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3 July 2009


Tegal declares going concern qualification

Plasma etch and deposition system maker Tegal Corp of Petaluma, CA, USA says that its consolidated financial statements for the fiscal year to end-March 2009, included in its annual report on Form 10-K filed with the US Securities and Exchange Commission (SEC) on 26 June, contained a going concern qualification from its independent registered public accounting firm.

The announcement has been made in compliance with Nasdaq Marketplace Rule 4350(b)(1)(B), which requires separate disclosure of a recent audit opinion that contains a going concern qualification. However, it does not represent any change or amendment to the firm's 2009 financial statements or to its annual report on Form 10-K.

On 26 June, Tegal reported fiscal 2009 revenue down 60% year-on-year to $13.1m, including fourth-quarter revenue down 74% year-on-year and 58% quarter-to-quarter to just $1.9m. Compared to net income of $18.1m in fiscal 2008, fiscal 2009 net loss was $7.9m, including $3.2m for Q4. During the quarter, systems order backlog fell from $2.8m to $1.5m. 

See related items:

Tegal’s quarterly revenue down 74% year-on-year

Tegal given cure period to comply with NASDAQ listing requirements

Tegal doubles revenue and halves loss, boosted by AMMS acquisition

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