Business briefs

17 Jan 2003

Including news from Cree, Actuality Systems, Strategies Unlimited, Lumenis and more.

•  Actuality Systems, US, has sold a 3D Perspecta display to the NASA Ames Research Center in California. NASA scientists will use the domed display to analyze earth science and astronomical data.

•  Trimedyne, a US maker of surgical laser and reusable fiber, has announced a loss of only USD 1.2 million on revenues of USD 7.1 million for the fiscal year ended 30 September 2002. This compares with a loss of USD 7.5 million on revenues of USD 7.5 million for the previous year.

•  The telecom laser market stands to grow by 30% in 2003 according to market analyst Strategies Unlimited in its latest report "Telecom Lasers, Tranceivers & Transponders: Market Review and Forecast". The company says, however, that with dozens of suppliers competing for a share of the pie, prices and margins will remain squeezed.

•  Lumenis, the Israeli medical laser maker, has announced its sales for the fourth quarter of 2002 will be approximately USD 78 million, well below the previous estimate of USD 90-95 million. The company blames this on delays in shipments of products and weakness in the aesthetic sector.

•  LNL Technologies, a US developer of monolithically integrated photonic chips, has now raised a total of USD 7.1 million in seed funding. Investors include Adam Chowaniec, founder of Tundra Semiconductor; Larry Mohr, founder of Mohr, Davidow Ventures; and Sandy Robertson, founder of Robertson Stephens and chairman of Francisco Partners.

•  Cree has reported record revenue for the second quarter of fiscal year 2003. Sales were USD 56.7 million, a 16% increase sequentially and a 38% increase over the second quarter of the previous year. Net profit increased to USD 9.0 million compared with a loss of USD 17.4 million.

•  Planar Systems has recorded sales of USD 56.7 million in the first quarter of its fiscal 2003 year, up 39% on last year's result but down about 3% sequentially. "Year-over-year revenue growth was led by desktop monitor business and the addition of digital imaging products," said CEO Balaji Krishnamurthy. "Strong profitability in our core medical and industrial businesses offset unusually weak results in our desktop monitor business, reflecting the strength inherent in our diversified portfolio."