The gross margin was 43% versus 50% in first quarter of 2008. The net loss included restructuring costs of $0.9 million, or $0.02 per share. The net loss was greater than the company projected in a January 15, 2009 pre-release announcement due to a $3.5 million write down of receivables related to a customer’s insolvency filing in a German court on January 23, 2009. The company reported a net loss in first quarter 2008 of $0.8 million, or $0.02 per share.
First quarter bookings were $22.1 million. Deferred revenue at the end of the quarter was $12.2 million and shipping backlog was $44.9 million, combining for a total revenue backlog of $57.1 million. Total shipments in the first quarter were $31.7 million.
Larry Murphy, president and chief operating officer, said, We have aggressively reduced our costs during the last three months, and have effectively managed our cash position. We have lowered our annual breakeven point by approximately $100 million during the past four months. While the semiconductor equipment market is largely frozen, we continue to work with our customers and joint development partners on copper interconnect for memory, through-silicon via, advanced packaging and solar. We are optimistic about the booking opportunities that could result from these programs this year.
Guidance:
Management expects second quarter revenue will be in a range of $31 million to $35 million. Second quarter loss per share is expected to range from $0.02 to $0.07, which includes $0.03 in anticipated restructuring costs. Shipments for the quarter are expected to range from $33 million to $36 million.
