IMS optimistic after Q1 results

An Integrated Measurement Systems (IMS) product story

Edited by the Electronicstalk editorial team May 17, 2001

Integrated Measurement Systems has announced results for its first quarter ended 31st March 2001.

Integrated Measurement Systems has announced results for its first quarter ended 31st March 2001.

Net sales for the first quarter were $18.5 million, an 18% increase over the $15.7 million reported for the first quarter of 2000.

Net income for the first quarter of 2001 decreased slightly to $1.9 million or $0.22 per share, compared with $2.0 million or $0.23 per share recorded in the comparable period a year ago before the cumulative effect of an accounting change to implement SAB 101.

"Given the current economic climate, we are pleased with the results for this first quarter of 2001", said Keith Barnes, Chairman and CEO.

"Each of our business units performed at or better than plan and all were profitable.

In particular, our Virtual Test software business nearly doubled its revenues to $1.6 million from last year's first quarter and was profitable for the first time under the current business model, evidence our strategy for this business is beginning to pay-off.

Additionally, we delivered our high-speed Vanguard logic validation system to two new customers during the quarter, one in the USA and one in Japan.

Mixed-signal and older-generation logic systems revenues of $5.7 million, memory systems revenues of $2.0 million and service revenues of $2.6 million all contributed nicely to the quarter's results.

Strong contributions from all product lines makes us a stronger company today than we were through the last down-cycle".

"These are uncertain times for semiconductor capital equipment suppliers", Barnes added.

"Although we are currently working a robust funnel of customers who have indicated they want to buy our equipment, economic pressures on these customers are causing the timing of orders to be quite unpredictable.

We believe that the guidance we provided last quarter is still achievable.

However, as you can see from the following business outlook, this uncertainty has forced us to increase the spread of possible outcomes".