Semitool revenues for first quarter up substantially

Spurred by new customers in Asia, Semitool Inc. this week reported revenue of $48.8 million for its fiscal first quarter, a substantial increase from $28.6 million in the same quarter last year.
The first quarter gross margin was 48 percent, compared to 54.5 percent in the year-ago first quarter as prior-year sales included inventory that had been previously written off.

Selling, general and administrative costs as a percent of sales decreased to 31 percent from 39 percent a year ago. Other income of $3.3 million included a $2.9 million settlement payment from Novellus Systems, Inc.

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Net income for the period rose to $5 million, or 17 cents per diluted share, compared to net income of $738,000, or 3 cents per diluted share, for the first quarter of fiscal 2004.