Nivalis Therapeutics Inc NVLS
Q2 2011 Earnings Call Transcript

Transcript Call Date 07/11/2011

Operator: Good day and welcome to Novellus Systems Second Quarter 2011 Earnings Conference Call. As a reminder, this call is being recorded today, July 11, 2011.

I would now like to turn the conference over to Ms. Robin Yim of Novellus Systems. Please go ahead.

Robin S. Yim - IR: Thank you, Melissa. Good afternoon everyone and thank you joining the Novellus Systems' second quarter 2011 earnings conference call. Joining me on the call today are Rick Hill, Chairman and Chief Executive Officer; Tim Archer, Chief Operating Officer; and John Hertz, Chief Financial Officer.

Financial results for our second quarter 2011 were released on Marketwire, shortly after 1.00 PM Pacific Daylight Time. You can obtain a copy of the news release in the Investor Relations section of our website, at

Today's earnings call contains forward-looking statements about Novellus' business outlook, the future performance of Novellus, our products and forecasts of key metrics for the third quarter of 2011. Specific forward-looking statements include, but are not limited to, our expectations regarding our future interest expense and tax rates, estimates, projections and forecast for our industry, PC unit growth, semiconductor and smartphone markets, compact prices for DRAM and NAND, and our customers' capital expenditures.

It also includes our expectations for growth in 2011 and 2012, demand from mobile devices, cloud computing and storage, and the need for further investment in 3D NAND, advanced wafer level packaging and advanced logic application, the forecasted bookings, shipment volumes, revenue, gross margin, earnings per share and tax rate for the third quarter of 2011 and other unanticipated future events. We caution you that forward-looking statements are projections and expectations regarding future events, which may involve risks and uncertainties that could cause actual results to differ materially from the results contemplated, including an inaccurate basis for our financial forecast.

Information concerning risks that could cause actual results to differ materially is contained in today's press release, our filings with Securities and Exchange Commission, including our Form 10-K for fiscal 2010, our Form 10-Q for the first quarter of 2011, and our most recent Form 8-K. Forward-looking statements are based on information as of today, and we assume no obligation to update any of these statements.

John Hertz will begin today's call with a review of the financial results for the second quarter, then Rick Hill will discuss the state of the business and our industry outlook, followed by guidance for the third quarter of 2011 and then open the call for the question-and-answer session.

Now, I'll turn the call over to John.

John Hertz - VP and CFO: Thank you, Robin. I'm pleased to report another quarter of solid performance despite some softness on the top line, and that all of our results were within guidance ranges provided on our mid-quarter update call on May 31, 2011.

As expected, our second quarter net bookings came in at the low end of our guidance range of $312 million, down 25% sequentially. Shipments in the quarter were down 5% from Q1 at $359 million, which is at the midpoint of our guidance range of flat to down 10%. Second quarter revenues were $350 million, down 15%, also at the midpoint of our guidance range of down 10% to 20%.

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