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December 4, 1997updated 03 Sep 2016 8:51pm

CREDENCE REPORTS STRONG Q4 GROWTH, POOR YEAR; CFO QUITS

By CBR Staff Writer

Credence Systems Corp, Fremont, California maker of semiconductor testing equipment, reported fourth-quarter net income up 69% at $7.3m on revenue up 57% at $69.4m. For the year, net income fell 72% to $10.7 on revenue down 15% at $204.1m. Earnings per share rose 60% to $0.32 for the quarter – missing the First Call consensus by $0.02 – and fell 73% to $1.72 for the year. Credence also announced Thursday that Richard Okumoto, executive vice president and chief financial officer, has resigned his position effective immediately and will begin serving as a consultant to the company through June 1998. According to Credence, Okumoto has accepted a position at a company outside the test equipment industry. Jerry Bruce, Credence’s vice president and controller, will serve as the acting chief financial officer. Analysts at Deutsche Morgan Grenfell are bullish on the current quarter, expecting booking to surpass that of the record Q4, although the revenue ramp is expected to ease after the first quarter.

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