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Novellus Systems 1Q Net Down 54% As Revenue Falls

DOW JONES NEWSWIRES Novellus Systems Inc.'s (NVLS) first-quarter earnings fell 54% as revenue continued to decline amid weakness in the semiconductor industry. Novellus is being acquired by Lam Research Corp. (LRCX) in a stock deal that values Novellus at about $3.3 billion. Both companies make products that help design and wire chips for specific functions. Novellus mainly supplies technology that deposits layers of film on semiconductors. Lam focuses on an adjacent step in the manufacturing process--etching the film to create features that define functions. Customers include large chip makers like Intel Corp. (INTC) and Samsung Electronics Co. (005930.SE, SSNHY). Novellus grew more cautious late last year as renewed concerns about the economy caused customers to postpone orders, but shipments and bookings rose sequentially in the latest period. Novellus reported a profit of $44.4 million, or 59 cents a share, down from $96.4 million, or $1.04 a share, a year earlier. Excluding merger-related costs and other impacts, per-share earnings were 61 cents. Revenue slipped 21% to $326.7 million. In February, the company had forecast earnings of 50 cents to 65 cents a share on revenue between $300 million and $330 million. Gross margin narrowed to 47.3% from 50.4%. Shipments rose to $319.2 million, a 15% increase from the prior quarter. Bookings were $361.7 million, up 26% sequentially. Shares closed at $47.03 Wednesday and were unchanged after hours. The stock is up 14% since the start of the year. -By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com

Stock News for Intel (INTC)
DateTimeHeadline
07/13/201406:18:25MARKET SNAPSHOT: Tech, Bank Earnings To Test Economic Recovery
07/11/201410:47:50TECH STOCKS: Amazon Rallies; Microsoft, IBM Slip
07/10/201416:28:12TECH STOCKS: Apple, LinkedIn Lead Tech Retreat
07/10/201412:04:35TECH STOCKS: Apple, Yahoo Lead Tech Retreat
07/09/201417:40:31IBM to Spend $3 Billion on Chip Research Over Five Years
07/08/201400:30:50New Tech Group Joins Crowded Field to Set Rules for 'Internet...
07/07/201416:41:44TECH STOCKS: Apple, Applied Materials Rise; Twitter, Facebook...
07/06/201406:18:12MARKET SNAPSHOT: Stock Valuations Riding On Stellar Earnings...
06/27/201410:30:04Imagination Technologies Slumps After Intel Sells $87.4 Million...
06/25/201419:03:45Intel Capital Invests In New Zealand Technology Company Performance...
06/25/201416:45:11TECH STOCKS: Google, Zulily Lead Tech Gains
06/23/201412:46:11Firms Look to Loosen Intel's Supercomputing Grip
06/13/201417:14:34TECH STOCKS: Intel, OpenTable Lead Tech Sector Higher
06/13/201409:13:11U.S. Stock Futures Hold Losses
06/12/201419:05:42Intel Raises Revenue Outlook, Cites Business PC Demand--4th Update
06/12/201417:28:51Intel Raises Revenue Outlook, Cites Business PC Demand--3rd Update
06/12/201417:17:40Intel Raises Revenue Outlook, Cites Business PC Demand--2nd Update
06/12/201417:03:23Intel Raises Revenue Outlook, Cites Business PC Demand--Update
06/12/201410:13:31EU Court Upholds $1.43 Billion Fine Against Intel -- Update
06/12/201407:03:18EU Court Upholds Record $1.43 Billion Fine Against Intel

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