NVLS » Topics » Results of Operations

This excerpt taken from the NVLS 10-K filed Feb 27, 2009.

Results of Operations

STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%">Net Sales

 








































































































































   Years Ended December 31,  % Change
in 2008
  % Change
in 2007
 
   2008  2007  2006   
   (Dollars in thousands)       

Semiconductor Group

  $837,651  $1,395,703  $1,547,540  (40)% (10)%

Industrial Applications Group

   173,353   174,346   110,976  (1)% 57%
               

Net sales

  $1,011,004  $1,570,049  $1,658,516  (36)% (5)%
               

Net sales are correlated to shipments in the current period, previously reported shipments and timing of customer
acceptance. Semiconductor Group net sales decreased $558.1 million from 2007 to 2008 primarily as a result of the world-wide economic downturn and the related unavailability of credit to certain customers. Industrial Applications Group 2008 net
sales remained relatively flat from 2007. Excluding the impact of favorable exchange rates, net sales decreased by $14.8 million, or 9%, in 2008 from 2007 due to the weakening demand for polishing systems from silicon wafer customers during the last
half of 2008 and the overall decline in the general economy.

Net sales related to our Semiconductor Group decreased $151.8 million from 2006 to 2007
primarily as a result of weakening demand related to excess capacity for our DRAM and foundry customers. Net sales related to our Industrial Applications Group increased by $63.4 million from 2006 to 2007 due primarily to strong demand for
polishing systems by silicon wafer manufacturers. Favorable changes in exchange rates increased net sales by 9% in the Industrial Applications Group from 2006 to 2007.

FACE="Times New Roman" SIZE="2">Geographical net sales as a percentage of total net sales based on the location of our customers’ facilities were as follows:

 
































































   Years Ended
December 31,
 
   2008  2007  2006 

Asia

  57% 66% 63%

North America

  31% 26% 28%

Europe

  12% 8% 9%

A significant portion of our net sales is generated in Asia, primarily because a substantial portion of the
world’s semiconductor manufacturing capacity is located there. Our Asia region includes Korea, Japan, Singapore, Malaysia, China and Taiwan. We plan to continue to focus on expanding our market presence in Asia, as we believe that significant
additional growth potential exists in this region over the long term.

 


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