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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.

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