July 17, 2002 — Ultratech Stepper Inc., a San Jose, Calif.-based designer and manufacturer of photolithography equipment, said it had a net loss of $1.7 million in the second quarter, or 7 cents per share, compared to net income of $5 million for the same period last year. Revenues for the second quarter were $20.7 million, versus $40.7 million for the second quarter of 2001.

During the company’s conference call this morning, Art Zafiropoulo, the company’s chairman and chief executive said the decline in revenues was due to customers delaying expenditures. Bruce Wright, senior vice president and chief financial officer, said third quarter revenues would also be down sequentially, but anticipates fourth quarter revenue could be up as much as 100 percent over the third quarter as new orders are filled.