+44 (0)24 7671 8970
More publications     •     Advertise with us     •     Contact us
*/
News Article

Aviza misses Nasdaq report deadline

The troubled equipment vendor was supposed to file its latest quarterly financial report by May 11.

Aviza Technology, the California-based supplier of etch and deposition equipment for semiconductor manufacturing, has missed the filing deadline for its latest financial quarter.

The company, which last year shipped a number of systems to leading manufacturers in both the GaAs-based RFIC and high-brightness LED sectors, was due to file the "10-Q" report with the US Securities and Exchange Commission (SEC) by May 11.

Aviza has been under threat of expulsion from the Nasdaq exchange for some time because of the low value of its shares, and recently received another warning when C. Richard Neely, Jr resigned from the company's audit committee.

Although it did not file the 10-Q on time, Aviza did previously give an update to its financial position on April 28, saying that it would miss sales and profit guidance by some distance.

Having previously expected revenues of between $13 million and $18 million, the firm is now anticipating sales of between $9.5 million and $11 million.

The sudden decline will result in a net loss of at least $5 million, aside from restructuring costs of around $9.5 million. With cash assets of only $6.7 million listed on its balance sheet as of December 26, time appears to be running out.

The company was initially warned about a potential de-listing after its share price fell below the $1 threshold needed to qualify for a Nasdaq position in early 2008.

Since November last year, the equipment firm has been engaged in discussions with Needham & Company, to review the financial and strategic options now available.

Those options include merging with another company, a sale of company assets, or liquidation through a bankruptcy proceeding.

Aviza was unavailable for comment when compoundsemiconductor.net attempted to contact the company.

Connecting the Compound Semiconductor Industry

The 13th CS International conference builds on the strengths of its predecessors, with around 40 leaders from industry and academia delivering presentations that fall within five key themes: Ultrafast Communication; Making Headway with the MicroLED; Taking the Power from Silicon, New Vectors for the VCSEL, and Ultra-wide Bandgap Devices.

Delegates attending these sessions will gain insight into device technology, find out about the current status and the roadmap for the compound semiconductor industry, and discover the latest advances in tools and processes that will drive up fab yields and throughputs.

To discover our sponsorship and exhibition opportunities, contact us at:

Email: info@csinternational.net
Phone: +44 (0)24 7671 8970

To register your place as a delegate, visit: https://csinternational.net/register

Register
×
Search the news archive

To close this popup you can press escape or click the close icon.
×
Logo
×
Register - Step 1

You may choose to subscribe to the Compound Semiconductor Magazine, the Compound Semiconductor Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: