Novellus Systems Reports Second Quarter Results

SAN JOSE, Calif., July 14 /PRNewswire-FirstCall/ -- Novellus Systems, Inc. (Nasdaq: NVLS) today reported net sales and results of operations for its second quarter ended June 28, 2008. Net sales for the second quarter were $257.7 million, down $57.0 million or 18.1 percent from first quarter 2008 net sales of $314.7 million, and down $158.6 million or 38.1 percent from second quarter 2007 net sales of $416.3 million. Net loss for the second quarter was $2.4 million, or $0.02 per share, down $17.9 million from first quarter 2008 net income of $15.5 million, and down $59.7 million from second quarter 2007 net income of $57.3 million. The second quarter 2008 results of operations include $13.6 million of impairment and severance charges as a result of strategic decisions to focus on our core products and reduce our cost... [read full story]