FOR IMMEDIATE RELEASE CONTACTS: PAM JAMESON
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GENERAL SEMICONDUCTOR APPEARS AT DLJ GROWTH STOCK CONFERENCE
CONFIRMS POSITIVE OUTLOOK FOR 2000
MELVILLE, NY (September 13, 2000)--General Semiconductor, Inc. (NYSE:SEM),
a leading manufacturer of discrete semiconductors, confirmed today that
sales for the year 2000 are expected to be in the range of $510 million to
$515 million, a record for the Company and a 22% increase from the $417
million reported in 1999. In the year 2001, revenues are expected to exceed
$600 million.
Based on current trends, earnings in 2000 are expected to increase by over
60% from the $0.66 reported in 1999 and will reflect strength in our
end-use markets and geographic regions served. Capital spending for the
year is expected to be in the range of $35 million to $40 million and
targeted cost savings should approximate $33 million.
Speaking at the 2000 Growth Stock Conference sponsored by Donaldson, Lufkin
& Jenrette, Ronald A. Ostertag, Chairman and Chief Executive Officer of
General Semiconductor stated that, "The year 2000 is an excellent year for
our Company. We have introduced a line of MOSFET devices that provide us
with a new growth vehicle, allowing us to enter rapidly developing markets
that we had not previously served. Our base businesses (rectifiers,
transient voltage suppressors and small signal products) continue to
perform very well and are key building blocks in power management. Both our
new products and our base businesses will facilitate our continued growth
in power management, given the anticipated entry into new markets and
increased electronic content in all of our current end-use markets."
"Reflecting strength in our earnings, we have been able to make significant
strides in paying down our debt in 2000 and expect to repay approximately
$35 million during the year. With this lower level of debt, we have greater
financial flexibility, allowing us to continue pursuing potential
acquisitions that would allow us to enter new product areas," he continued.
General Semiconductor, Inc. is a market leader in the design, manufacture
and distribution of discrete semiconductor components. The Company provides
customers with a broad array of power management products including
rectifiers, transient voltage suppressors, small signal transistors, diodes
and MOSFETs. Its global customer base includes original equipment
manufacturers, electronic distributors and contract equipment
manufacturers. Key markets for its products include automotive, computers,
consumer and telecommunications equipment.
VISIT GENERAL SEMICONDUCTOR ON THE WEB AT www.gensemi.com TO VIEW
SLIDES PRESENTED AT THE CONFERENCE
The information set forth above includes "forward-looking" information and,
accordingly, the cautionary statements contained in Exhibit 99 to the
Company's Form 10-K and Form 10-Q filings with the Securities and Exchange
Commission are incorporated herein by reference. General Semiconductor's
actual results could differ materially from the "forward-looking"
information in this press release.
