Tuesday, Cymer Inc. (CYMI) reported net loss for the first quarter compared to net income reported in the same quarter last year, on lower revenue.
Cymer recorded a net loss of $11.5 million or $0.39 per share compared to net income of $12.9 million or $0.41 per share in the same quarter last year.
Six analysts polled by Thomson Reuters expected the company to report a loss of $0.22 per share for the quarter.
Revenue for the quarter declined to $56.5 million from $124.0 million in the comparable quarter last year. Analysts expected the company to report revenue of $55.65 million for the quarter.
Operating expenses of $38.1 million for the first quarter of 2009 included $8.4 million of costs associated with reductions in workforce.
The company added that the cost of revenues for the quarter included $3.2 million of idle capacity charges associated with unabsorbed manufacturing costs.
The operating loss totaled $16.5 million and the effective tax rate was around 35%. A foreign currency exchange loss of $1.9 million was incurred primarily associated with volatility in the Korean Won against the U.S. Dollar.
For the second quarter, the company expects revenue to be approximately equivalent to the revenue reported for the first quarter 2009. Analysts currently anticipate the company to report revenue of $56.12 million for the quarter.
The company reported that it ended the quarter with a Deep Ultraviolet or DUV backlog of around $25.5 million.
The company also provided the following guidance for the second quarter of 2009, and anticipates revenue to be approximately equivalent to the revenue reported for the first quarter 2009.
CYMI closed its regular trading Tuesday at $26.69, up $0.44 or 1.68% on the Nasdaq. In the after-hours, the shares lost $1.24 or 4.65%.
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