IRVINE, Calif., March 23 -- Citing continued slowness in the semiconductor equipment markets and lower sales due to the delayed introduction of new products, Newport Corp. anticipates net sales for its first quarter ending March 31 to be in the range of $29 million to $30 million, with net earnings of 10 to 12 cents per diluted share expected.
For the first quarter of 1998, Newport reported net earnings of 21 cents per diluted share on net sales of $33.7 million. Although there are signs that the semiconductor equipment market is improving, and we expect Newport's sales to this market to gain strength in the second half of 1999, activity in this market during the first quarter continued to be weak while our customers worked down existing inventories, said Robert Deuster, chairman and chief executive officer.