IQE reports financial results, remains optimistic for an upturn in business
The first quarter operating loss before goodwill amortisation and operating exceptional items was £4.98 million ($7.27 million). This compares with a loss of £3.80 million in the previous quarter and a profit of £1.26 million in the first quarter of 2001.
Drew Nelson, IQE’s President and CEO, said “Although the markets in which we operate weakened still further in the quarter and trading remained very difficult, we were able to successfully conserve our cash resources and strengthen our position as a technology leader in our industry.”
IQE has recently entered into a strategic partnership with AmberWave Systems on strained silicon technology and its epiwafers were also used by the University of California at Santa Barbara to achieve record-breaking performance for InP HBTs.
”We are now beginning to see some improvements in trading and, in line with previous guidance, expect H1 to be the bottom of the current downturn for us,” added Nelson.
