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Financials: Trikon, Tegal and Multilink

Semiconductor processing equipment manufacturers Trikon and Tegal have reported widening losses as their customers, chip manufacturers like Multilink, continue to see weak demand for their devices.
Trikon Technologies

Trikon Technologies has reported a sharp drop in revenues for its third quarter ended September 30, 2002. Revenues for the quarter were $4.5 million, down 77% from $19.7 million for the year ago quarter and down 47% from $8.5 million for the second quarter of 2002.

Operating loss for the quarter was $7.8 million compared to operating income of $1.2 million for the third quarter of 2001. Operating loss for the nine months ended September 30, 2002 was $17.8 million compared to operating income of $15.3 million in the nine months ended September 30, 2001.

"Trikon s balance sheet remains strong with $43.9 million in cash and cash equivalents," said Nigel Wheeler, president and CEO. "This enables us to aggressively support research and development spending that increased from $2.5 million in the second quarter to $3.2 million this quarter and is expected to continue at between $2.8 to $2.9 million in future quarters. This high level of expenditure reflects our commitment to our advanced technologies."

Wheeler added that net new order levels increased by 38% sequentially taking the book to bill ratio to 2.25:1. “These order and revenue levels remain challenging as customers defer planned capacity expansions and new technology buys,” he said

Tegal Corporation

Tegal Corporation reported a net loss of $4.8 million on revenues of $2.7 million for its second quarter ended 30 September, 2002. This compares with a net loss of $2.5 million on sales of $4.4 million in the year ago quarter. The loss included a non-cash charge of $1.9 million related to a write-down of excess inventory. Without this charge, the net loss would have been $2.9 million.

Tegal has also announced that it has completed additional cost reductions as part of an initiative begun earlier this year. The company continues to focus its resources on expanding its recognized market and technology leadership position to a band of adjacent markets that are central to certain etch and deposition processes related to new materials. It is continuing the process of sizing the business to meet those opportunities.

"We are making measurable progress to ensure that Tegal extends its leadership in new materials etch and deposition - for the challenging environment the industry faces at present, and, more importantly, for the growth ramp that analysts project to come," said Mr. Michael Parodi, Tegal s chairman and CEO.

"We are confident in the success of our focus on major customers and in their intensified efforts to build their businesses. We also are confident that, at the same time, our cost-reduction actions reflect our recognition of the current realities of the semiconductor equipment-related markets.”

Multilink Technology

Multilink Technology has reported revenues for the third quarter ended September 30, 2002, of $1.8 million, compared with $5.0 million for the second quarter of 2002 and $37.6 million in the third quarter of 2001. The net loss for the third quarter was $39.3 million, compared with a net loss of $44.0 million in the second quarter and net income of $1.4 million in the third quarter of 2001.

Total revenues for the nine months ended September 30, 2002 were $16.8 million, compared with $103.8 million for the nine months ended September 30, 2001. The net loss for the nine months ended September 30, 2002 was $93.8 million compared with a net loss of $3.9 million.

"While we are disappointed by the limited size of our top line for the quarter, we are encouraged by the significant number of tier-one customer engagements and design wins for our mixed signal and driver products in the Asia Pacific region," stated Richard Nottenburg, Multilink s chairman, president and CEO.

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