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[May 2002]
CoorsTek Announces Q1 Results
CoorsTek Inc (Golden, CO, USA) - which designs and manufactures components and assemblies using technical ceramics, precision machined metals, engineering plastics and high purity fused quartz - increased its revenue by 6.3% for the first quarter of 2002 to US$74.5 million and turned the gross margin around from a negative 18.4% to a positive 9.7%.The company succeeded in reducing its selling, general and administrative expenses (SG&A) to US$10.4 million in Q1 2002 from US$16 million in Q1 2001 and US$11.4 million in Q4 2001. The decrease was largely attributed to expense reduction measures implemented during 2001. Beginning in Q1 2002, CoorsTek began recording R&D expenses as a separate line item, rather than as part of SG&A. R&D amounted to US$2.3 million as against US$3 million last time.
The company is projecting sequential revenue growth of 8%-12% in the second quarter of 2002 and gross margins falling in the 12%-14% range. It is also expecting a slight improvement in SG&A as a percentage of sales, and R&D expenses similar to the first quarter 2002.
ENDS