) $1 million – $4 million
Additionally, the company has decided to engage Needham & Company to explore partnering, financing and business development options.
“We believe the results of our December quarter will reflect our ongoing efforts to improve our financial performance in the face of an extremely challenging macroeconomic environment. We are pleased that we’ve been able continue to decrease operating costs while maintaining our focus on our served markets with our single wafer products.” said Jerry Cutini, president and CEO of Aviza Technology. "Additionally, we’ve decided to engage Needham & Company to assist us in evaluating our financial and strategic options. We are looking forward to working closely with them as we move through a very difficult and unpredictable economy. Aviza and Needham & Company have a long history of working together and more importantly, they have a significant depth of experience
