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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): April 13, 1998
Micrion Corporation
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(Exact name of registrant as specified in its charter)
Massachusetts
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(State of incorporation or organization)
0-23840 04-2892070
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(Commission File Number) (I.R.S. Employer
Identification No.)
One Corporation Way, Peabody, Massachusetts 01960
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (978) 531-6464
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Item 5. OTHER EVENTS.
On April 13, 1998, Micrion Corporation issued the press release
attached hereto as EXHIBIT 99.1.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit 99.1 Press Release.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MICRION CORPORATION
Date: April 13, 1998 By: /s/ David M. Hunter
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David M. Hunter,
Vice President and Chief
Financial Officer
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EXHIBIT 99.1
MICRION EXPECTS LOWER THAN ANTICIPATED THIRD QUARTER RESULTS
PEABODY, Mass., April 13, 1998 -- Micrion Corporation (Nasdaq: MICN), a leading
supplier of focused-ion-beam (FIB) equipment for the worldwide semiconductor and
data storage industries, today announced that it currently expects revenues for
its fiscal 1998 third quarter ending March 31, 1998 to range between $11 million
and $12 million, compared to $14.1 million in the third quarter of fiscal 1997.
Net loss per share, excluding a one-time charge, is expected to be between $0.14
to $0.19, compared to $0.13 diluted net income per share in the comparable
quarter of last fiscal year.
"The continuing Asian financial crisis and over-capacity in the semiconductor
and data storage industries have resulted in a softness in demand for a wide
variety of capital equipment. This market weakness has impacted Micrion's
business, resulting in reduced shipments in the third quarter of our fiscal year
and a limited visibility of near-term business. Although sales activity in the
U.S. and Europe is relatively strong, it cannot fully compensate for the
downturn in business in Asia," stated Nicholas P. Economou, president, chief
executive officer, and chairman of Micrion Corporation.
As a result of these current market conditions and their impact on Micrion's
level of business, steps are being taken to reduce expense levels to a rate more
appropriate for these conditions. Within the last two weeks, the company has
effected a reduction in its worldwide workforce of approximately 15%, resulting
in an anticipated one-time charge related to the workforce reduction and
write-down of assets associated with engineering project re-direction of
approximately $1 million. In addition, the company is reducing other spending
levels.
"Although we cannot predict how long these weak market conditions will last, we
are confident that we can continue to provide our customers with the kinds of
innovative FIB systems that are needed in order to develop their next-generation
products and achieve acceptable yields in production," commented Economou. "Our
investment in product development programs is continuing."
Micrion noted that its expectations of third quarter results are preliminary and
are subject to the closing of its books and the completion of customary
quarterly review procedures by company management and independent auditors.
Micrion plans to announce its actual third quarter results on April 28, 1998
after the market close.
Micrion Corporation is a world leader in the design, manufacture and marketing
of focused ion beam (FIB) systems for use in the design, fabrication and testing
of semiconductor, data storage and other high technology products. Micrion FIB
systems are used to perform "microsurgery" on integrated circuits and magnetic
heads, providing fast, efficient and cost-effective methods for circuit
modification, process monitoring, defect analysis and sample preparation.
Micrion systems are also used for the micromachining of high-precision parts.
Micrion is headquartered in Peabody, MA, and has operations and service centers
throughout North America, Europe, Japan and the Far East.
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Micrion is a publicly held corporation traded over-the-counter on the Nasdaq
National Market System under the symbol "MICN." The Company's World Wide Web
site is located at http://www.micrion.com.
This press release contains forward-looking information. The Company's actual
results for future periods could differ materially from those projected in this
forward-looking information. Factors that could cause actual results to differ
include the sufficiency of the size of the restructuring, increased charges
related to the workforce reduction, expansion of the Asian financial crisis to
other regions, continued declining demand for semiconductor and data storage
capital equipment, continuing or increasing overcapacity in the semiconductor
and data storage industries, success of the Company's technological
advancements, the Company's ability to compete successfully under current market
conditions and other risks discussed in the Company's current report on Form
10-K, filed with the Securities and Exchange Commission on September 26, 1997.
The Company undertakes no obligation to publicly release the result of any
revisions to these forward-looking statements that may be made to reflect the
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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Micrion is a registered trademark and the Micrion logo is a trademark of Micrion
Corporation.
