Trikon Announces Record Results and Shipments for First Fiscal Quarter

NEWPORT, Wales, United Kingdom, May 14 -- Trikon Technologies Inc., a provider of semiconductor processing equipment, reported results for its first fiscal quarter ended March 31, 2001. The results bear out comments made by Nigel Wheeler, president and CEO of the company, who said in February that despite the obvious uncertainty in the general economy, the stable backlog of orders from a strong 2000 would provide a degree of stability to the company's revenues in the first half of 2001.
    Revenues for the quarter were a record $37.6 million, an increase of 109 percent compared with $18.0 million for the first quarter of 2000 and an increase of 10.5 percent compared with $34.1 million for the fourth quarter of 2000.
    Operating income for the quarter was $9.0 million, an increase of 378 percent compared with $1.9 million for the first quarter of 2000 and an increase of 8.6 percent compared with $8.3 million in the prior quarter and is a record quarterly operating income from product sales.
    Net income applicable to common shares for the quarter was $6.7 million or $0.56 per share including a tax charge of $2.1 million or $0.18 per share. This is an increase of 323 percent over net income for the first quarter 2000 (before cumulative effect of SEC Staff Accounting Bulletin 101) compared with $1.6 million (or $0.10 per share). Net income applicable to common shares of $7.7 million or $0.65 per share in the prior quarter was substantially untaxed as a result of carry forward of net operating losses. All per-share amounts are stated on a fully diluted basis.
    Shipments for the quarter were a record $42.6 million, an increase of 129 percent compared with $18.6 million for the first quarter of 2000 and an increase of 17 percent compared with the $36.4 million for the fourth quarter of 2000. Deferred revenue as a result of the application of SEC Staff Accounting Bulletin 101 was $13.4 million at the end of the first quarter compared with $9.3 million at 31 December 2000.