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Mattson Quarterly Loss to Widen; 45 Jobs Cut

March 17, 1998|Bloomberg News

Mattson Technology Inc. said order cancellations from Asia will widen first-quarter losses and have forced the company to eliminate 45 jobs, or 15% of its work force, and to cut executive pay by 10%. The maker of semiconductor equipment said it expects its loss for the first quarter ended March 29 to widen to between 8 cents and 12 cents a share, from 4 cents a share a year earlier. The company said it expects "significantly higher" losses for the second quarter ending June 28. Mattson also said it will buy back as many as 1 million shares over three years. Two large orders totaling $10 million were recently canceled, one from a U.S. company doing business in Asia and the other from a Japanese company. Shares of Fremont-based Mattson fell $1.19 to close at $7.19 on Nasdaq.

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