SAN JOSE, Calif., June 19 /PRNewswire/ -- GaSonics International
(Nasdaq: GSNX) today announced that it will take a one-time, pre-tax charge to
operations of approximately $4.5 million for the third fiscal quarter ended
June 30, 1997. This charge is related to delinquent receivables from
SubMicron Technologies PLC.
GaSonics' President and Chief Executive Officer Dave Toole stated, "To
date, we have been working with a number of companies to arrange payment for
equipment purchased by SubMicron. In a separate release today, this group
announced that we have not been able to reach a satisfactory agreement with
SubMicron. As a result, GaSonics is taking steps to recover its equipment and
will recognize a $4.5 million pre-tax charge to operations."
Founded in 1971, GaSonics International is a leading global supplier of
semiconductor processing equipment, including dry photoresist removal systems,
thin-film isotropic etchers, and vertical high-pressure oxidation systems.
GaSonics has more than 4,000 systems installed at customer sites around the
world, including more than 600 200-mm single-wafer downstream photoresist
removal tools.
Management would like to remind readers that any forward looking
statements in this press release are always subject to risks in this
ever-changing marketplace, including the cyclicality in the markets served by
the Company's customers, market acceptance of new and enhanced versions of the
Company's products, the mix of products sold, the timing of significant orders
and delays, deferrals and rescheduling of orders, the relationship of
operating expenses to revenue, and the proportion of direct sales and sales
through distributors. For a more detailed discussion of these and associated
risks, the Company refers the readers to documents filed with the Securities
and Exchange Commission (SEC) from time to time, specifically, the most recent
Form 10-K and Form 10-Q.
SOURCE GaSonics International
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CONTACT: Terry R. Gibson, Chief Financial Officer of GaSonics International, 408-570-7196; or investors, Cathy Roberts, or general information, Lynne Farris of Financial Relations Board, 415-986-1591, for GaSonics International
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