Coorstek Updates Fourth Quarter 2002 Guidance
January 13, 2003
CoorsTek, Inc. recently updated its previously issued expectations for fourth quarter results. Specifically, the company is now projecting revenue in the range of $79 million to $82 million, or approximately 18 to 21% below third quarter 2002 revenue, with a gross margin of approximately 12 to 13%. The decline in projected revenue is primarily attributable to greater than anticipated weakness in CoorsTek's semiconductor capital equipment component and assembly segments. As indicated in the company's prior guidance, R&D for the fourth quarter is expected to be approximately 3.0% of sales. CoorsTek now anticipates that SG&A as a percentage of sales will be in the range of 16 to 17%. Included in the SG&A figure is approximately $1.75 million that the company expects to incur during the fourth quarter related to its recently executed merger agreement with Keystone Holdings. Also, depending on year-end pension plan asset values, CoorsTek may be required to record an additional minimum pension liability of $18 million to $22 million.
For more information, visit http://www.coorstek.com .