Applied Films Corporation, a leading supplier of coated glass and thin film deposition equipment to the flat panel display (FPD), architectural, automotive and solar glass, and the consumer products p…
Applied Films Corporation, a leading supplier of coated glass and thin film deposition equipment to the flat panel display (FPD), architectural, automotive and solar glass, and the consumer products packaging and electronics industries, recently reported its results for the fourth quarter of fiscal 2002, ended 29 June 2002. Net revenues for the fourth quarter of fiscal 2002 were US$ 31.0 million versus US$ 40.5 million for the fourth quarter of fiscal 2001, representing a decrease of 23%. In the fourth quarter of fiscal 2002, 89% of our revenue was derived from thin film deposition equipment compared to 87% for the fourth quarter of fiscal 2001. Coated glass revenues were 30% lower in the fourth quarter of fiscal 2002 compared to the fourth quarter of fiscal 2001. The net loss for the fourth quarter of fiscal 2002 was US$ 1.1 million, or $(0.10) per fully diluted common share, compared to a net loss of $1.2 million or $(0.21) per fully diluted common share for the fourth quarter of fiscal 2001. The net loss for the fourth quarter of fiscal years 2001 and 2002 includes $839,000 (pre-tax) for the amortization of intangibles related to the Large Area Coatings Division of Unaxis (LAC) acquisition, and for the three months ended June 30, 2001, the net loss also includes $1.7 million for the amortization of goodwill. The Company adopted SFAS No. 142, “Goodwill and Other Intangible Assets,” on July 1, 2001 and upon adoption, discontinued the amortization of goodwill.