AXT's substrate revenue grows slightly, LED business performs well
Revenue from the substrate division, which represents 70% of total revenue for the first quarter of 2002, was $11.8 million, compared with $11.5 million in the fourth quarter of 2001 and with $38.8 million in the first quarter of 2001.
Revenue from the opto-electronics division (30% of total revenue) was $5.0 million, compared with $3.9 million in the fourth quarter of 2001 and with $1.3 million in the first quarter of 2001.
The company anticipates that revenue in the second quarter will increase 5-8% compared with the first quarter. Revenue growth is expected to come from both LED and substrate products.
The company experienced a net loss for the first quarter of 2002 of $3.6 million, or $0.16 per diluted share compared with a net loss of $13.8 million, or $0.62 per diluted share for the fourth quarter of 2001, and with net income of $5.0 million, or $0.22 per diluted share for the first quarter of 2001.
"Our financial results for the first quarter demonstrate that the difficult business conditions of 2001 are beginning to improve, said Morris Young, president and CEO. "We are particularly pleased by the growth of our LED division during the first quarter, which posted a revenue increase of 35% and, for the first time, a positive gross margin.
"Growth in our substrate division is coming primarily from the wireless and LED device segments. We believe that a number of customers in these segments have worked through their excess inventory and are beginning to increase their orders with us."
Christopher Bunn
Director, Investor Relations
Tel. +1 510 438 4782
E-mail: Chris.Bunn@axt.com
Web site: http://www.axt.com
