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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): JULY 7, 1998
INTEGRATED PROCESS EQUIPMENT CORP.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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<S> <C> <C>
DELAWARE 0-20470 77-0296222
(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
(ADDRESS, INCLUDING ZIP CODE, OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (408) 436-2170
NOT APPLICABLE
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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Item 5. Other Events
On July 7, 1998, the Company announced that it expects revenue for the
fourth quarter ending June 30, 1998 to total approximately $38 million. This
compares to revenue of $41.3 million in the quarter ending March 31, 1998 and
$42.6 million in the year-earlier quarter. The revenue for the year ended June
30, 1998 is anticipated to be approximately $188.5 million, a 30 percent
increase over the $144.7 million reported in the prior year.
The worldwide semiconductor industry has undertaken additional cutbacks in
overall spending resulting in delays of semiconductor capital equipment
purchases. This has resulted in lower than anticipated shipments and bookings
for the Company during the quarter ended June 30, 1998.
In addition, the Company plans to take estimated non-recurring charges
of $10 million, which will impact both cost of goods sold and operating expenses
during the quarter. These charges are associated with severance compensation,
inventory adjustments due to cancellations and pushouts, and additional customer
commitment costs for newly available modifications to the Company's
next-generation products.
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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: July 9, 1998
