March 12, 2001–Melville, New York–General Semiconductor, Inc., a leading manufacturer of power management devices, today updated its business outlook for the first quarter. As a result of the continued slowdown in our customers’ markets and excess inventory still in the channels, first quarter revenues are expected to be 14 to 16% below the $119.9 million reported in the previous quarter.
Diluted earnings per share for the first quarter are expected to be in the range of $0.12 to $0.14, before approximately $14 million in one-time charges associated with the restructuring announced on February 7, 2001.
“Our customer base continues to be affected by the broad-based economic slowdown,” says Robert J. Gange, senior vice president and chief financial officer. “As a result, the increase in order rates we projected for late February and early March have not materialized and we now expect first quarter results to be lower than our earlier guidance.”
Given the current market uncertainty and lack of visibility, the company plans to furnish an updated outlook for the second quarter of 2001 and the balance of the year when it releases first quarter earnings on April 19, 2001.