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Applied Films Corporation Reports Continued Profitability For the Second Fiscal Quarter 2002.

Article Excerpt
LONGMONT, Colo. -- Applied Films Corporation , a leading supplier of thin film deposition equipment to the flat panel display (FPD), architectural, automotive and solar glass, and the consumer products packaging and electronics industries, today reported its results for the second quarter of fiscal 2002, ended December 29, 2001. In addition to GAAP earnings and GAAP earnings per share, Applied Films has also included cash earnings and cash earnings per share, which are earnings excluding the effect of amortization of intangible assets related to the acquisition of the Large Area Coatings division of Unaxis (LAC). GAAP earnings include the effect of amortization of intangible assets.

Second Quarter Fiscal 2002 Results

Net revenues for the second quarter of fiscal 2002 were $39.2 million versus $10.3 million for the second quarter of fiscal 2001, representing an increase of 281%. In the second fiscal quarter, 93% of our revenue was derived from thin film deposition equipment compared to 35% for the second fiscal quarter of last year. Coated glass revenues were 59% lower in the second quarter of fiscal 2002 compared to the second fiscal quarter of 2001 due to continued weakness in the cellular phone market.

Cash earnings were ahead of analyst consensus estimates for the second quarter of fiscal 2002 at $1.3 million or $0.14 per fully diluted common share, compared to $1.5 million or $0.23 per fully diluted common share for the comparable period in the last fiscal year.

The net income on a GAAP basis for the second quarter of fiscal 2002 was $751,000, or $0.07 per fully diluted common share, compared to a net income of $1.5 million or $0.23 per fully diluted common share, for the second quarter of fiscal 2001. The net income reported under GAAP, for the second quarter of fiscal 2002, includes the after tax effect of $839,000...