Financial results from Anadigics, ATMI, Coherent and Tegal

Anadigics reported net sales of $21.0 million and a loss of 43 cents per share (excluding special charges and amortization of intangibles) for the fourth quarter ended December 31, 2001. Revenues increased 29% sequentially from the September 2001 quarter, while net sales in the fourth quarter of 2000 were $30.7 million.
Wireless product line revenues in the December 2001 quarter were $13.9 million, up a record 128% sequentially from the September 2001 quarter and double the final quarter of 2000. Broadband revenues were $7.1 million, primarily reflecting lower orders for infrastructure ICs compared to the prior quarter.
In the December 2001 quarter, special charges of $10.7 million were recorded, including non-cash related charges of $9.5 million, resulting from the write-down of impaired assets and certain equity investments. Including these special charges and amortization of intangibles, the net loss for the fourth quarter was $24.7 million or 81 cents per share.
"We are very pleased to report a 29% sequential increase in our revenues and a sequential improvement of nine cents per share in the fourth quarter of 2001, remarked Bami Bastani, President and CEO. "Our efforts to grow our wireless business while controlling costs has positioned Anadigics for a recovery in 2002. Additionally, we are heartened to see signs of a recovery in the cable and broadcast markets and are fully booked to meet our first quarter cable revenue target.
Bastani reported that Anadigics is 100% booked to meet a first quarter revenue forecast of approximately $17.5 million. Wireless revenues of $8.0 million are expected, a greater than 25% increase year-on-year, reflecting the Company s new CDMA customer base. Broadband revenues are estimated at $9.5 million.

ATMI

ATMI announced revenues of $41.4 million for the fourth quarter of 2001, a drop of 52% from $86.8 million in the December 2000 quarter, last year, but an increase of about 4% sequentially from $39.7 million in the September 2001 quarter. The net loss for the December 2001 quarter was $4.6 million, or $0.15 per share. This contrasts with net income of $10.6 million, or $0.35 per share, for the fourth quarter of 2000.
ATMI s annual revenues for 2001 were $213.5 million, down 29%, from $300.0 million in 2000. The net loss of $9.7 million, or $0.33 per share, contrasts with last year s net income of $43.7 million, or $1.44 per share.
Dan Sharkey, CFO, said, "During the fourth quarter, our Materials business was up 4% sequentially to $22.7 million from $21.8 million in the third quarter. Our Technologies product line revenue increased 4.5% sequentially to $18.7 million in the fourth quarter."
Commenting on recent business activity and the prospects for 2002, Gene Banucci, CEO, said, "ATMI experienced a pick-up in business at the end of the fourth quarter and we appear to be on course for a marginally improved first quarter. In large part, this is being driven by an increase in wafer starts in Taiwan and the U.S. that is selectively encouraging. It certainly appears that our customers have depleted inventories to the point where they need to use more capacity. However, this is no V-shaped recovery so far, since caution is the word of the day among our customers. Therefore, we are standing by our expectations of a slow first half, with a more robust pick-up in the second half of 2002."

Tegal

In the December 2001 quarter, Tegal reported a net loss of $2.5 million, or $0.20 per share, versus net income of $7.6 million, or $0.60 per diluted share, in the same period last year. Revenues for December 2001 quarter totaled $2.4 million compared with $11.7 million a year earlier. Current revenues reflect lower shipments and delayed systems sign-off.
"From an operating viewpoint, Tegal s cost reduction program, announced during the first quarter of fiscal 2002, is saving the company more than $6.0 million on an annualized basis," said Michael Parodi, chairman, president and CEO. "Our cost containment efforts are designed to more closely align operating expenses with revenues. Many of our current customers and prospects remain very engaged in mutually beneficial development activities. However, they continue to delay major close-in capital equipment purchasing decisions. Tegal is taking appropriate action to manage its expenses commensurate with the levels of revenues anticipated.
Parodi added that Tegal expects that revenues in the March 2002 quarter will continue to be negatively impacted by the slowness in the semiconductor industry.

Coherent

Coherent reported sales of $96.6 million and income from continuing operations of $2.7 million ($0.09 per diluted share), which represent decreases of 13.7% and 72.1%, respectively, from the same quarter last year. The Electro-Optics segment had sales of $73.9 million for the December 2001 quarter, down 11% compared to the same quarter last year. The Lambda Physik segment sales of $22.7 million represented a decrease of 22%.
Bernard Couillaud, Coherent s President and CEO, commented, "Our customers, as a consequence of their experiences during the past year, have become more cautious in their ordering patterns. Despite this, we were pleased to experience what appears to be a stabilization of our incoming order rate and encouraged by the fact that orders went up after three consecutive quarters of decline.
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