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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
05/19/201610:39:37Current Report Filing (8-k)
05/19/201606:35:15Specialized Disclosure Report (sd)
05/18/201616:32:58Statement of Changes in Beneficial Ownership (4)
05/18/201615:26:00Google Isn't Playing Games With New Chip
05/18/201611:10:00ARM's $350 Million Deal Builds Future Beyond Smartphones
05/17/201608:00:00Intel Security Reveals Security Risks Associated with Unsafe...
05/16/201608:45:00Company Lands Protection Contract for $900M Major Brand as Vulnerabilities...
05/13/201615:23:00ADDING MULTIMEDIA 18-Year-Old Microbiologist Develops Fuel Cells...
05/13/201614:53:00Vancouver High School Student Wins Top Prize at Intel International...
05/13/201614:30:0018-Year-Old Microbiologist Develops Fuel Cells that Convert Organic...
05/13/201606:13:14Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
05/13/201606:04:06Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
05/12/201618:10:00AMD Names John Caldwell Chairman
05/12/201617:56:00AMD Names John Caldwell Chairman
05/12/201609:11:37Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
05/10/201609:50:00HP Launches Group to Invest in Startups
05/10/201609:29:00HP Launches Group to Invest in Startups
05/10/201605:35:00Correction to Tsinghua Unigroup Buying Imagination Stake Story
05/10/201603:03:00Upheaval at Chip Firms Complicates the Hunt For New Finance Chiefs...
05/09/201618:58:00CFOs Are Tough to Land in the Semiconductor Sector

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