Kalispell’s Semitool Inc. reports $21 million loss for fiscal year

Semitool Inc. Tuesday reported a net loss of $21.2 million for the fiscal year that ended in September.

By Tribune staff

The Kalispell-based company also reported revenue of $117 million, down from the $123.7 million reported in the same period a year earlier.

Semitool designs and manufactures devices used in the making of semiconductor devices. The company also reported a drop in fourth-quarter net income and revenue. The fourth quarter loss came to $14 million and revenue was $26.1 million, down 29.9 percent from the $37.2 million reported in the same period of 2002. The company said a writedown for obsolete inventory in the fourth quarter accounted for a significant portion of the quarterly loss.

Fourth quarter revenue was up $4.4 million from the third quarter. The company is seeing improved operating conditions, its chief executive said in a news release.

"Our business activity is picking up and customer interest strongly favors our newest products," said Ray Thompson, the Semitool founder and CEO.

The fourth quarter results reflect a seasonal downturn in equipment purchases that often comes during summer months. He said Semitool is making "extensive efforts to reduce operating costs," and has settled or is near settling several patent disputes that will reduce its legal costs.

"Clearly, our investment in new technologies and processes during the downturn is benefiting our competitive position," Thompson said. "We expect fiscal 2004 to be a profitable year."

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