TABY, Sweden, Dec. 2, 2002 (PRIMEZONE) -- Micronic Laser Systems AB (Stockholm:MICR) (Other OTC:MICLF), a leading manufacturer of laser pattern generation equipment to semiconductor and display industries.
The weak semiconductor market continues to affect Micronic's customers in the mask making segment. As a consequence, Micronic has been notified of a further push out in the shipment of the company's second Sigma system, planned for delivery in Q4, 2002. The continued uncertainty in the semiconductor market gives Micronic poor visibility regarding shipments to this sector. Micronic's Board of Directors has therefore decided to withdraw the sales forecast for 2002. The earlier forecast was for sales to be in line with last year's sales (MSEK 699). Net sales for the period January - September 2002 amounted to MSEK 314.
Micronic has taken actions to reduce the company's cost base. Total cost for external consultants has been reduced. The number of employees is being reduced by 10 percent. The financial effect of these actions will start to show in the fourth quarter 2002. Restructuring charges amounting to approximately MSEK 7 will affect the quarter.
"Micronic is the undisputed leader for pattern generators in the display industry. We have also developed a unique product platform based on our proprietary SLM technology. This development has brought us to the forefront of the 10 times larger semiconductor pattern generator market. The first product of this new technology, the Sigma7100, has been shipped. The next product, Sigma7300, is now being launched at Semicon Japan. The Sigma7300 meets the state-of-the art requirements for the 90 nanometer design node and is even capable of addressing critical photomask layers for the 65 nanometer node," said Sven Lofquist, president & CEO of Micronic Laser Systems and continued: "We have for several years, even in the downturn, made large investments in R&D to secure a successful introduction of commercial products based on the SLM technology and position the Sigma products in the forefront of the market. Thus, we have now reached the point where we can begin to reduce the R&D tempo for pattern generators without jeopardizing the investment. As a consequence of the continued weak market, we are also executing necessary restructuring of the company to match the current environment."
About Micronic Laser Systems AB
Micronic Laser Systems is a Swedish high-tech company engaged in the development, manufacture and marketing of a series of extremely accurate laser pattern generators for the production of photomasks. The technology involved is known as microlithography. Micronic's systems are used by the world's leading electronics companies in the manufacture of television and computer displays, semiconductor circuits and semiconductor packaging components. Micronic is located in Taby, north of Stockholm and at present has subsidiaries in the United States, Japan and Taiwan. Micronic maintains a web site at: http://www.micronic.se
Company contact: Agency contact: Sven Lofquist Dylan McGrath President & CEO The Loomis Group, Inc. Tel: +46 8 638 52 00 Tel: +1 415 882 9494 sven.lofquist@micronic.se dylan@loomisgroup.com
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