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CoorsTek Lowers Fourth-Quarter Revenue Guidance

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CoorsTek

(CRTK)

lowered fourth-quarter revenue guidance, citing the weak economy and a downturn in semiconductor equipment markets.

The Golden, Colo., company expects to post revenue of $70 million to $72 million, down from previous estimates of $76 million, and a "gross manufacturing loss" of $11 million to $13 million, for which it cited decreased margins and a $20 million inventory reduction.

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The company reiterated that it expects to record a $10 million charge in the quarter, primarily for a 20% workforce reduction and inventory and asset writedowns.

The company's shares fell to $31.99 in late trading Tuesday after a 4 p.m. close of $32.60.