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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JANUARY 27, 1998
INTEGRATED PROCESS EQUIPMENT CORP.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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DELAWARE 0-20470 77-0296222
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(STATE OR OTHER JURISDICTION OF (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)
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911 BERN COURT
SAN JOSE, CA 95112
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(ADDRESS, INCLUDING ZIP CODE, OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (408) 436-2170
NOT APPLICABLE
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS
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On January 27, 1998, the Company announced its results for the second
fiscal quarter ended December 31, 1997. The Company reported a 62% increase in
revenue to $57,879,000 versus $35,662,000 last year. The Company recorded net
income from continuing operations of $4,951,000, or $0.26 per share on a diluted
basis. the company recorded a write-down, net of taxes, of $6,664,000 in the
second quarter of fiscal 1998 for the unsold net assets of IPEC Clean. The net
loss for the quarter, including the write-off, was $1,774,000, or $0.10 per
share on a diluted basis. In the same prior-year quarter, IPEC reported net
income of $1,335,000 or $0.09 per share on a diluted basis, before discontinued
operations and a program discontinuance charge, on revenues of $35,662,000. In
that prior-year period, the loss from the operations and on the disposal of IPEC
Clean, net of taxes, was $26,846,000, and the program discontinuance charge was
$17,601,000, resulting in a total net loss of $36,952,000, or $2.48 per share on
a diluted basis.
For the six months ended December 31, 1997, IPEC recorded revenue of
$109,153,000 versus $65,069,000, representing a 68% increase over the prior-year
period. The Company posted net income from continuing operations of $9,642,000,
or $0.50 per share on a diluted basis. Including the write-off from IPEC Clean,
net income for the period was $2,856,000, or $0.15 per share on a diluted basis.
This compares to a net loss of $405,000, or $0.03 per share on a diluted basis,
exclusive of discontinued operations and program discontinuance charges, for the
six months ended December 31, 1996. In that prior-year period, the total net
loss, including the charges, was $40,410,000 or $2.72 per share on a diluted
basis.
Due to the current financial crisis in Asia, particularly in Korea, the
Company anticipates that revenue from IPEC Planar will be lower for the next
two quarters compared to the prior two quarters, and that margins for the
Company will be adversely affected until the Korean financial situation is
relieved.
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Pursuant to the requirements of the Securities Exchange Act of 1934,
Integrated Process Equipment Corp. has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Integrated Process Equipment Corp.
BY: /S/ John S. Hodgson
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John S. Hodgson
Vice President and Chief Financial Officer
Date: February 4, 1998
