AXT, Inc. Announces Preliminary Results for Q4 2008
January 05 2009 - 9:30AM
Marketwired
AXT, Inc. (NASDAQ: AXTI), a leading manufacturer of compound
semiconductor substrates, today announced that it expects to report
total revenues between $15.5 million and $15.9 million for the
quarter ended December 31, 2008. These results are preliminary,
subject to the completion of year-end closing processes. The
expected decrease in revenue from its fourth quarter guidance of
revenues between $21.4 million and $21.9 million is primarily
attributable to lower than expected demand as a result of weak
economic conditions. As a result of the decline in revenue, AXT
also expects that it will report financial results for the fourth
quarter and fiscal year end below the range of previous guidance it
provided on November 3, 2008 for net income (loss) per diluted
share.
"Customer demand for our products deteriorated more than
anticipated in November and December as a result of a weakened
demand environment," said Phil Yin, chairman and CEO. "Further, we
experienced some customer requests for push-outs of orders that had
been scheduled for fourth quarter deliveries. We accepted these
requests in order to accelerate our customers' efforts to reduce
their inventory levels going into 2009. Although we are
disappointed with our fourth quarter revenue expectation in this
difficult economic environment, we remain confident in our market
position and the continued need for our products to serve the
advancing technology requirements in the wireless and photovoltaic
markets."
The company will announce its full financial results for the
fourth quarter 2008 in a press release immediately following the
close of market on February 25, 2009. It will also host a
conference call to discuss these results on February 25, 2009 at
1:30 p.m. PST. The conference call can be accessed at (719)
325-4806 (passcode 3616784). The call will also be simulcast on the
Internet at www.axt.com. Replays will be available at (719)
457-0820 (passcode 3616784) until March 4, 2009. Financial and
statistical information to be discussed in the call will be
available on the company's website immediately prior to
commencement of the call. Additional investor information can be
accessed at http://www.axt.com or by calling the company's Investor
Relations Department at (510) 683-5900.
About AXT, Inc.
AXT designs, develops, manufactures and distributes
high-performance compound and single element semiconductor
substrates comprising gallium arsenide (GaAs), indium phosphide
(InP) and germanium (Ge) through its manufacturing facilities in
Beijing, China. In addition, AXT maintains its sales,
administration and customer service functions at its headquarters
in Fremont, California. The company's substrate products are used
primarily in lighting display applications, wireless
communications, and fiber optic communications. Its vertical
gradient freeze (VGF) technique for manufacturing semiconductor
substrates provides significant benefits over other methods and
enabled AXT to become a leading manufacturer of such substrates,
particularly in optoelectronics applications. AXT has manufacturing
facilities in China and invests in five joint ventures producing
raw materials. For more information, see AXT's website at
http://www.axt.com.
Safe Harbor Statement
The foregoing paragraphs contain forward-looking statements
within the meaning of the Federal Securities laws, including
statements regarding our outlook for the fourth quarter of 2008
concerning its preliminary fourth quarter 2008 financial results.
These forward-looking statements are based upon specific
assumptions that are subject to the company's final completion of
its customary review processes for the quarter, which could cause
actual results of the company to differ materially from the
preliminary results set forth above. Risks to the company's
business, including, overall conditions in the markets in which the
company competes; market acceptance and demand for the company's
products; the impact of the factory closures or other delays by our
customers on the timing of sales of products; and other factors are
set forth in the company's annual report on Form 10-K and other
filings made with the Securities and Exchange Commission.
Contacts: Wilson W. Cheung Chief Financial Officer (510)
683-5900 Leslie Green Green Communications Consulting, LLC (650)
312-9060
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