Novellus Systems Inc. (NVLS) announced that its third-quarter net loss was $4.0 million or $0.04 per share, compared to net income of $1.4 million or $0.01 per share in the year ago quarter.
The company said that third quarter 2009 results of operations include $1.2 million in charges related to the consolidation of manufacturing facilities in our Tualatin, Oregon facility and $1.8 million in additional charges primarily due to reductions in workforce. These charges are offset by several discrete tax items with a net aggregate tax benefit of $1.0 million for the third quarter of 2009.
Excluding items, net loss for the quarter was $2.5 million, or $0.03 per share, compared to net income of $2.8 million or $0.03 per share in the year ago quarter.
Net sales for the third quarter were $176.9 million, down 29.3% from $250.1 million in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.04 per share on revenues of $172.43 million for the quarter. Analysts' estimates typically exclude special items.
For comments and feedback: editorial@rttnews.com