General Semiconductor Reports Second-Quarter 2001 Results

July 22, 2001 by Jeff Shepard

General Semiconductor Inc. (Melville, NY) reported results for the quarter ended June 30, 2001, in-line with guidance provided on June 15, 2001. Sales for the quarter were $84.0 million, a 17.6-percent decrease from the $102.0 million recorded in the previous quarter, and a 34.5-percent decrease from the $128.3 million reported in the second quarter of 2000. Diluted earnings per share were $0.01, compared to $0.12 in the first quarter of 2001, which excluded restructuring charges.

Chairman and CEO Ronald Ostertag commented, "Our second-quarter revenue and earnings reflect the challenging environment faced by the semiconductor business. While visibility remains low, we believe that the demand for power semiconductors will increase over time, and we are taking steps to best capitalize on our many growth opportunities once economic conditions improve."