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SMT & Inspection | June 23, 2007

Varian establish in Switzerland

Varian Semiconductor Equipment has approved a plan to improve the alignment of its legal entity structure with the geographic mix of its customers and suppliers.
To effect this realignment, Varian Semiconductor is establishing operations in Switzerland that will provide operational and financial services to all of its international locations. As a result of this new structure, Varian Semiconductor expects to incur tax charges that will result in an effective tax rate of approximately 73% in the fiscal third quarter ending June 29, 2007, and approximately 48% to 52% for the fiscal year ending September 28, 2007. The Company anticipates that it may experience an effective tax rate in the 30% to 32% range in fiscal 2008, and possibly a lower rate in subsequent years, as it begins to realize operational and tax efficiencies resulting from this realignment. Previous fiscal third quarter guidance on April 26, 2007 included expected revenue to be between $271 and $286 million in the fiscal third quarter. On a post-split basis, this guidance translated into earnings per share guidance of $0.59 to $0.65 and pre-tax profit of between approximately $72 and $80 million. It is now anticipated that revenue in the fiscal third quarter will increase to between $283 and $289 million, pre-tax profit will increase to between $78 and $83 million, and earnings per share will decrease to between $0.26 and $0.29 as a result of the increased effective tax rate.
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