Applied Films Affirms Outlook for the First Quarter of Fiscal 2004 and Announces Intent to Exit the Hong Kong Coated Glass Business

Applied Films Corporation affirmed our outlook for the first quarter of fiscal 2004 and announced that we have negotiated the sale of our Hong Kong coated glass business which sells coated glass that is purchased from our Joint Venture in China, and have settled a warranty claim related to the Longmont coated glass business that was sold on September 24, 2002.

This further implements our strategy of transitioning toward manufacturing of thin film deposition equipment. They continue to maintain 50% ownership in our China Joint Venture.

The following statements are based on our current expectations for the first quarter of fiscal 2004. These statements are forward-looking and subject to the qualifying safe harbor statement. Actual results may differ materially.

Fiscal 2004 - First Quarter Guidance

- Net Revenues: They expect net revenues for the first quarter of fiscal 2004 to be between $46 - $49 million.

- GAAP Earnings from Continuing Operations Per Share: They expect GAAP earnings from continuing operations per share to be in the range of approximately $0.14 - $0.18 per fully diluted share for the first quarter of fiscal 2004.

- GAAP Earnings Per Share: They expect GAAP earnings per share, including the anticipated net gain from the sale of the Hong Kong coated glass business, the net operations of the Hong Kong coated glass busines and the effect of the settlement of the warranty claim related to the Longmont coated glass business that was sold on September 24, 2002, to be in the range of approximately $0.17 - $0.21 per fully diluted share for the first quarter of fiscal 2004.

- They expect fully diluted shares outstanding to be approximately 11.2 million for the first quarter of fiscal 2004.

- Amortization of Intangibles: They expect the amortization of intangibles to be approximately $1.0 million for the first quarter of fiscal 2004.

600450 Applied Films Affirms Outlook for the First Quarter of Fiscal 2004 and Announces Intent to Exit the Hong Kong Coated Glass Business glassonweb.com
Date: 26 September 2003
Source: Prnewswire.com

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