Lam, Legato exceed earnings estimates
Lam Research (Nasdaq: LRCX) beat the consensus analyst forecast by a penny in the fourth quarter
After market close Wednesday, the vendor of chip wafer processing equipment and services reported fiscal fourth quarter net income of $61.7 million, or 45 cents per share, excluding one-time events. First Call's survey of 21 analysts predicted a profit of 44 cents per share for the quarter ended June 25.
Including a gain related to a reversal of previously recorded restructuring charges, Lam earned $76.4 million, or 55 cents per share.
Fourth quarter revenue increased to $374.2 million, up 15 percent sequentially and 77 percent year-over-year. Gross margin came in at 45.2 percent.
"The company's performance this quarter reflects both the strong demand for semiconductor capital equipment as well as our increased penetration in the etch and CMP markets," said James W. Bagley, chairman and CEO.
New orders in June increased more than 10 percent from the third quarter, with Europe and North America each generating 29 percent of them, the company said. Asia Pacific represented 26 percent of new orders and Japan contributed 16 percent.
For the full fiscal 2000, Lam earned $180.1 million, or $1.36 per share, excluding one-time charges.
Other companies reporting quarterly results:
The provider of storage management software reported second quarter net income of $1.16 million and diluted earnings per share of 1 cent. First Call consensus predicted a loss of a penny per share.
Revenue in the second quarter rose to $58.3 million from $51.3 million a year earlier. However, the company's new business model includes contracts that result in longer periods of deferred revenue, said Louis Cole, president, CEO and chairman.
"As a result, we expect year- over-year revenue growth in the range of 5 percent for fiscal 2000," Cole said.
Also Wednesday, the company said CFO Stephen Wise will be leaving the company. Legato said it is seeking someone to succeed Wise, who will continue with the company in the interim and assist in the succession process.
The company said a search is underway for a seasoned executive to fill the newly-created position of president and chief operating officer. That person would report to Cole, who will yield the title of president to the new appointee. Cole will continue as chairman and chief executive.
The e-business software vendor reported second quarter pro forma losses of $20.3 million, or 24 cents per share. First Call consensus predicted a loss of 27 cents per share for the quarter ended June 30.
Second quarter revenues quadrupled year-over-year to $28.7 million.
Shares of Kana rose to 45 1/4 in afterhours activity on the Island electronic communications network, following the formal release of the quarterly report. Kana stock closed Wednesday's regular trading at 43 15/16, down 11 for the session. Financial news service ON24 reported that Kana released its quarterly report to some analysts before the market opened Wednesday.
The game software vendor saw a fiscal first quarter loss of $26.3 million, or 71 cents per share. First Call's survey of four analysts predicted a loss of 73 cents per share.
Shares of 3DO fell to 6 3/4 in afterhours activity on Island after quarterly results were released. 3DO stock closed Wednesday's regular trading at 7 1/4, down 3/16 for the session.
First quarter revenue of $7.9 million was down from $13.1 million in the year-ago period.
Game companies this year generally have reported year-over-year declines as the industry awaits the fall release of Sony's Playstation 2 console outside Japan. 3DO has also suffered from its own delays in shipping the latest Nintendo 64 installment in the Army Men series of games.
"Operating expenses grew in line with expectations as we increased research and development capacity to support the development of 45 titles on five platforms, expanded our presence in European markets, and continued to increase brand exposure through advertising," said Trip Hawkins, chairman and CEO.>