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Business Description
Novellus Systems, Inc. (Novellus) manufactures, markets and services semiconductor processing equipment. The Company's products are comprised primarily of advanced systems used to deposit thin conductive and insulating films on semiconductor devices, as well as equipment for preparing the device surface prior to these deposition processes. Novellus is a supplier of high productivity deposition and surface preparation systems used in the fabrication of integrated circuits. Chemical Vapor Deposition systems employ a chemical plasma to deposit all of the dielectric (insulating) layers and certain of the metal (conductive) layers on the surface of a semiconductor wafer. Physical Vapor Deposition systems are used to deposit conductive metal layers by sputtering metallic atoms from the surface of a target source via high DC power. Electrofill systems are used for depositing copper conductive layers in a dual damascene design architecture using an aqueous solution.

Financial Information
Novellus Systems Inc. manufactures, markets and services advanced automated wafer fabrication systems for the deposition of thin films within the semiconductor equipment market. For the six months ended 6/29/02, revenues decreased 53% to $391.8 million. Net income decreased 89% to $15.8 million. Revenues reflect a general economic slowdown. Earnings also suffered from lower gross margins and increased research expenses as a percentage of revenues.