 |
 |
||||||
[September 2002]
Increased Revenues at CoorsTek
CoorsTek Inc (Golden, CO, USA) - which uses technical ceramics, precision machined metals, high performance plastics and ultra-pure quartz for various engineered solutions - increased second quarter 2002 revenue by 21.1% over the first quarter of 2002 to US$90.2 million. For the quarter ended 30 June 2001, the company's revenue totalled US$104.1 million.CoorsTek recorded a net loss of US$2.3 million for Q2 2002, or US$0.20 per share, compared with a net loss of US$5.5 million, or US$0.52 per share, in the corresponding 2001 period.
For Q2 2002, the company reported a sequential improvement in gross margin to 15.1% from 9.7% in Q1 2002. Higher facility utilisation contributed to the increased margins. Gross margin equalled 16.1% for Q2 2001.
During the second quarter, CoorsTek reported significant progress made in its pursuit of additional integrated assembly programmes. At the end of Q2, 36 programmes were in the alpha build or production stages, versus 32 at the end of Q1 and 28 programmes at the end of 2001.
On 14 June 2002, the company announced the signing of a new contract with a major semiconductor capital equipment OEM to produce modules for its photostabilisation equipment. Additionally, it announced that it had finalised its contract with InVision Technologies. Production and shipping of the first Federal Aviation Administration (FAA) approved InVision systems occurred during the quarter and full-scale production is expected in the third quarter. In the second quarter, the InVision business accounted for US$2.1 million of the Advanced Materials segment revenue.
As part of its low cost manufacturing strategy - and to better serve the needs of the growing Asian market - CoorsTek began work during Q2 on a major expansion project at its Korean facility. By increasing that facility's square footage by more than 50%, the new addition will allow the company to migrate both capacity and capabilities to a low-cost manufacturing region. In addition to its historical role of serving the semiconductor capital equipment market with critical ceramic components, the expanded Korean facility will now have metal machining capabilities and a class 100 cleanroom for subassembly work.
ENDS