FSI International Inc., a designer, manufacturer and marketer of equipment used in fabrication of microelectronics, reported a sharp decline in fourth-quarter net income primarily due to a change in product mix and costs related with initial product placements for customers.
FSI’s net income for the fourth quarter of fiscal 2011 fell from $6.6 million, or $0.17 per share, to $1.8 million, or $0.05 per share. For the full fiscal year, the company saw its net income fall from $13 million, or $0.39 per share, to $8.3 million, or $0.21 per share.
Don Mitchell, chairman and CEO of FSI, said that in fiscal 2011, the company was successful in gaining ORION® product process tool of record status at several leading semiconductor manufacturers.
FSI’s revenue in the fourth quarter of fiscal 2011 grew from $28.8 million to $29.7 million. For full fiscal year, the company’s revenue rose from $91 million to $96.9 million.
Looking ahead to the first quarter of fiscal 2012, the company expects orders to rise substantially after bottoming at $15.5 million in the fourth quarter. Mitchell said that in 2012 the company is focusing on expanding the applications for which its products can be used at existing and new customers, and is continuing to reduce product cost and cycle time and improving financial performance.
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