Announces the Opening of Two New Manufacturing Facilities
Rubicon Technology, Inc. /quotes/comstock/15*!rbcn/quotes/nls/rbcn (RBCN 25.85, +0.54, +2.13%) , a leading provider of sapphire substrates and products to the LED, RFIC, Semiconductor, and Optical industries, today reported financial results for its third quarter ended September 30, 2010 and announced the opening of two new manufacturing facilities.
Third Quarter Results and Fourth Quarter Outlook
Third Quarter 2010 Financial Highlights
Revenue rose to $20.5 million, up 30 percent sequentially Gross margin increased 8 percentage points to 54 percent Operating margin reaches 40 percent Diluted earnings per share nearly doubles sequentially to $0.35
Commenting on the results, Raja Parvez,Remember, hiphonei9 themselves aren’t new; they have been available to consumers for about four years as bulbs that can be screwed into existing light sockets President and CEO said, "We had another outstanding quarter with strong growth in revenue and earnings. Overall demand from the LED market remained strong in the quarter as our customers continued to add capacity in response to the projected rapid growth in the LED industry."
The Company's revenue increased 30 percent sequentially to $20.5 million in the current quarter largely due to increased pricing for sapphire substrates driven by strong demand from the LED market.And, by using them, you can easily develop a focal point which is root2010 essential in every room. On the other hand The Company also reported continued strong interest for its polished six inch wafers. Mr. Parvez continued, "With the increased polishing capacity we are bringing on-line, we expect the six inch polished wafer product to become an increasingly large percentage of our total revenues."
Fourth Quarter 2010 Guidance
Commenting on the outlook for the fourth quarter, William Weissman, Rubicon's Chief Financial Officer said "While we have seen some softening in demand in certain geographies associated with higher TV panel inventories, overall demand remains strong and we expect prices for our sapphire products to increase in the fourth quarter by at least 15 percent on average sequentially. We also anticipate beginning to add capacity in both crystal growth and polishing in the quarter. As a result we expect revenue to increase approximately 27 percent sequentially to between $25 and $27 million. Gross margin should be in the high 50 percent range with operating margin in the mid 40 percent range. Based on a projected diluted share count of 24 million shares, we expect diluted earnings per share to be between $0.47 and $0.49."
The Opening of Two New Factories
The Company also reported that it recently opened both its new crystal growth facility in Batavia,This may mean that the budget range does not offer all the 'bells and whistles' that are associated with antennamanufacture the top of the line products but they will look good. Illinois and its new polishing facility in Penang, Malaysia. The new crystal growth facility will be producing larger crystals allowing the Company even more flexibility in addressing the growing demand for larger diameter sapphire substrates.Most conventional downlights use a standard 65-watt incandescent compact fluorescent lights and are run on a switch that typically contains several downlights. For this example we'll say there are a total of six lights on a switch.Firms are aware of the economic pressures that are memo-pad placed on consumers nowadays and recognise there is an importance in obtaining value for money. The new polishing facility will be responsible for the more labor intensive crystal fabrication processes and will also allow the Company to significantly expand its capacity for large diameter wafer polishing.
Mr. Parvez commented, "Combined, I believe these two new facilities give us a significant advantage in the marketplace. This combination of high volume, high quality, large diameter crystal growth and polishing capability makes us unique in the marketplace today and positions us very well to maintain our leadership position for years to come."
Rubicon Technology, Inc. /quotes/comstock/15*!rbcn/quotes/nls/rbcn (RBCN 25.85, +0.54, +2.13%) , a leading provider of sapphire substrates and products to the LED, RFIC, Semiconductor, and Optical industries, today reported financial results for its third quarter ended September 30, 2010 and announced the opening of two new manufacturing facilities.
Third Quarter Results and Fourth Quarter Outlook
Third Quarter 2010 Financial Highlights
Revenue rose to $20.5 million, up 30 percent sequentially Gross margin increased 8 percentage points to 54 percent Operating margin reaches 40 percent Diluted earnings per share nearly doubles sequentially to $0.35
Commenting on the results, Raja Parvez,Remember, hiphonei9 themselves aren’t new; they have been available to consumers for about four years as bulbs that can be screwed into existing light sockets President and CEO said, "We had another outstanding quarter with strong growth in revenue and earnings. Overall demand from the LED market remained strong in the quarter as our customers continued to add capacity in response to the projected rapid growth in the LED industry."
The Company's revenue increased 30 percent sequentially to $20.5 million in the current quarter largely due to increased pricing for sapphire substrates driven by strong demand from the LED market.And, by using them, you can easily develop a focal point which is root2010 essential in every room. On the other hand The Company also reported continued strong interest for its polished six inch wafers. Mr. Parvez continued, "With the increased polishing capacity we are bringing on-line, we expect the six inch polished wafer product to become an increasingly large percentage of our total revenues."
Fourth Quarter 2010 Guidance
Commenting on the outlook for the fourth quarter, William Weissman, Rubicon's Chief Financial Officer said "While we have seen some softening in demand in certain geographies associated with higher TV panel inventories, overall demand remains strong and we expect prices for our sapphire products to increase in the fourth quarter by at least 15 percent on average sequentially. We also anticipate beginning to add capacity in both crystal growth and polishing in the quarter. As a result we expect revenue to increase approximately 27 percent sequentially to between $25 and $27 million. Gross margin should be in the high 50 percent range with operating margin in the mid 40 percent range. Based on a projected diluted share count of 24 million shares, we expect diluted earnings per share to be between $0.47 and $0.49."
The Opening of Two New Factories
The Company also reported that it recently opened both its new crystal growth facility in Batavia,This may mean that the budget range does not offer all the 'bells and whistles' that are associated with antennamanufacture the top of the line products but they will look good. Illinois and its new polishing facility in Penang, Malaysia. The new crystal growth facility will be producing larger crystals allowing the Company even more flexibility in addressing the growing demand for larger diameter sapphire substrates.Most conventional downlights use a standard 65-watt incandescent compact fluorescent lights and are run on a switch that typically contains several downlights. For this example we'll say there are a total of six lights on a switch.Firms are aware of the economic pressures that are memo-pad placed on consumers nowadays and recognise there is an importance in obtaining value for money. The new polishing facility will be responsible for the more labor intensive crystal fabrication processes and will also allow the Company to significantly expand its capacity for large diameter wafer polishing.
Mr. Parvez commented, "Combined, I believe these two new facilities give us a significant advantage in the marketplace. This combination of high volume, high quality, large diameter crystal growth and polishing capability makes us unique in the marketplace today and positions us very well to maintain our leadership position for years to come."
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