KLA Sales Rise, Income on Hold [TheStreet.com]
Summary: KLA-Tencor said that its sales grew steadily amid increasing demand for its cutting-edge chips, although the company's earnings picture remains incomplete as it struggles to restate earnings in the wake of options backdating charges. The chip equipment company's sales increased $630 million from $483.9 million last year and it closed the quarter with $2.4 billion in cash and investments, although it cannot give a full earnings report until corrections are made in KLA's stock options information. The company received subpoenas from the Justice Department and will have to pay $400 million in charges for irregular dates on options. A few weeks ago, chairman and company founder Kenneth Levy resigned and KLA has cancelled all options of ex-CEO Kenneth Schroeder.
Potentially impacted stocks and ETFs: KLA Tencor (NASDAQ:KLAC), • Competitors: Applied Materials (NASDAQ:AMAT), Veeco Instruments (NASDAQ:VECO)
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