Sipex Reports Lower-Than-Anticipated Fourth Quarter 2000 Revenues
Sipex Corp. (Billerica, MA) announced that revenue and earnings will be lower than the company expected for the fourth quarter. The company, which reported revenues of $22.0 million in the fourth quarter a year ago, reported that it expects revenue in the fourth quarter of 2000 to be approximately $23.0 to $27.0 million, lower than its previous internal forecast.
Sipex reported that the lower-than-anticipated revenue and earnings for the quarter were primarily due to lower-than-planned shipments of wafers from the company's new wafer fabrication facility, due to unexpected production delays, as well as higher-than-expected cancellations and rescheduling for orders from distributors late in the quarter.
“While 2000 will be an excellent year with annual revenue and earnings growth in excess of 30 percent, nevertheless, we are very disappointed by the fourth quarter," said James E. Donegan, chairman and CEO.