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Photon Dynamics Reports First Quarter 2003 Results, Announces Departure from PCBA Inspection Market
January 31, 2003 |Estimated reading time: 1 minute
San Jose, Calif. -- Photon Dynamics Inc. has reported financial results for the first quarter of fiscal 2003, ending December 31, 2002.
Revenue for the first quarter of fiscal 2003 was $21.7 million, an increase of 53 percent compared with $14.2 million for the first quarter of fiscal 2002. The net loss for the current quarter was $25 million, or $1.55 per share, compared to a net loss of $3.4 million, or 24 cents per share, for the same quarter a year ago.
The above results included an impairment charge for goodwill and long-lived assets of $20.8 million associated with the company's printed circuit board assembly inspection business, as the company has decided to exit this market. The business segment will be treated as a discontinued operation beginning in Q2, and a write-down of goodwill, intangible and fixed assets has been taken in Q1 of fiscal 2003. With the forecasted growth in the flat panel display industry over the next several years, and the extended downturn projected in the PCBA and overall electronics market, Photon Dynamics has concluded that the optimal investment opportunities and returns on investment are in its core flat panel display business.
Photon Dynamics Inc. is a leading global supplier of integrated yield management solutions for the flat panel display market. For more information, visit www.photondynamics.com.