FSI International Pre-Announces Preliminary Third Quarter Fiscal 2011 Financial Results
June 01 2011 - 8:18AM
Business Wire
FSI International, Inc. (Nasdaq: FSII), a leading manufacturer
of surface conditioning equipment for microelectronics
manufacturing, today pre-announced its financial performance for
the third quarter of fiscal 2011 and reported the acceptance of an
ORION® system by a major semiconductor foundry.
“Industry conditions were weaker than anticipated in our third
fiscal quarter as macro-economic conditions and the repercussions
of the Japan earthquake and tsunami impacted several of our
customers,” said Don Mitchell, FSI chairman and chief executive
officer. “As a result of product order delays from several
customers during the quarter and the customer requested delay of
systems that were scheduled to be shipped in the quarter, we will
report orders and revenues below our previously provided
guidance.”
Fiscal 2011 Third Quarter
Third quarter orders are expected to be approximately $27-$29
million which is below our prior guidance that orders would
approach $40 million.* The company continues to make progress under
several product evaluation programs and anticipates that it will
close orders with these customers in the second half of calendar
2011. *
Sales for the third quarter of fiscal 2011 are expected to be
approximately $25-$27 million, compared to our prior guidance that
sales would exceed $30 million.* The third quarter sales shortfall
primarily related to ORION® system acceptance timing.
ORION® System Acceptance
Today’s acceptance of an ORION® single wafer processing
system by a major semiconductor foundry represents
completion of the requirements of a conditional sales order that
shipped in September 2010. The ORION® system demonstrated its
superior performance in nickel platinum (NiPt) silicide processing
for 40nm to 28nm front-end-of-line (FEOL) applications. Also, this
system will be used for FEOL post ash clean (PAC) and all-wet
photoresist stripping applications using the high temperature
ViPRTM process. Under this program, FSI successfully demonstrated
the unique ability of the ORION® system to completely remove
unreacted nickel platinum (NiPt) (10%).
FSI management will review its third quarter financial results
during a conference call scheduled for June 21, 2011.
FSI International, Inc. is a global supplier of surface
conditioning equipment, technology and support services for
microelectronics manufacturing. Using the company’s broad portfolio
of cleaning products, which include batch and single-wafer
platforms for immersion, spray, vapor and cryogenic aerosol
technologies, customers are able to achieve their process
performance flexibility and productivity goals. The company’s
support services programs provide product and process enhancements
to extend the life of installed FSI equipment, enabling worldwide
customers to realize a higher return on their capital investment.
For more information, visit FSI’s website at
http://www.fsi-intl.com.
“Safe Harbor” Statement Under the Private Securities
Litigation Reform Act of 1995
“Safe Harbor” Statement Under the Private Securities Litigation
Reform Act of 1995 This press release contains certain
“forward-looking” statements (*), including, but not limited to
expected orders, closing orders with customers currently evaluating
the company’s products and expected third quarter revenues. Except
for the historical information contained herein, the matters
discussed in this news release are forward-looking statements
involving risks and uncertainties, both known and unknown, that
could cause actual results to differ materially from those in such
forward-looking statements. Such risks and uncertainties include,
but are not limited to, changes in industry conditions; order
delays or cancellations; general economic conditions; changes in
customer capacity requirements and demand for microelectronics; the
extent of demand for the company’s products and its ability to meet
demand; global trade policies; worldwide economic and political
stability; the company’s successful execution of internal
performance plans; the cyclical nature of the company’s business;
volatility of the market for certain products; performance issues
with key suppliers and subcontractors; the level of new orders; the
timing and success of current and future product and process
development programs; the success of the company’s direct
distribution organization; legal proceedings; the potential
impairment of long-lived assets; and the potential adverse
financial impacts resulting from declines in the fair value and
liquidity of investments the company presently holds; the impact of
natural disasters on parts and consumables supply and demand for
products; as well as other factors listed herein or from time to
time in the company’s SEC reports, including our latest 10-K annual
report. The company assumes no duty to update the information in
this press release.
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