Jan. 30, 2003 — Ultratech Stepper Inc., a San Jose, Calif., designer and manufacturer of photolithography equipment, reported a fourth quarter net loss of $2.4 million, or 11 cents per share, equal to the fourth quarter loss of 2001. Revenues were $20.7 million, down slightly from $21.5 million for the year-earlier period.

For the full year 2002, Ultratech posted a net loss of $25.4 million, or $1.12 per share, compared to $17.8 million for 2001.

“In the latter part of 2001, we realized that the hoped-for recovery in the semiconductor industry had been delayed … through disciplined financial actions, taken in mid-2002, we maintained investment levels in key research and development projects, preserved our strong balance sheet and, at the same time, reduced our overhead costs by streamlining our operations,” Ultratech Chairman and CEO Arthur Zafiropoulo said in a company news release. He said that the company gained market share in key areas.

Ultratech also announced a new stock repurchase program that authorizes the repurchase of up to 5 million shares of common stock. It replaces a program enacted in 2000 that authorized the purchase of 2 million shares. About 500,000 were purchased under the program, according to a news release. The company has 22.6 million shares outstanding. Ultratech’s stock was up 56 cents at $12.60 in early morning trading.