FOR IMMEDIATE RELEASE CONTACT: PAM JAMESON
(631) 847-3169
GENERAL SEMICONDUCTOR CONFIRMS 2000 EARNINGS ESTIMATES
MELVILLE, NY (September 13, 2000)--General Semiconductor, Inc. (NYSE:SEM),
a leading manufacturer of discrete semiconductors, expanding on remarks
made today at the Donaldson, Lufkin & Jenrette 2000 Growth Stock
Conference, confirmed that earnings per share are currently expected to be
in the range of $1.10 to $1.15, diluted for the year 2000, an increase of
67% to 70% over earnings per share for 1999.
"We are very pleased to make this announcement and believe it is a
confirmation of the positive direction of our business," said Ronald A.
Ostertag, Chairman and Chief Executive Officer of General Semiconductor.
"We remain confident that our earnings for the year 2000 will meet Street
expectations, and remain comfortable with Wall Street expectations for
2001, if current business conditions continue.
"Our order trends remain positive and the pricing environment is strong.
Our positive cash flow has allowed us to continue to reduce our debt and,
as a result, has increased our financial flexibility," he continued. "In
the past year great strides have been made in further developing a firm
foundation for future growth. In addition to expanding our portfolio by
introducing a line of MOSFET products and adding a number of new surface
mount devices, we continue to strengthen our management team with several
promotions and additions which enhance our breadth of operational
expertise."
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.
The information set forth above includes "forward-looking" information and,
accordingly, the cautionary statements contained in Exhibit 99 to the
Company's 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.
VISIT GENERAL SEMICONDUCTOR ON THE WEB AT WWW.GENSEMI.COM TO VIEW SLIDES
PRESENTED AT THE CONFERENCE.
