Photon Dynamics reports fourth-quarter and fiscal year-end financial results

NOVEMBER 14--Photon Dynamics Inc. (San Jose, CA), a supplier of integrated yield-management solutions for the display, electronics, and glass markets, has reported financial results for the fourth quarter and full year of fiscal 2002. The results for fiscal 2001 have been restated to reflect the adoption of Staff Accounting Bulletin No. 101 (SAB 101).

Revenue for the fourth quarter of fiscal 2002 increased by 77% to $18.4 million compared to $10.4 million for the fourth quarter of fiscal 2001. The net loss for the current quarter was $16.9 million, or ($1.00) per diluted share, compared to net loss of $7.4 million, or ($0.54) per diluted share, for the fourth quarter of fiscal 2001.

The company's results of operations for the fourth quarter of 2002 included a charge for goodwill and intangible impairment of $12.2 million as the value of the electronics business has dropped significantly due to the prolonged economic down cycle; a restructuring charge of $2.6 million for employee-related costs and consolidation of facilities in connection with the restructuring of the electronics division; $0.7 million of acquired in-process research and development resulting from the acquisitions of Akcron Corporation and the Infrared Systems Inspection Solutions Division of Advanced Research Technologies Inc.; and $0.2 million of amortization of intangible assets. Excluding charges from each of these line items in the comparable quarters, the net loss for the current quarter was $1.3 million, or ($0.08) per diluted share, compared to a net income of $404,000, or $0.02 per diluted share for the third quarter of fiscal 2002 and a net loss of $4.6 million, or ($0.34) per diluted share, for the fourth quarter of fiscal 2001.