Isomet Announces Order Cancellations

Apr 10, 2001, 01:00 ET from Isomet Corporation

    SPRINGFIELD, Va., April 10 /PRNewswire/ -- Isomet Corporation
 (Nasdaq:   IOMT) announced today that approximately $3.6 million of $4.7 million
 in backlog orders from a customer in the fiberoptic industry have been
 cancelled due to market conditions affecting the customer for the remainder of
 2001.  Since a substantial quantity of these orders would not be delivered in
 a twelve (12) month period, the underlying supply agreement, dated March 29,
 2000, has been terminated.  Future requirements from this customer, if any,
 will be procured on an individual order basis.
     The Company has delivered approximately $500,000 against the original $4.7
 million of orders and is scheduled to deliver an additional $600,000 over the
 balance of FY2001.
     This development follows notice from the customer to Isomet in March 2001
 of a significant delay in deliveries against these orders, which was recently
 announced by the Company.
 
     Safe Harbor Statement under the Private Securities Litigation Reform Act
 of 1995:  The statements contained herein which are not historical fact are
 forward-looking statements that are subject to risks and uncertainties that
 could cause actual results to differ materially from those expressed in the
 forward-looking statements, including, but not limited to, those risks
 detailed from time to time in the Company's filings with the Securities and
 Exchange Commission.  Investors are cautioned that any such statements are not
 guarantees of future performance and that actual results or developments may
 differ materially from those projected in the forward-looking statements.
 Furthermore, the Company does not intend (and is not obligated) to update
 publicly any forward-looking statement.
 
 

SOURCE Isomet Corporation
    SPRINGFIELD, Va., April 10 /PRNewswire/ -- Isomet Corporation
 (Nasdaq:   IOMT) announced today that approximately $3.6 million of $4.7 million
 in backlog orders from a customer in the fiberoptic industry have been
 cancelled due to market conditions affecting the customer for the remainder of
 2001.  Since a substantial quantity of these orders would not be delivered in
 a twelve (12) month period, the underlying supply agreement, dated March 29,
 2000, has been terminated.  Future requirements from this customer, if any,
 will be procured on an individual order basis.
     The Company has delivered approximately $500,000 against the original $4.7
 million of orders and is scheduled to deliver an additional $600,000 over the
 balance of FY2001.
     This development follows notice from the customer to Isomet in March 2001
 of a significant delay in deliveries against these orders, which was recently
 announced by the Company.
 
     Safe Harbor Statement under the Private Securities Litigation Reform Act
 of 1995:  The statements contained herein which are not historical fact are
 forward-looking statements that are subject to risks and uncertainties that
 could cause actual results to differ materially from those expressed in the
 forward-looking statements, including, but not limited to, those risks
 detailed from time to time in the Company's filings with the Securities and
 Exchange Commission.  Investors are cautioned that any such statements are not
 guarantees of future performance and that actual results or developments may
 differ materially from those projected in the forward-looking statements.
 Furthermore, the Company does not intend (and is not obligated) to update
 publicly any forward-looking statement.
 
 SOURCE  Isomet Corporation