A little more than a month after announcing layoffs to 16 percent of its workforce, Cymer reported a loss that exceeded analysts’ expectations.
Cymer, which produces ultraviolet light sources used in manufacturing semiconductors, said April 21 it had a net loss of $11.5 million or 39 cents per diluted share for the first quarter. That compares to net income of $3.98 million or 13 cents per diluted share the previous quarter. Analysts polled by Thomson Reuters expected the company to report a net loss of 22 cents per diluted share.
In the first quarter of 2008, the company reported net income of $12.9 million or 41 cents per diluted share.
Revenue last quarter was $56.5 million, compared to $100.5 million the previous quarter and $124 million in the first quarter of 2008. In guidance to shareholders, Cymer said it expected revenues to remain flat in the current quarter.
On March 12, the company said it would lay off 130 employees and take a $3.7 million charge, primarily for severance on the quarter. That follows announcements in January that 100 workers would be let go and in November that 85 people would receive pink slips.
Cymer CEO Bob Akins touted the company’s “swift and decisive actions” that reduced costs and improved its market position.
At the end of the quarter, Cymer had $139.3 million in cash and equivalents. The company said it had reduced inventories in response to reduced global demand for its light sources.
Cymer said shipments will be even lower in the second quarter, but that the company would offset new shipments with revenue from its installed base product and reduced costs.
Cymer stock was trading higher April 22 at more than $27 a share, which was up significantly from $19.89 per share after the March 12 layoff announcement. In the past 52 weeks, the share price ranged from $16.65 to $32.34.
, Ned Randolph