APT Reduces Third-Quarter Revenue Outlook
Advanced Power Technology Inc. (APT, Bend, OR) announced that recent order push-outs and cancellations substantially exceeding prior expectations have resulted in lower than expected revenues for the third quarter ending September 30, 2001. The company now expects third-quarter revenues of between approximately $6.7 million and $6.9 million.
Patrick Sireta, chairman and CEO, said, "We continue to be strongly impacted by weak market conditions in both the communications and semiconductor capital equipment segments we serve. Ordering patterns from many customers continue to be extremely fluid and unpredictable."