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Applied Films: lower outlook for 1Q fiscal 2005

Applied Films Corporation has announced revised guidance for the 1Q of fiscal year 2005 ended 25 September 2004.
The company said that it expects to report lower than anticipated results for the firs…

Applied Films Corporation has announced revised guidance for the 1Q of fiscal year 2005 ended 25 September 2004. The company said that it expects to report lower than anticipated results for the first fiscal quarter as a result of bookings received late in the quarter. Gross margins and operating expenses are expected to come in line with guidance given in July 2004. Due to the softness in the TFT LCD market, new bookings were received late in the quarter, resulting in lower than expected revenues for the quarter. Applied Films expects to earn, on a GAAP basis, USD 0.00 to USD 0.02 per fully diluted share on USD 40 – USD 42 in million revenues for the 1Q, compared to previous guidance, on a GAAP basis, of USD 0.10 – USD 0.13 per fully diluted share on USD 48 – USD 50 million in revenues. The company“s GAAP EPS corresponds to First Call“s definition of GPS. “The shortfall in revenue and earnings related to the timing of our bookings this quarter,” said Thomas T. Edman, president and chief executive officer of Applied Films. “We anticipate that our bookings for the 1Q will be in the range of USD 30 – 32 million which is lower than expected, due to delayed orders resulting from the softness in the TFT LCD market. In addition, the orders received were too late in the quarter to begin working on these projects and record any revenue from them.”

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