News
The Charles Hutchins Educational Grant, co-sponsored by the Surface Mount Technology Association (SMTA, Minneapolis, MN) and Circuits Assembly magazine (Atlanta, GA), was established in memory of past SMTA president and industry colleague Dr. Charles Hutchins.
The $5000 grant is awarded annually to a graduate-level student pursuing a degree and working on thesis research in electronic assembly, electronics packaging or a related field. The grant is intended for the purchase of technical books and research materials, for participation in conferences related to electronics assembly and packaging, and for living expenses if necessary.
To be considered for this award students must submit the entry form, current academic transcripts, an advisor's letter of recommendation, a resume and a one-page thesis research abstract.
Entry materials are due April 15, 2004, after which the SMTA Grant Committee will review all qualified award applications. Once received, the SMTA will look at the following specific criteria: The technical importance within the electronics industry, student transcripts, the clarity with which students are able to define objectives and methodology and qualifications based on the submitted letters of recommendation.
The 2003 Hutchins Grant recipient was Andrew Perkins from Georgia Institute of Technology (Georgia Tech, Atlanta, GA). The title of his project is: "Investigating the Combination of High and Low Cycle Fatigue on Solder Joints."
For more information, visit: http://www.smta.org/hutchins/student_app.cfm.
Copyright 2004, UP Media Group. All rights reserved.
The Christopher Group (Santa Ana, CA) has announced the introduction of a standard warranty for automatic optical inspection (AOI) systems. Based on the results of over 3,500 systems in use globally and service records of over 140 systems in use in North America, the on site warranty on NSpec AOI systems has been extended to 18 months (excluding consumables). The extension is retroactive on all applicable machines as well as new equipment sales.
The NSpec Fv 20 large format AOI system and Fv 14 standard format system will be available for demonstration at IPC/APEX 2004 in booth 1509.
Copyright 2004, UP Media Group. All rights reserved.
Plexus Corp. (Neenah, WI) has announced that revenue for its first quarter of fiscal 2004 increased 16% to $238.5 million compared to $205.4 million in Q1 2003. Net income for the quarter was $2.5 million, or $0.06 earnings per diluted share. Excluding restructuring costs and the partial write-off of goodwill, Plexus reported a loss of ($0.9) million or ($0.02) per diluted share in the first fiscal quarter of 2003.
Dean Foate, president and chief executive officer of Plexus, said, "This is our third consecutive quarter of revenue growth and EPS improvement. The 10% sequential revenue growth in our fiscal first quarter was a result of two distinct elements. First, we experienced strengthening end-market demand, particularly in our Networking/Datacom and Medical sectors. Additionally, we are making clear progress on our commitment to build our sales and marketing into a world-class organization."
"Based on our current outlook," continued Foate, "we are expecting the revenue and earnings momentum to continue into Q2 with sales in the range of $245 to $255 million and EPS in the $0.07 to $0.09 range. Second quarter earnings will be moderated by higher SG&A expense to support the ERP system installation in our Chicago facility and by other outside professional services. Looking at the full year, we are now increasingly comfortable with our 15% to 20% revenue growth target."
Gordon Bitter, chief financial officer, said, "Improved revenues in Q1 resulted in gross margins of 8.2% for the quarter compared to 7.4% in the fourth quarter of fiscal 2003. SG&A increased during the quarter reflecting increased expenses for compensation and healthcare benefits, but declined modestly as a percent of revenue. We had a 20% effective tax rate in the first quarter due to our expanding operations in Asia, where we benefit from tax holidays."
"Cash and short-term investments at the end of the first quarter were approximately $60 million as we used approximately $19 million during the quarter, primarily to finance increased inventories to support growth. Debt remains low and the $100 million credit facility that was established early in the first quarter provides additional financial resources," Bitter said.
Copyright 2004, UP Media Group. All rights reserved.
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