April 27, 2012 / 7:21 AM / in 6 years

UPDATE 1-AZ Electronic Materials revenue falls

* FY outlook remains unchanged

* Q1 revenue at $184 mln

April 27 (Reuters) - AZ Electronic Materials, a maker of chemicals for memory chips and Apple Inc’s iPad displays, said revenue fell 4 percent for the first quarter as lower demand for electronic materials continued throughout the period.

The company, which makes specialty chemicals used to make flat screens for smartphones, tablets, PCs and TVs, said revenue fell to $184 million.

Revenue from its IC materials unit, which makes materials that go into micro chips, fell 4 percent to $127.9 million.

The FTSE 250 company said several of its customers were increasing wafer capacity and utilisation, which would have a positive impact on the second quarter and beyond.

AZ Electronic said its expectations for the full year remained unchanged and it expected to grow quarter-on-quarter throughout the year assuming no adverse change in demand for electronic devices.

“We are seeing good growth forecasts for things like iPads with 30 percent, 40 percent compound annual growth for the next four years,” Chief Executive Geoff Wild said.

Revenue from its optronics division, which supplies light-sensitive processing materials used in flat panel displays, fell 1 percent to $51.7 million.

Shares of the company closed at 317.8 pence on Thursday on the London Stock Exchange.

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