Recif starting to feel upturn

March 10, 2004 – Recif, a French provider of wafer handling equipment, reported 2003 revenues of 22.5 million euros, a 26% drop from 2002, due to many clients’ “wait and see attitude” during the second half the year, and a subsequent postponement of several projects.

Net loss for the year was 5.2 million euros, compared with ?5.9 million in 2002. Restructuring operations helped reduce the company’s breakeven point by 25% to 30 million euros, while a three-point drop in margins to 63% was attributed to pricing pressures and a delay in introducing higher-margin FOUP opener products.

So far in 1Q04, Recif is seeing renewed activity and more orders for its 300mm and 200mm products; however, exchange rates could lower the company’s revenues by 20%, as nearly two-thirds of the company’s sales are in or based on the US dollar. By the end of this year, Chairman and CEO Bernard Poli predicts 25-35 million euros in revenues, and another 10% reduction in the breakeven point.


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